PPIAF was launched in 1999 as a joint initiative of the governments of Japan and the United Kingdom, working closely with the World Bank. It was built on the World Bank Group's Infrastructure Action Program and designed to reinforce the actions of all participating donors.

Today PPIAF’s members include bilateral and multilateral development agencies and international financial institutions. Owned and directed by its participating donors, PPIAF is governed by a Program Council made up of these donors and is managed by the World Bank through a Program Management Unit. The Program Council is supported by an independent Technical Advisory Panel.

PPIAF’s Program Charter [PDF] outlines its mission, its relationship with donors, its criteria for grant approvals, and its governance, organization, and financial structure.