<p>The value-for-money test of public-private partnerships (hereinafter, "PPPs") was introduced in Korea in 2005 when the Act on Public-Private Partnerships in Infrastructure (hereinafter, the "PPP Act") was amended.1) Since the review on a private proposal, which has been enforced before the value-for-money test was introduced, is focused on the review on technical and financial appropriateness of the substance of the private proposal, it has failed to assess whether the proposed project itself is feasible or whether it is more appropriate to implement the project by PPP than by public finance. The introduction of the value-for-money test in Korea by the amendment to the PPP Act in 2005 made it possible to analyze whether it is appropriate to implement a project through a public-private partnership as well as the feasibility of the implementation of the project.2) In particular, the introduction of the methodology for the analysis of the value for money (hereinafter, "VFM"), which the United Kingdom, Australia,<br />
Japan and other countries have adopted as a methodology for assessing value for money, has enabled people to scrutinize the VFM of PPPs in detail.</p>
<p>Through this Study, the feasibility assessment, the assessment of the VFM of a public-private partnership, the establishment of PFIs, and the calculation of the ratio of bonus points, which consist of stages of the VFM provided for in the "Detailed Guideline for VFM Test," will be further specifically defined and will be partially revised and supplemented, where necessary.</p>