Exploring the Significance Elements of Collaborative Partnership in Successful Private Finance Initiative (PFI) Projects: A Comprehensive Review towards Sustainable Development

Abstract

The construction industry has significantly improved, especially in construction development delivery. The Private Finance Initiative (PFI) project is where private companies obtain federal government funds to complete public facilities. Private Finance Initiative (PFI) in the Malaysian construction sector under the Ninth Malaysian Plan (9MP) has encouraged Malaysia to start implementing different project procurement approaches to complete public infrastructure projects. These project procurement approaches have evolved from the concession, privatisation, public-private partnerships (PPP), and finally, the PFI to ease the burden on the government in financing infrastructure projects. Collaborative partnerships (CP) play an essential role in building industry growth, especially in PFI projects, because they involve stakeholders from the public and private sectors working together in their processes. This paper explores the significant elements of collaborative partnership in successful Private Finance Initiative (PFI) projects and their implications for sustainable development. The study reviews existing literature to identify the critical elements of CP, and the analysis focuses on how these collaborative partnerships align with and promote the sustainable development goals encompassing the sustainable pillars; environmental, social and economic dimensions. The outcome of this paper will highlight the importance of strategic focus on the activities, good working relationships, effective communication, mutual respect and equal opportunities, and ethical conduct and acknowledging honours as essential elements for successful collaborative partnerships in PFI projects. Additionally, this study will benefit the construction industry in moving towards sustainable development by integrating environmentally friendly practices and enhancing the collaborative partnerships in PFI Projects while advancing sustainable development objectives.