is a way of getting private money into repair and improvement works to Council Housing. Being piloted now on a few small areas of Council homes in England, it involves a contractor taking on the risks of providing building and housing management services
An initiative by government to attract private finance for public works.
A Private Finance Initiative (PFI) is a method by which the central and municipal governments can build and operate roads, waterworks and other social infrastructure without having to bear the cost. The governments entrust construction and operation of infrastructure projects to private companies, which recover their expenses and generate profit by charging user fees. Builders raise funds to complete projects using future profit as collateral, and do not have to rely on their own financial standing. PFI became a common method of building social infrastructure in the U.K. in the early 1990s. It is now also widely used to provide services at public facilities. In Japan, a law to promote PFI was enacted in 1999. But some experts are concerned that this method will be used mainly for building public facilities, limiting the benefits of PFI in Japan.
is a scheme that allows private companies to take controls of the management of public buildings such as schools or hospitals. The Government and private company fund the construction of a building. It is then managed by the private company who lease it back to the council. Although responsible for the maintenance of the building, the private company has no control over activities that take place there
A Government initiative which aims to bring private sector enterprise and discipline into areas traditionally regarded as public
A system for providing capital assets for the provision of public services. Typically, the private sector designs, builds and maintains infrastructure and other capital assets and then operates those assets to sell services to the public sector. In most cases, the capital assets are accounted for on the balance sheet of the private sector operator.
PFI is a means whereby the private sector can contribute to the provision of what has been regarded, traditionally, as a public service. The promoter designs, builds, finances and operates the facility on behalf of the (public) client.
Government initiative to develop large capital projects initially financed by the private sector and then leased back to the public sector.
The Private Finance Initiative was launched in the UK in 1992. Since then over 140 projects with a total capital value of some £12 billion have been signed with private sector organisations. In 1997, the focus of the initiative broadened to embrace Public Private Partnerships (PPP), including the major partnering projects for investment in London Underground. The UK Government recently announced that it expects to sign projects involving a further £11 billion of capital investment over the next three years.
An initiative aimed at securing private sector money and management expertise in the provision of services (usually involving substantial capital investment) which have traditionally been undertaken by the public sector, where there is significant risk transfer to the private sector.
A way of funding large developments in the public sector, where partners in the private sector invest money in the design, build and maintenance of a new facility e.g. hospital or school.
use of the private sector in the operation of a public service so the public do not own the asset and the authority makes an annual payment to the private company that provides the building and associated services http://www.parliament.uk/commons/lib/research/rp2001/rp01-117.pdf
Private Finance Initiative (PFI) is the Government's approach to utilising private sector capital and management expertise to deliver public sector projects.
Contributing to the development and negotiation of the structure and terms of proposals for the private/corporate sector funding, implementation, management and sometimes operation of public sector projects.
The Private Finance Initiative specifies a method, developed initially by the United Kingdom government, to provide financial support for "Public-Private Partnerships" (PPPs) between the public and private sectors. This has now been adopted by parts of Canada, France, the Netherlands, Portugal, Ireland, Norway, Finland, Australia, Japan, the United States (reference the Trans Texas Corridor highway development project http://www.keeptexasmoving.org/projects/ and Singapore (amongst others) as part of a wider reform program for the delivery of public services which is driven by the WTO, IMF & World Bank as a part of their 'deregulation' and privatization drive.