This assignment is a component of a broader initiative led by the Infrastructure Finance Department (IFD) of the WBG; PPP structuring tools and knowledge. The overarching goal is to enhance the ability of client governments to structure PPPs that are fiscally sustainable; commercially viable; and generate significant VfM. This will be achieved by building upon previous work and introducing new tools and guidance materials. Recently; the World Bank has worked on updating the PPP Fiscal Risk Assessment Model (to its new version; PFRAM 3.0) in collaboration with the International Monetary Fund (IMF). This initiative will build upon these efforts by developing a stylized VfM tool based on a review of existing practices; and deployment of the VfM tool along with PFRAM 3.0 as a suite of PPP Structuring tools. This assignment specifically will contribute to provide initial review of relevant literature and current practices on VfM analysis used when structuring PPPs. This is intended as a sound theoretical framework to allow subsequently the development of a VfM tool (not part of this assignment). This assignment is intended as an initial survey review; not intending to be all comprehensive but robust enough to provide this sound basis for further discussion on the topic and particularly for the development of the VfM tool.