The public-private partnership (PPP) model has become a prominent form of public investment in Turkey during the 17-year rule of the Justice and Development Party (AKP), used in key projects such as motorways, airports, hospitals and energy procurement. Yet the multibillion-dollar contracts remain opaque even though they contain major government guarantees for the companies involved, including on profits and foreign loan liabilities. How much burden the guarantees bring on the budget remains unclear, and even the Court of Accounts, the country’s top public auditor, appears to be at a loss.

Written by Mustafa Sönmez