Abstract Project finance has evolved during the years and sectors of applications have changed together with the geographic areas where the technique has been used. Originally project finance was used in sectors with a stable captive market, low technology risk and low country risk. During the years, the technique has been increasingly implemented in riskier sectors and riskier countries. This chapter presents the historic evolution of project finance and PPPs. We first outline the worldwide trends with details regarding the use of the technique in different sectors and geographic macroregions. Then, we present a focus on the PPP subsegment. Here, we carry out the analysis distinguishing between developing and developed countries. Finally, a special focus on the European PPP market is provided.