The Private Finance Initiative (PFI) is a form of procurement where the UK Government purchases services over a prescribed concession period (frequently 25 years or more) in a manner which leaves the risks of ownership and efficient operation of the asset with a private sector supplier.
Outside the UK, PFI is more commonly known as Public Private Partnerships (PPP).
PFI or PPP projects are a means of enabling government services to be “outsourced” to private sector suppliers. PFI is not the same as privatization as the government retains ultimate responsibility to the public for the service concerned.
Click here to read our Willis PPP/PFI Practice Brochure.