On the National Legal website the law on public-private partnership as of 30 December 2015 has been published (hereinafter — the Law).
The law is designed in accordance with the best international practices of public-private partnership in collaboration with the leading international experts (UNECE, IFC, EBRD), as commented in the press service of the Ministry of Economy. The Law defines the legal terms of public-private partnership in the Republic of Belarus, regulates social relations in the process of conclusion, execution and termination of agreements on public-private partnership and aimed at attracting investments into the economy of the Republic of Belarus.
The law is aimed at the concentration of material, financial, intellectual, scientific, technical and other resources, ensuring the balance of interests and risks, attraction of extra-budgetary resources to implement the projects, plans and programs for infrastructure development.
By public-private partnership is meant a legally arranged for a specified period mutually beneficial cooperation of the state and a private partner in order to pool resources and allocate any risks, which is consistent with the goals, objectives and principles defined by the Law.
An appropriate agreement has been defined as a form of public-private partnership, the terms and procedure for the conclusion of which are stipulated in the Law.
Public-private partnership is carried out in the following areas: traffic and transport activities; public services; health care; social services; education and culture; defense, law enforcement; physical culture, sport and tourism; telecommunications; energy; processing, transportation, storage and supply of oil; transportation, storage and supply of gas, gas supply; agricultural production; scientific, scientific and technical and other fields.
Public-private partnership is based on the principles of:
- rule of law;
- social orientation of regulation of economic activity;
- priority of public interest;
- publicity;
- fair competition;
- effectiveness of public-private partnerships;
- assurance of the balance of interests and risks between public and private partners;
- equality between public and private partners;
- freedom of contract;
- environmental protection.
According to the Ministry of Economy, the adoption of the law allows to create legal environment that provides the ability to raise capital for projects of public-private partnership that will have positive socio-economic effects on the regions of the Republic of Belarus and the country as a whole. The development of public-private partnership institute will help to attract additional extra-budgetary resources in the infrastructure development of Belarus.
The adoption of the law will also affect the assessment of the possibilities of public-private partnership in the Republic of Belarus on the part of concerned international organizations, investors, banks, rating agencies and will enhance the attractiveness of infrastructure projects financing with the participation of private foreign capital.
In order to implement the draft of the Law to the legislation of the Republic of Belarus, some amendments will be needed, as well as the adoption of several legislative acts. The Ministry of Economy is a coordinator of this activity, for implementation of which a six-month period is given.
Source: pravo.by