Sofia Gentiloni Silveri
Direct Agreements In Public-Private Partnerships
Starting from the role of financiers in public-private partnership (PPP) contracts in the Italian context, the paper shows the possible use of a trilateral agreement, internationally known as direct agreement. This can be attached to the main PPP contract (e.g. the concession type). Parties to this agreement are the Authority, the private operator and the financier. Even though it should principally regulate the financier’s step-in right, this agreement can also allow a greater participation of all the parties in the project, increasing their reciprocal knowledge, roles and responsibilities. Therefore, it can be useful, especially in an initial phase of recourse to PPPs when parties are not used to operating together and the project is quite complex. Some issues linked to the recognition of a direct bond between the Authority and financiers and the necessity of a correct use of this agreement have also been underlined.