The US Department of Transportation (USDOT) and the Federal Transit Administration (FTA) have issued the Private Investment Project Procedures (PIPP) Final Rule in a bid to unblock private investment in infrastructure.
As long as conditions are met, PIPP will give the FTA the ability to alter its regulations, practises and procedures for P3s; a key development as USDOT looks to “develop more effective approaches to spurring private participation and investment”.
FTA started the procedure to change the ruling in July 2017, with Congress requiring the body to address systemic impediments to P3s in the Moving Ahead for Progress in the 21st Century Act (MAP-21).
“This Final Rule allows the public transportation industry to identify where there may be barriers to developing projects in concert with capable private partners,” said FTA Acting Administrator K. Jane Williams. “FTA is committed to encouraging innovation and streamlining project delivery while protecting the public interest.”