When this route applies
- The project is carried out with a State contracting authority under the PPP Law (for example transport, power, water, healthcare, education or digital infrastructure: eligible sectors and minimum size; confirm with counsel).
- PPP projects follow their own legislation for approval and investor selection. How the Investment Law procedures (including the IRC) interact with the PPP Law: Case-specific legal review required.
Step-by-step roadmap
PPP project identification
- Authority
- State contracting authority; or investor proposal
- Investor action
- Track the PPP pipeline or submit an unsolicited proposal
- Documents
- Proposal file (if investor-initiated)
- Dependency
- None
- Output
- Project on the PPP list / proposal accepted
- Can next step start?
- Yes
- Critical issue
- Unsolicited proposals give limited advantages (confirm with counsel).
Project preparation
- Authority
- Contracting authority (or proposing investor)
- Investor action
- Pre-feasibility study where required, then feasibility study
- Documents
- Pre-FS / FS
- Dependency
- Step 1
- Output
- FS ready for appraisal
- Can next step start?
- No
- Critical issue
- Risk allocation and State support are set here.
Approval
- Authority
- Competent authority under the PPP Law (confirm levels with counsel)
- Investor action
- Support appraisal
- Documents
- Appraisal file
- Dependency
- Step 2
- Output
- Investment policy decision; project approval
- Can next step start?
- No
Investor selection
- Authority
- Bid-inviting party
- Investor action
- Prequalify where applicable; bid; negotiate
- Documents
- Bid documents; bid security; financing plan
- Dependency
- Step 3
- Output
- Selection result
- Can next step start?
- No
- Critical issue
- Foreign bidders: check eligibility and consortium rules.
Project enterprise
- Authority
- Business Registration Office
- Investor action
- Winning investor incorporates the PPP project company
- Documents
- As in R1 (ERC)
- Dependency
- Step 4
- Output
- ERC of the project enterprise
- Can next step start?
- Yes
- Critical issue
- Minimum equity ratio applies (confirm with counsel).
PPP agreement
- Authority
- Contracting authority
- Investor action
- Sign the PPP contract (BOT, BTO, BOO, O&M, BTL, BLT, BT or other permitted type; confirm with counsel)
- Documents
- PPP contract; performance security
- Dependency
- Steps 4-5
- Output
- Signed PPP contract
- Can next step start?
- Yes
- Critical issue
- Governing law, dispute resolution, FX and termination payment terms drive bankability.
Financing / land
- Authority
- Lenders; provincial land authority
- Investor action
- Reach financial close; State hands over cleared land
- Documents
- Finance documents; land handover minutes
- Dependency
- Step 6
- Output
- Financial close; site available
- Can next step start?
- Partly
- Critical issue
- Financial-close deadline in the PPP Law (confirm with counsel).
Construction
- Authority
- Construction, environment and fire-safety authorities; contracting authority supervision
- Investor action
- Design, permits, construction, acceptance
- Documents
- See CONSTRUCTION, ENV, FIRE
- Dependency
- Step 7
- Output
- Completed works
- Can next step start?
- Partly
Commercial operation
- Authority
- Contracting authority; sector regulator
- Investor action
- Operating licences; confirmation of completion; tariff / payment mechanism starts
- Documents
- Completion file
- Dependency
- Step 8
- Output
- COMMERCIAL OPERATION
- Critical issue
- Hand-back obligations at the end of the term.
Required approvals
| Approval / registration | Position on this route | Authority |
|---|---|---|
| PPP investment policy decision and project approval | Required | Confirm with counsel |
| Investor selection result | Required | Bid-inviting party |
| IRC | Case-specific legal review required. Confirm whether an IRC applies to PPP projects with counsel | Confirm with counsel |
| ERC of project enterprise | Required | Business Registration Office |
| PPP contract | Required | Contracting authority |
| Land, construction, environment, fire | Required as applicable | See dedicated sheets |
Document checklist
Typical: the authority may ask for more.
- Pre-FS / FS
- Bid documents and securities
- Project enterprise incorporation documents
- PPP contract and direct agreements
- Finance documents
Critical risks
- Bankability: FX convertibility, revenue-risk sharing, termination payments.
- Land clearance delay.
- Change-in-law protection.
- Long preparation and selection timetable.
When the investor may legally start operations
The investor may start a given business activity only when ALL of the following are in place for that activity: (1) the investment procedure is complete (IRC / approval, where required); (2) the company or other vehicle legally exists (ERC or equivalent); (3) capital has been contributed through the correct account and on schedule; (4) the premises may lawfully be used for the activity; (5) construction, environmental and fire-safety steps that apply are complete; (6) every sector-specific licence for that activity has been issued; and (7) tax, invoicing and employment registrations are done. Use the GO-LIVE CHECKLIST to confirm.
Common mistakes
- Treating a PPP like an ordinary IRC project.
- Under-resourcing the bid stage.
- Forming the consortium too late to satisfy eligibility rules.
Statutory time limits are not shown on this page. Confirm the current period and its legal basis with counsel: practical timing is usually longer than the statutory period. Legal status reviewed as of 18 September 2026.