Public private partnerships central in government’s vision

The government needs to look at any form of project financing available, which can help government implement projects and strengthen the infrastructure and economy of Malta, minister Chris Cardona said. 

The economy minister was addressing a meeting organised by KPMG, one of the leading auditing and professional services companies in Sliema, which discussed Public Private Partnerships (PPPs).

Cardona said that success in achieving the government's goals entails recognising the importance of the private sector and the role it can play in assisting the government to offer services efficiently.

He added that it was a pity that while other countries "registered astounding success in the PPP sector Malta has lagged far behind, despite the fact that Malta could benefit immensely from reducing its public sector borrowing requirement."  

Reflecting on the past experience Malta has in the area of PPPs, Cardona said that over the past 10 years Malta missed opportunities to work in partnership with the private sector to deliver services, traditionally provided by government, in a more efficient and effective manner. 

However, the minister emphasised that PPPs are a tool which can help government provide better services to the people.

While maintaining its central role as an advisor to the government, it intends to give MIMCOL the necessary resources so that it re-engages with the private sector in relation to Public Private Partnerships, he added.

Moreover, Cardona said that in this legislature, the government is determined to rejuvenate governmental entities and their resources.

"We believe that these entities have a lot to offer. It is our aim to give MIMCOL a more central role in our mission to increase economic growth and the generation of productive work in our country."

He added that government has an ambition for the PPP strategy to succeed and that this success depends on hard work, preparation and learning from failure. 

"If we acknowledge the shortcomings of the past and learn from them, there is no reason why the PPP initiative in Malta should not take off in the same way as it did in other countries," Cardona said.