经济学人:哥伦比亚基础设施 (2)

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　　A final three, also chosen by the government, must be from outside politics. For a 4G project to get FDN financing, the board must sign it off. 由政府选定的三名最终成员必须是政坛外的人。4G项目要获得FDN的融资，董事会必须签字。

　　The hope is that the foreign and independent members will reject those that show signs of rigged bids or padded contracts. 他们希望国外和独立成员的组合能够将那些在竞标中作弊或采用补充合同的项目拒之门外。

　　So far the model appears to be working well. 到目前为止，这种模式似乎进展不错。

　　By the end of 2018 the FDN expects to have closed financing for 17 projects, worth $8.4bn, of the 30 planned under the 4G banner. 截止2018年，FDN希望能够完成对价值84亿美元的17个工程的融资，这些工程是4G项目30个方案中的一部分。

　　Of that, 24% will come from abroad. It is now branching out from roads to other investments, including Bogotá's Metro², 其中24%的融资来自海外。现在该项目正从公路延伸至其他投资项目，比如波哥大的地铁，

　　which will be Colombia's priciest infrastructure³ project to date, at an estimated cost of $ 4.6bn for 25km of elevated track. 这是哥伦比亚迄今为止最贵的基础设施项目，地铁高架轨道全程长25千米，估计成本为46亿美元。

　　The bank will soon need more capital. In 2016 the Colombian government sold its stake in Isagen, a power-generating company, 很快银行将需要更多资本。2016年，哥伦比亚政府以20亿美元价格将其在电力公司Isagen的股票

　　to a Canadian investment fund for $ 2bn, and used the money to buy FDN bonds, giving the institution the wherewithal to fund its endeavours. 卖给了一家加拿大投资基金，并利用这笔钱购买FDN债券，给了FDN进行投资的必备资金。

　　But to continue long-term infrastructure financing, says Mr Valle, an IPO will soon be needed. 但为了继续长期基础设施建设融资，Valle表示，或许很快便需要上市。

　　A bigger problem, says Mario Dib, who manages one of the infrastructure-debt funds set up by the FDN, is that Colombians hate road tolls⁴. FDN基础建设债务基金负责人之一，马里奥· 迪布表示一个更大的问题是哥伦比亚人不喜欢公路收费。

　　Earlier this year tolls were suspended in Urabá, in the country's north, after protesters burnt toll-points and killed three people. 今年年初，哥伦比亚北部城市Urabá就暂停了公路收费，此前抗议者烧毁了收费站点，三人因此丧命。

　　The government has agreed to pay FDN concessionaires any money they are unable to collect. 政府已经同意向FDN特许人支付这笔未能收上来的损失。

　　That is supposed to give investors⁵ the certainty they need to keep coming. 这一做法给了投资人一种保证让他们继续参与该项目。

　　But it would weaken the rationale for the FDN if taxpayers⁶ are stuck with bills they were never supposed to pay. 但如果纳税人被他们不应该支付的账单套住，那么这将削弱FDN的基本原理。

　　And it raises fears that a future government might sour on the institution. 人们担心未来政府会对这种制度失去兴趣。

　　The next presidential election, in 2022, coincides with the expected completion of many 4G roads. 下一次总统大选在2022年，刚好是很多4G公路的预计竣工时间。

　　If the tolls spark more protests, and someone less market friendly than the centre-right incumbent⁷, Iván Duque, wins, 如果公路费激化更多抗议，相比现任中右翼总统伊万·杜克，那些没那么亲市场的候选人就会胜出

　　public-private partnerships⁸ might fall out of fashion. That would be rotten luck for those trying to fix Colombia's rotten infrastructure. 而公私合作关系或许会过时。对于那些想要修复哥伦比亚糟糕基础设施的人而言，那可真是太倒霉了。

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