Public–Private Partnerships as a Mechanism of Financing Sustainable Development
While the obstacles to supporting sustainable development include financial barriers, the goals of sustainable development are being pursued by separate small-scale and narrow private entrepreneurial initiatives within corporate responsibility and own commercial interests and by strictly limited (due to a deficit of financial resources) and ineffective (due to the inflexibility of management) national initiatives in the public interest. Our working hypothesis is that public–private partnership is a perspective mechanism of financing sustainable development, as it allows for harmonizing private and public interests, unifying entrepreneurial and government investments, and developing highly effective and full-scale implementation of initiatives in the sphere of sustainable development. We substantiate and develop practical recommendations for successful usage of public–private partnership as a mechanism of financing sustainable development. Flexibility and variability of the mechanism of public–private partnership ensures its applicability to any project in the sphere of sustainable development. A proprietary conceptual model of financing sustainable development by public–private partnership offers practical solutions to become a conceptual basis and framework practical guide for application of public–private partnership as a mechanism of financing sustainable development.
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