Published: 2020-02-05 14:19
Last Updated: 2020-02-05 15:21
The Senate's joint legal, financial, and economic committee Wednesday approved the 2020 "Partnership Projects between the Public and Private Sectors" draft law as referred from the Lower House with some amendments.
To be established thereby, a unit for public-private partnership projects would be tasked with providing technical assistance to government agencies before and during the implementation stages, with the best global practices, to facilitate "true" partnerships between the Kingdom's two sectors.
According to its mandating reasons, the Law would enhance the infrastructure's efficiency, promote economic growth, and create a stimulating investment environment for the private sector.
Under the Law, the private sector would contribute "effectively" in developing and operating the economic and social infrastructure necessary to achieve sustainable growth.
The Law also aims at establishing partnerships to create projects that provide citizens with quality services, and creating a "robust" institutional framework for promoting, identifying, launching, offering and executing partnership projects "effectively and transparently".
Additionally, the Partnership Law provides a mechanism for financing research, development, preparation, referral and signing of projects, as well as identifying channels to obtain government support.