Azerbaijan's Ministry of Economy wins international award in Türkiye PHOTO

Azerbaijan’s Ministry of Economy has emerged as the winner among 37 state institutions from various countries at a prestigious event focused on the development of public-private partnership (PPP) in Türkiye.

The award ceremony took place with the support of Türkiye’s Ministry of Trade and was organized by the Foreign Economic Relations Board (DEİK) and the Public-Private Partnership Center of Excellence (PPPCOE) in Istanbul, Caliber.Az reports, citing the Azerbaijani Ministry of Economy.

The event highlighted outstanding contributions to the growth and success of PPPs worldwide.

A distinguished panel of international experts evaluated the participating countries based on their activity in conducting bilateral meetings, managing public-private partnership projects, participating in global events, publishing research materials, and organizing training programs.  

A Public-Private Partnership (PPP) is a collaboration between government entities (public sector) and private companies (private sector) to finance, build, and operate projects that serve the public. These partnerships are typically used for large infrastructure projects, such as roads, bridges, hospitals, schools, and public transportation systems.

In a PPP, both sectors share the risks, costs, and rewards. The public sector usually benefits from private expertise, efficiency, and funding, while the private sector gains access to government contracts and often receives long-term returns for their investments. The terms of these partnerships vary, but they generally involve private investment in public infrastructure with long-term service agreements.

By Khagan Isayev