{
  "public_envelope_r_bn": 225.0,
  "instruments": {
    "Public ownership": {
      "multiple": 1.0,
      "public_loss": 0.25,
      "control": 1.0,
      "private": 0
    },
    "Co-investment": {
      "multiple": 1.5,
      "public_loss": 0.18,
      "control": 0.55,
      "private": 0.33
    },
    "Concessional debt": {
      "multiple": 2.0,
      "public_loss": 0.1,
      "control": 0.35,
      "private": 0.5
    },
    "Minority public equity": {
      "multiple": 2.5,
      "public_loss": 0.22,
      "control": 0.3,
      "private": 0.6
    },
    "First-loss layer": {
      "multiple": 3.0,
      "public_loss": 0.38,
      "control": 0.22,
      "private": 0.67
    },
    "Guarantee reserve": {
      "multiple": 4.0,
      "public_loss": 0.55,
      "control": 0.12,
      "private": 0.75
    }
  },
  "portfolio_public_r_bn": {
    "Common infrastructure": 50,
    "Concessional debt": 55,
    "Minority equity": 45,
    "First-loss capital": 25,
    "Guarantee reserve": 15,
    "Project preparation": 15,
    "Skills + supplier funds": 20
  },
  "portfolio_multiples": {
    "Common infrastructure": 1.2,
    "Concessional debt": 2.0,
    "Minority equity": 2.8,
    "First-loss capital": 4.0,
    "Guarantee reserve": 5.0,
    "Project preparation": 1.0,
    "Skills + supplier funds": 1.0
  },
  "central": {
    "gross_mobilised_r_bn": 506.0,
    "gross_multiple": 2.2488888888888887,
    "net_operating_after_frictions_r_bn": 383,
    "net_multiple": 1.7022222222222223,
    "guaranteed_exposure_r_bn": 75
  },
  "notes": [
    "Scenarios are not forecasts or investment advice.",
    "Gross mobilisation is not fiscal saving, public profit or additional investment.",
    "Guarantees are measured by exposure and claims as well as cash reserve.",
    "All amounts are constant 2026 rand."
  ]
}