Abstract

In the context of increasing infrastructure demand and constrained public finances, capital expenditure (CAPEX) decisions in public-private financing arrangements have become both critical and complex. This paper presents a decision-support framework designed to improve the objectivity, transparency, and institutional alignment of CAPEX prioritization in hybrid infrastructure financing settings. Rooted in an interdisciplinary synthesis of public finance theory, infrastructure economics, and decision science, the framework introduces a modular, criteria-based structure that integrates fiscal, economic, and social metrics. It facilitates consistent project appraisal through participatory weighting mechanisms and supports integration into institutional planning cycles without reliance on simulations or case studies. The framework offers significant strategic and financial benefits: improved resource allocation, risk mitigation, and strengthened governance. By emphasizing auditability, stakeholder communication, and performance-based decision-making, it enables governments and private financiers to co-create investment pipelines that align public value with commercial viability. This model further contributes to infrastructure governance by promoting fiscal discipline, reducing political interference, and enhancing long-term investment credibility. The paper concludes with policy implications for planning agencies and financing authorities, and suggests future enhancements including digital integration, adaptive criteria evolution, and cross-national benchmarking for broader applicability. The proposed model is a timely tool for elevating infrastructure decision-making in an era of fiscal uncertainty and growing infrastructure gaps.