National Treasury’s PPP Manual is indeed a world first. It systematically guides public and private parties through the phases of the regulated PPP project cycle for national and provincial government, unpacking policy and providing procedural clarity as it does so. It draws on South African project experience to date and on best international practice, without infringing on the authority of accounting officers and authorities. It sets rigorous risk-assessment standards by which government will make affordable project choices that best leverage private investment for quality public services. Importantly, the PPP Manual contains a code that will go a long way to achieving broad-based black economic empowerment in PPPs, not only in the equity and management of the contracted private parties, but in their subcontracting and in the projects’ local socio-economic impacts.