While all international experience points to these benefits of increased value for money, the crucial element of successful PPPs is optimal risk transfer. By this I mean that a good PPP will ensure project risks are allocated to the party best able to manage them at least cost. Effective risk identification, assessment and allocation are crucial to achieving increased value for money for the Exchequer and taxpayers. For the private sector, risk will be commensurate with reward. The PPP programme will be developed to achieve the optimum balance of risk and reward and, drawing on the expertise of the NDFA, optimal financing packages for all projects, including PPPs.