Public policy on public-private project financing in Kazakhstan

ABSTRACT

The public policy framework of the public–private partnerships (PPPs) projects has long been a subject of inquiry in developing countries. Researchers have mainly explored public policy frameworks as a regulatory tool to enhance project performance in public sector projects. Yet, PPP projects have remained unattended in terms of governance and financing. Using empirical evidences of project implementation, this article explores the relevance of a public policy framework for public–private project financing along four project implementation dimensions: efficiency, fairness, legitimacy and accountability. This article aimed at enriching existing public policies on PPPs in developing countries. It also focused on sharing individual country’s experiences amongst developing countries: specifically, the paper shows how a public policy on PPPs project financing may be formulated in a developing country like Kazakhstan. The study developed a public policy framework for PPP projects and project finance model, adaptable to the developing country’s specificities. The model was seen as an integral element of the public policy framework for PPP projects.

KEYWORDS:

• Public policy framework
• project finance
• risk allocation
• efficiency
• legitimacy
• accountability

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Erratum

Disclosure statement

No potential conflict of interest was reported by the authors.

Additional information

Funding

This work was supported by the German Research Foundation (DFG): [Grant Number RES-062-23-0946] and Economic and Social Research Council of the UK (ESRC).

Notes on contributors

Azamat R. Oinarov

Azamat R. Oinarov is Assistant Professor and Chairman of the Board, Kazakhstan Public-Private Partnership Center, Ministry of National Economy, Republic of Kazakhstan. His researches on the topics related to public management, public policy and public administration in Kazakhstan have been published in different international publications. He is the author of over 40 scientific publications that built on his extensive management experience as Vice-Minister in the government. Also, he authored a series of research publications on cybernetics that is being widely used by regulators, academia, students and project managers in Kazakhstan and in countries of Central Asia. His research interests include public project management, public policy, public-private governance frameworks, innovations development, and cybernetics.

Dana Eshimova

Dana A. Eshimova is Assistant Professor and Deputy Chairperson of the Board, Kazakhstan Public-Private Partnership Center, Ministry of National Economy, Republic of Kazakhstan. Her researches mainly covering the topics on public law, law on public investments, budget code, and law on public finance in Kazakhstan were published in a range of international publications as well as in Kazakhstan’s science rated publications. She also co-authored a series of case studies and textbooks for students specializing in public law while she served as Deputy Dean of Law Department at State Law University. Her research captures vibrant attention of broad academia, students, regulators at public authorities, law practitioners specializing on public law and budget code in Kazakhstan, and also, in countries of the Commonwealth of Interdependent States. Her research interests include public project management, public-private governance frameworks, legal normative acts and procedures of public governance, public policy.

Bayan Adilbekova

Bayan S. Adilbekova is Chief Coordinator for Project Research, Kazakhstan Public-Private Partnership Center, Ministry of National Economy, Republic of Kazakhstan. Her researches have been on the topics of project management tools & techniques, project management methodologies, including Agile, PRINCE-2, neural network project management methodology, and public-private project management in the areas of transport, agribusiness, education, and tourism. Also, her research explored important themes of managerial economics. She accumulated essential practical senior level expertise when working at the national government level, and later, in international institutions, including ADB, at professional level, and at Headquarters of the UN and EU, where she, previously, worked within the professional exchange programmes. Her research interests include project management.