Legal–Financial Frameworks and Risk Allocation in Public–Private Partnership Highway Projects: A Review with Evidence from Iran

Public–Private Partnerships have become a prominent mechanism for delivering highway infrastructure, particularly in contexts characterized by fiscal constraints and rising investment needs. However, the performance of PPP highway projects depends not solely on financial structuring, but on the coherence of legal frameworks and the calibration of risk allocation mechanisms. This study provides a review of legal–financial frameworks and risk allocation practices in highway PPP projects, with particular emphasis on evidence from Iran. Drawing on international literature and domestic empirical findings, the paper examines how contractual models, institutional capacity, macroeconomic volatility, and enforcement credibility influence bankability and long-term financial sustainability. The analysis reveals that fragmented legal structures, weak commitment credibility, and misaligned risk-sharing arrangements increase perceived regulatory risk and elevate the cost of capital. In the Iranian context, the absence of a unified PPP law and standardized contractual templates undermines investor confidence and limits private sector participation. The study concludes that sustainable highway PPP performance requires integrated legal–financial design, institutional strengthening, and calibrated risk allocation aligned with macroeconomic realities.

کلیدواژه ها:

Public–Private Partnership ، Highway Infrastructure ، Risk Allocation ، Legal Framework ، Project Finance