P3, or Public-Private Partnership, is a collaborative agreement between government entities and private sector companies. This partnership aims to finance, build, and operate projects that serve the public, such as infrastructure, transportation, and healthcare. By combining resources and expertise, P3s can enhance efficiency and reduce costs for public services. In a P3 arrangement, the private partner typically invests capital and takes on some risks, while the public sector provides regulatory support and oversight. This model allows for innovative solutions and improved service delivery, benefiting both the community and the private partner involved in the project.