He said he was "absolutely not" doing a favour for Obeid by helping to press for the PPP to be adopted.
When asked if he should have declared the "massive" gain he stood to make from the PPP, Sinodinos said: "It didn't occur to me that needed to be done".
"What I took out of the meeting was that we should take a softly, softly approach in dealing with this expenses matter in order that we might be able to make sure we don't the throw baby out with the bathwater in relationship with Sydney Water … including the PPP," he said.
The private arm of the World Bank, which has lent more than $75bn for water and sanitation projects around the world since 1995, has been in secret talks for more than a year with the city's private water company about funding another possible private-public partnership (PPP) scheme.
The index is based on the theory of purchasing-power parity (PPP), that over the long run, currencies should adjust so that a basket of identical goods costs the same everywhere.
Back in Lagos, the IFC's second failure to negotiate a PPP project with the city could finally persuade the government to explore alternatives known as a "public-public partnership".
He said he had been "excited" by the PPP prospect and became director in 2009 with a view to focusing on the deal.
Di Girolamo and AWH were at the centre of a related Icac inquiry earlier this year, investigating the company's PPP bid, including allegations that it had conspired with Koelma to make a false corruption allegation against the then head of Sydney Water, Kerry Schott.
It heard AWH was pursuing a lucrative public-private partnership (PPP) with the NSW government that would have made Sinodinos between $10m and $20m and the family of former Labor party powerbroker Eddie Obeid about $100m.
Obeid took to the witness box on Wednesday to answer questions about allegations he tried to personally intervene multiple times with different premiers and ministers to have the PPP approved, despite Sydney Water opposing it.
Several recent PPP projects are also hotly contested.
