Seanad debates

Tuesday, 17 December 2002

National Development Finance Agency Bill, 2002: Second Stage.

 

I emphasise that I agree with the laudable principle of public private partnerships. Many projects, however, do not have an income stream to attract private enterprise. A problem that is constantly mentioned by certain people in the context of PPPs and the NDP is that cheap public funding is being replaced by expensive private funding. It costs private businesses and individuals much more to deliver finance to a project than it costs the Government. This serious problem, which has not been addressed, places greater pressures on the private element of public private partnerships. The private sector may opt to fund public projects in limited circumstances only. Grave concerns have been expressed in relation to gathering evidence of the success, or otherwise, of PPPs. We have been told that about 40 PPP projects, including sewerage schemes, are in the pipeline, but we do not have any concrete evidence of how well they are working or will work in the future. We should not be asked to accept the new agency without being sure how PPPs are working.

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