A UK Government initiative in the late 1980s to introduce the benefits of private sector management and finance into public sector projects, such as road building and the building and running of hospitals. The PFI differs from privatisation in that responsibility for 'public service' aspects of the project e.g. clinical responsibility in hospitals remains in the public sector.
Public Finance Initiatives is the term used in the United Kingdom to describe partnerships between the private sector and the public sector for the purposes of designing, planning, financing, constructing and/or executing projects which are generally regarded as being the responsibility of the public sector. Infrastructural projects in the roads, water and waste sectors are key examples. In Ireland these initiatives are called Public Private Partnerships (PPP). Close
Private Finance Initiative: a means by which public-sector projects are financed and developed by the private sector for an agreed reward.