Guarantee is biggest challenge for regional PPPs
The public-private partnership (PPP) model, which the federal government plans to promote, brings together a portfolio of at least 121 projects in Brazilian states and cities, with an investment potential of R$37 billion, according to data from the Brazilian Association of Infrastructure and Basic Industry (Abdib). Despite the progress, the format is still likely to face challenges, especially on the issue of guarantees, even with incentives from the federal government.The stock compiled by Abdib is spread across 30 federal entities and covers 14 sectors, with a focus on social and leisure infrastructure (35), energy (19), health (16), and urban mobility (14).The largest project is the Intercity Train linking São Paulo to Campinas, planed by the government of São Paulo, whose bidding is expected to take place in November this year. Other relevant projects, with an auction date already scheduled, are the PPP of the Souza Aguiar Hospital Complex, by the city of Rio de Janeiro, with bidding expected to take place in August, and Costa do Descobrimento, a new airport planned by the government of Bahia, scheduled for September."There has been an improvement in the structuring of PPPs, which has allowed us to reduce the mortality that we saw in the past. In most cases, quality has improved, and risks have been mitigated," said Venilton Tadini, president of Abdib.However, subnational PPPs still face market distrust. One challenge is the structuring of the guarantee, which is the security mechanism against a possible default by governments. This is key because, unlike full concessions, where economic viability is guaranteed by the tariff, PPPs depend on taxpayer money."The guarantee is a huge challenge for any federative entity. Even for the city of São Paulo, which has a privileged financial situation and a high credit rating, it is difficult," said Guilherme Bueno de Camargo, president of SP Parcerias.To overcome this limitation and make more PPPs possible, the National Treasury announced in April a federal guarantee for state and municipal projects.The idea is that the federal government will act as a "guarantor" of the guarantee, which will be provided through credit operations. There will be two ways to use the financing: for the disbursement of a public contribution, paid at the beginning of the contract (when it is necessary to do a large work, for example), or throughout the PPP, in annual installments - in this case, the credit works as an...
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