Public–Private Partnerships (PPP) in transport are a growing phenomenon throughout the world. The developing world in particular has seen a veritable explosion of such arrangements. There can be, however, a significant difference between developing countries that are ‘low-income’ versus those that are middle-income. In some ways low-income countries can benefit more from the access to new capital and technical expertise that a PPP can bring. On the other hand there can be significant barriers to implementation of PPP's in low-income nations and equity issues can loom especially large there. This paper examines these differences by way of a case study of the country of Bangladesh. The paper concludes with a discussion of preliminary ‘lessons learned’ in bringing transport PPP's to low-income countries.