Glossary

 

Based on the PPP Glossary prepared by Andres Rebollo and Richard Foster for the PPP Program Certification Guide, we have developed this simple tool that we hope to be useful for you.

The terms and the definitions of the PPP Glossary do not have to match entirely with the ones contained in the PPP Guide.

Abandonment
Confirmation by the public authority or the independent certifier that conditions for the service availability have been met.
Acceptance
Confirmation by the public authority or the independent certifier that conditions for the service availability have been met.
Availability failure
Confirmation by the public authority or the independent certifier that conditions for the service availability have been met.

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Equity shares
The portion of a company’s equity that has been invested into the PPP project’s delivery vehicle, the special purpose vehicle (SPV). The equity shareholding enables the equity shareholders to influence the management of the SPV or control of the SPV, depending on the percentage of shares held 8822,Event of default,,See contract default. 8823,Expected risk parcel,,A risk value added by the private partner to accommodate costs due to the uncertainty caused during financial estimation and feasibility exercises. 8824,Ex-post evaluation,,An evaluation conducted after a certain period has passed since the completion of the project

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Linear project
A project involving the construction of a facility over a long stretch of land 8887,Liquidated Damages (LDs),,The agreed level of loss when the private party commits a contract breach. See also penalties. 8888,Loan documents/agreement,,Please see financial agreement. 8889,Loan Life Coverage Ratio (LLCR),,The ratio of Net Present Value (NPV) of cash flows available for debt service divided by outstanding debt in the period. The NPV is measured only up to the maturity of the debt. The ratio provides an estimate of the project’s credit quality from the lender's perspective. 8890,Long stop date,,A date set by the procuring authority by which services must commence regardless of what events or claims occur during the Construction Phase. Non-commencement of services by this date would lead to termination of contract. 8891,Macroeconomic risks,,Risks to the project company’s capital expenditures (Capex) or operating expenses (Opex) related to inflation

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Public dominium/domain concession
In some civil code countries, land is granted to the private sector for 99 years 8973,Public finance,,A term that is used to mean either:·         finance provided by the government·         finance that is recognized on the government balance sheet for accounting purposes (regardless of who actually provides the finance). 8974,Public partner,,See procuring authority. 8975,Public party,,See procuring authority. 8976,Public procurement,,The process of competitive bidding for a contract with the public sector. 8977,Public Sector Comparator (PSC),,The cost estimate (adjusted for risk)

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Value for Money (in the PPP context)
The benefits relative to the costs of procuring a project using a PPP compared to other procurement options. Commonly referred by its abbreviation Value for Money (VfM). In a PPP context, Value for Money can be tested at two different points in the project cycle:·         during appraisal and structuring, a VfM test can determine whether the PPP alternative is a supportable procurement mechanism that is likely to provide best value to the public authority or better than the traditional procurement mechanism 9062,Value testing,,An exercise whose objective is to test the costs of the soft services being provided within the PPP contract against their market price at a certain point of time. This is to adjust the amount of the service payments to reflect the market price.The most common methods for value testing are benchmarking and market testing. 9063,Viability Gap Funding (VGF),,A scheme wherein the projects with low financial viability are given grants (or other financial support from the government) up to a stipulated percentage of the project cost

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