State the meaning of public private partnership.
Public Private Partnership (PPP) is defined as a relationship between public and private entities in the context of infrastructure and other services. It is essentially a partnership formed for the allocation and completion of development projects.
Under this model, tasks, obligations, and risks are allocated among the public and private partners in an optimal manner. The public partners are government entities such as ministries or municipalities, whereas the private partners can be local or international businesses with technical or financial expertise.
The government contributes capital and ensures social obligations are fulfilled, while the private sector utilises its expertise in operations and innovation to run the business efficiently.
Explanation
The answer is derived directly from the textbook definitions provided in the context. It combines the definition of PPP as a relationship for infrastructure/services with the mechanism of allocating tasks and risks. It also identifies the specific partners (government vs private entities) and their respective roles as mentioned in the text.