Stringent budget constraints and the need to build infrastructures have resulted in Public–Private Partnerships (PPP) being acknowledged as a desirable delivery/financing system for public projects. A PPP is an agreement between a public agency and a private consortium that allows the financing, design, construction, and operation of large scale infrastructure. While the public agency can be a single government department (e.g., a highway department), the private consortium is composed of several parties including contractors, designers, financial institutions, and other investors. The party that plays a critical role in the consortium is typically a large construction company. Various researchers have identified some of the critical factors that affect the success of a PPP, but only few studies have undertaken a comprehensive examination of financial issues. This paper aims to fill this research gap by analyzing information collected from large construction companies pertaining to financial issues. A structured questionnaire survey was administered to the largest 190 international construction companies listed by Engineering News–Record to investigate the relative significance of 19 financial issues that were identified in a thorough review of the literature. The findings indicate that factors such as inappropriate financial analysis, a low rate of return, and long delays in reaching financial closure have a high impact on the success of PPPs. Moreover, the public agency’s tendency for corruption and the private consortium’s weak financial standing can also undermine the financial strength of the arrangement. The findings can be used by all participants in PPPs to evaluate the financial issues in such projects.
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