（SGR）从奈瓦沙延伸至基苏木，最终延伸至马拉巴；依托公私合作伙伴关系 （PPP）加速航空基础设施的升级，包括对乔莫·肯雅塔国际机场（JKIA）、蒙 巴萨机场和拉穆机场进行现代化改造；通过主权财富基金（SWF）和国家投资 基金（NIF）筹集5万亿先令（约386亿美元），用于推进肯交通、能源、农业 和教育等领域项目。 （原标题：鲁托总统在国情咨文中公布道路扩建计划） 肯《星报》11月20日报道，鲁托总统在议会发表国情咨文时宣布了一项全国基 础设施计划，政府未来十年将对2500公里的道路进行双车道改造，铺设28000 公里的柏油路。在重点介绍的主要道路项目中，将于下周启动的里奥尼-毛峰 扩建工程是最受期待的基础设施项目之一。鲁托还透露，政府将把标轨铁路 ...

Report Industry Investment Rating No relevant information provided. Core Viewpoints - Diversified guarantee mechanisms are crucial for attracting private investment in Brazilian infrastructure projects, and innovative risk mitigation solutions are needed to promote project implementation and create a more attractive investment environment [3] - The franchise law and public - private partnership law have led to significant private participation in Brazilian infrastructure, but there are still issues such as a lack of federal - level PPP projects with public payments and a high local - level project failure rate, highlighting the need for more effective guarantee mechanisms [8][9] - Modernizing public accounting rules, strengthening the monitoring and management of project - related expenditures, and collaborating with MDBs to develop and improve guarantee mechanisms are important steps forward [26][28][30] Summary by Related Content Context of Brazilian Infrastructure Investment - In the 1990s, Brazil reformed to cut public spending and allowed private sector participation in government - managed activities. The Franchise Law (No. 8,897/1995) was established to delegate public services to the private sector [6] - In 2004, Brazil passed Law No. 11,079/2004 to establish public - private partnerships (PPP), allowing public payments to supplement private partners' income in different ways [7] - By 2023, Brazil plans to invest about $905.44 billion in over 4,600 infrastructure projects in the next 30 years, but most PPP projects are signed by local authorities, and the federal government still relies on franchises [8] - After 20 years of the PPP bill implementation, there are no federal - level PPP projects with public payments, and the local - level project failure rate is high, mainly due to financial, regulatory, and planning issues [9] Importance of Guarantees - Diversified guarantee mechanisms are essential for attracting private investment in PPP projects and franchises, providing legal security, reducing perceived risks, and lowering financing costs [10] - Guarantees in PPP projects can mitigate the risks of public entity default or payment delay, protect the interests of franchisees, and enhance investor confidence [12] - Effective guarantees should be liquid, independent of public budgets or political discretion, and free private partners from relying on slow and costly judicial payment mechanisms. Multilateral development bank (MDB) guarantees have added value in this regard [13] Guarantees Stipulated by Brazilian PPP Law - The PPP law provides a detailed list of guarantees, including revenue earmarking, special funds, guarantee insurance, guarantees from international organizations or financial institutions, and guarantee funds or state - owned enterprises [14] - Each type of guarantee has potential advantages and disadvantages. For example, revenue - linked guarantees may be revocable and require court execution, while guarantees from international organizations may have a slow approval process [18] Issues with Public Guarantees - Public guarantees may limit the availability of resources for other projects, as mechanisms like escrow accounts "freeze" public funds, reducing the flexibility and efficiency of public finance allocation [21] - In Brazil, MDB guarantees for PPP projects are only allowed at the local level and are currently classified as credit operations, consuming fiscal space. The limited monitoring of contingent liabilities is a major obstacle to their effective use [22] Forward - Looking Directions - Modernize public accounting rules to "unfreeze" funds. Revise accounting rules to classify MDB guarantees as contingent liabilities rather than immediate debts, but also strengthen the assessment and monitoring of high - risk guarantees [26][27] - Strengthen the monitoring and management of project - related expenditures, especially contingent liabilities. Establish unified guidelines to evaluate and quantify risks and contingent liabilities in PPP contracts, ensuring more accurate accounting and better fiscal risk management [28] - Collaborate with MDBs to develop and improve public guarantee mechanisms. MDB guarantees can enhance the effectiveness and robustness of PPP projects, providing confidence to investors and optimizing resource utilization [30]