世界银行-巴西基础设施项目的稳健担保体系（英）

Acknowledgments: This note is one of a series of analytic and advisory outputs of the Brazil Mobility and Logistics for Sustainability and Resilience project (P179908) conducted under the guidance of Bianca Bianchi Alves (Practice Manager, Transport, Latin America and the Caribbean) and Luis Alberto Andres (Program Leader, Infrastructure, Brazil). The team thanks colleagues Fabiano Silvio Colbano (Senior Economist), Leonardo Silveira Do Nascimento (Senior Financial Management Specialist), and Abel Lopez Dodero (Senior Transport Specialist) for their constructive peer review. A ROBUST GUARANTEE SYSTEM FOR INFRASTRUCTURE PROJECTS IN BRAZIL BRAZIL TRANSPORT SECTOR NOTE June 2025 Diversifying guarantee mechanisms in Brazil is essential for attracting private investment in infrastructure. Strong guarantees enhance legal security and reduce perceived risk, making it easier for new investors and international financiers to enter the market. This, in turn, promotes competition and lowers financing costs. Given the limited fiscal capacity of public entities to provide budgetary guarantees, adopting innovative risk mitigation solutions becomes crucial for enabling projects and fostering a more attractive and competitive environment for private investment. In this context, revising accounting rules to classify multilateral-issued guarantees as contingent liabilities would allow for a more efficient use of limited fiscal space and support their wider adoption. Mayna Dias Melo, Edpo Covalciuk Silva and Joanna Moody Public Disclosure AuthorizedPublic Disclosure AuthorizedPublic Disclosure AuthorizedPublic Disclosure Authorized1 CONTEXT In the 1990s, Brazil underwent a restructuring process aimed at reducing public spending. This shift led to measures that allowed private sector participation in activities previously managed directly by the government. In this context, Law No. 8,897/1995, known as the Concessions Law, was enacted, establishing the main regulations for delegating public service provision to the private sector. Under this framework, the private partner assumes the responsibility of delivering the service at its own risk, primarily earning revenue through public tariffs. More than a decade later, in 2004, Law No. 11,079/2004 was enacted to establish Public-Private Partnerships (PPPs) in Brazil. This law enables infrastructure projects that are not profitable, allowing for public payments to supplement the private partner's revenue through either an administrative concession—where the provision of services is solely funded by the public sector but delivered by the concessionaire—or through a sponsored concession—where the concessionaire earns some revenue from user tariffs and receives a portion of revenues directly from the public sector via budget allocation. The Concession and PPP Laws have led to significant private participation in infrastructure in Brazil. In