The article discusses how governments can manage guarantee programs to support private infrastructure investments. It suggests that guarantees should be granted based on cost-benefit analysis, subsidies should be used to support projects with social benefits, and policy risks should be supported by credible reform programs. Governments should only share normal business risks as a last resort, limit total exposure, and establish mechanisms for adjusting guarantees. A central office should manage guarantee exposure, and policies for guarantee fees and coinsurance requirements should be established.