Tarcisio: Today we structure very high-quality projects and projects that mitigate a number of risks.
Tarcisio: We are mitigating demand risk, sharing that risk with the private sector, we're sharing exchange-rate risk.
We learned to develop a good framework; we've improved regulation a lot.
Tarcisio: Regulation here in the State of São Paulo is an example.
Tarcisio: because it is technical, the agencies are quite independent, they have budgetary and financial autonomy, and regulation is fundamental for a state that wants to bring in private capital, wants to raise awareness for that.