The following summarizes the key messages for policy makers provided in this book, for reference. Because these messages are often context-specific, they have been organized roughly under the different phases of a project: selection, preparation, bidding, and implementation.

Conducive Investment Climate

Find the right champions. A good investment climate means working together with different ministries and agencies; the team of champions needs to be up to this task. A figurehead is not enough: Political leadership and buy-in is key.

Seek balance – “the perfect is the enemy of the good” (Voltaire):

• There is no such thing as the perfect investment climate – stability, consistency and certainty are more important to investors than the pursuit of perfection.

• don't wait for a completed reform process before preparing projects; a good investment climate will save a lot of headaches.

PPP is not one-size-fits-all. Each sector needs specific consideration and possibly a bespoke PPP solution; adapt the structure used to the needs of the sector.

Selection

Select projects purposefully. Work out exactly what you want from the project (more access, investment, lower prices?) and select accordingly.

Invest in development. Effort spent selecting the right project will earn benefits later. Get the project design right; changes made later cost more.

Select good projects. Garbage in–garbage out; just say “no” to bad projects:

• Select robust, viable projects for PPP – these are more likely to be financed on a competitive basis and are therefore more likely to provide value for money.

• Projects suffering from bad design, dubious demand, or weak fundamentals are more likely to fail and may weaken the entire PPP program in the process.

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