Prime Minister Shehbaz Sharif on Tuesday gave in-principle approval to further integrate and strengthen the Public-Private Partnership Authority (P3A) and its related framework to speed up development initiatives during a high-level meeting.

According to a statement by the Prime Minister’s Office (PMO), PM Shehbaz chaired a high-level meeting in Islamabad to accelerate development projects through public-private partnerships (PPP) and instructed authorities to expedite the implementation of the newly approved system.

“Meeting decided that the P3A would be placed under the Privatisation Division to align its performance with modern requirements and improve efficiency in PPP-based projects,” it said.

The statement further added that the prime minister directed that the capacity of relevant ministries and departments be enhanced to enable them to initiate development projects through public-private partnerships.

Premier said PPP-based projects should be made part of the key performance indicators (KPIs) of ministries and departments, adding that “through P3A, we were making the public-private partnership system more transparent and faster”.

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“The meeting was given a comparative overview of PPP models in various countries at regional and global levels, along with a briefing on the proposed new system. Officials said that under the new framework, the Cabinet Committee on Privatisation and the Privatisation Division would oversee the P3A,” read the statement.

The meeting was attended by federal ministers, including Planning Minister Ahsan Iqbal, Finance Minister Muhammad Aurangzeb, Law Minister Azam Nazeer Tarar, Economic Affairs Minister Ahad Khan Cheema, Adviser to the Prime Minister Muhammad Ali, Minister of State Bilal Azhar Kayani, and other senior officials.