A public investment project is a public investment requiring planning, execution, monitoring and evaluation carried out as an integrated set of activities aimed at meeting a development objective, at a specific cost and within a defined timeframe. The revised FAA Act identifies three important characteristics of a public investment:
- non-recurrent expenditure on goods, works and services
- carried out by any public entity within the specified public sector on its own, or by one or more public entities in conjunction with one or more non-public entities through public private partnerships
- aimed at accumulating new physical or intangible assets or enhancing human resource capacities, or improving or rehabilitating existing physical or intangible assets or human resource capacities, to achieve development objectives.