In Turkmenistan, the Law “On Public-Private Partnership” came into force, which defines the legal basis for public-private partnership, methods of its implementation and regulates relations arising in the process of preparing and implementing a public-private partnership project.
The objectives of the Law are to regulate relations in the field of public-private partnerships, as well as to create legal conditions for the concentration of material, financial, intellectual, scientific and technical and other resources, to ensure a balance of interests and risks, to attract extra-budgetary funds for the implementation of projects, plans and programs on development of infrastructure facilities.
This Law does not apply to relations regulated by the Law of Turkmenistan “On tenders for the supply of goods, performance of work, provision of services for state needs”, oil works carried out in accordance with the Law of Turkmenistan “On hydrocarbon resources”, and specialized activities related to the provision of law and order, defense and security of the state.
The law includes chapters such as:
- General provisions;
- State regulation of public-private partnerships;
- Parties to the public-private partnership agreement, their rights and obligations;
- Initiation and preparation of a public-private partnership project;
- Selection of a private partner;
- Public-private partnership agreement;
- Guarantees of the rights of a private partner and a creditor;
- Monitoring and reporting in the field of implementation of public-private partnership projects;
- Final provisions.
Full information on the Law of Turkmenistan “On public-private partnership” can be found in today's issue of the newspaper “Neutral Turkmenistan”.