Sri Lanka’s draft public private partnership (PPP) draft bill needs further changes addressing concerns such as establishing the independence of the proposed National Agency for PPPs, bolstering safeguards around unsolicited proposals, and other concerns, the Ceylon Chamber of Commerce has said in a statement.
“We note several concerns that warrant further attention. These include ensuring the independence of the proposed National Agency for PPPs, strengthening competitive safeguards around unsolicited proposals, enhancing fiscal transparency through clearer reporting requirements, and providing more robust mechanisms for dispute resolution,” the statement addressed the bill.
“If the bill is to operate as a clear and comprehensive framework, it is important to clarify its legal standing to avoid overlaps with existing laws, improve disclosure requirements to build public trust, align project evaluation processes with international best practices, and embed environmental, social, and governance (ESG) standards to ensure projects contribute to sustainable development.”
Further elaborating on the importance of the independence of the National PPP Agency, the statement said: “The importance of safeguarding the independence of the proposed National PPP Agency, ensuring qualified appointments with Parliamentary oversight, and introducing stronger conflict-of-interest provisions is also critical.”
The chamber noted several positive aspects of the bill, including the mandated value-for-money and feasibility assessments, enhanced transparency through stakeholder consultation and public disclosure, clear risk allocation to the private sector, and the establishment of a dedicated National PPP Agency with a clear mandate.
“These provisions are in line with international best practices and can significantly improve the environment for private sector participation. Addressing these issues will be vital to build investor confidence and safeguard the public interest.”
The statement concluded with the chamber welcoming the opportunity to share private sector inputs during the consultation process with the National Agency for public private partnership and the Asian Development Bank.