A Systematic Review of Project Finance and Public Private Partnership Structures for Infrastructure Development
Abstract
This systematic review examines project finance and public–private partnership (PPP) structures as critical mechanisms for delivering infrastructure in developed and developing economies. Infrastructure financing gaps, fiscal constraints, and rising demand for resilient assets have increased reliance on private capital, risk sharing, and long-term contractual arrangements. The review synthesizes peer-reviewed journal articles, policy reports, and multilateral development institution publications published between 2000 and 2024, applying PRISMA-based selection criteria to identify, screen, and analyze relevant studies. The objectives are to evaluate dominant project finance models, compare PPP typologies, assess risk allocation practices, and identify governance, financial, and institutional factors influencing project performance. Findings indicate that non-recourse and limited-recourse project finance structures remain central to large-scale transport, energy, water, and social infrastructure projects, enabling off-balance-sheet financing and enhanced risk segregation. PPP models such as Build–Operate–Transfer, Design–Build–Finance–Operate, and Concession arrangements dominate global practice, with variations shaped by legal frameworks, market maturity, and sectoral characteristics. Effective risk allocation, particularly for construction, demand, regulatory, and political risks, emerges as a determinant of value for money and long-term sustainability. The review further…
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