Post on 25-May-2015
description
RIO DE JANEIRO - AGOSTO 2013
DEVELOPMENT OF INNOVATIVE FINANCIAL INSTRUMENTS : THE SUSTAINABLE
TRANSPORTATION PROMOTION PROGRAM
COFIDE overview
Ownership and governance overview
State-owned development bank established in 1971
Autonomous board of directors manages day-to-day operations independently of Peruvian Government
Part of the National Financial System and regulated by the Superintendencia de Banca Seguros y AFPs (SBS)
Peru y COFIDE investment grade since 2011
US$ 2.7 bn in assets (US$ 1.6 bn in loans) and US$ 2.1 bn in trust as of May 2013
100%
98.95% 1.05%
CAF, a regional development bank established in 1970, acquired its stake in COFIDE in 1997
FONAFE was created in 1999 to oversee the Peruvian Government’s corporate activities and equity stakes
Board of directors of 6 Ministers appoints management team for Government’s majority holdings, including COFIDE
Investment financing
Investment financing – products
4
Environmental finance
Participates in Infrastructure Fund promoted by the Peruvian government
Assumes credit risk in loans granted by IFIs , provides loan guarantees and also directly invests in debt instruments
US$ 1.16 bn in financing provided to infrastructure projects acumulated to 2013
Current pipeline includes projects requiring US$ 4.25 bn in financing by COFIDE
Recent projects include: Investments in the Peruvian
energy grid aimed to facilitate the conversion of vehicles using natural gas
Financing of public transportation systems such as high capacity bus lines
US$1.13 bn approved for environmental project financing acumulated to 2013
Generates fee income from managing investments, mainly from the public sector
Infrastructure finance Trust management
Peru has an infrastructure gap of more than US$ 48 billion, in order to close that gap there should be close to US$ 5 billion of investments in infrastructure per year for the next 10 years. 75% of that
investment must come from the private sector
PRINCIPAL RESULTS
Aprobaciones acumuladas2008 – 2012
Participación % Por Tipo(acumulado 2008 – 2012)
5
Aprobaciones por Sector EconómicoUS$ millones
Aprobaciones y Desembolsos Acumulado 2008 – 2012)
Sector Económico 2008 2009 2010 2011 2012Agricola 0 18,543 14,500 11,500 57,300Banca 0 0 20,000 0 0Construcción 0 260 0 99,262 35,000Corporativo 0 0 15,266 0 75,075Energía 0 35,600 105,421 192,150 243,850Hoteleria 3,515 4,196 1,232 0 0Logistica 0 0 0 0 0Mineria 0 23,569 20,950 0 0Pesca 0 0 13,000 0 25,000Saneamiento 0 0 1,400 0 0Transporte 380,100 21,822 29,199 24,111 100,193Total Aprobaciones 383,615 103,990 220,967 327,023 536,418
Banca de Inversión 2008 2009 2010 2011 2012Aprob. Acum. 383.6 487.6 708.6 1,035.6 1,572.0Desem. Acum. 1.7 79.7 467.4 673.6 1,158.8Brecha 381.9 407.9 241.2 362.0 413.2
Gerencia de Negocios
US$ Mill.
Financiamientos 1,364Garantias 208Total Aprobaciones 1,572
PROYECTO DE MODERNIZACIÓNREFINERÍA TALARA (PMRT)
Proyectos Especiales
Renovación de Fuente Energética
MEGA PROYECTS
Los objetivos del PMRT son principalmente:
1. Modificar la refinería para producir Diesel 2 y gasolinas con un contenido máximo de 50 ppm de azufre.
2. Ampliar y modernizar la refinería para procesar crudos pesados y reducir la producción de residuales.
Los beneficios esperados del PMRT serán:
Agregar procesos e instalaciones que permitan el procesamiento de crudos más pesados a menor costo para fomentar nuevas inversiones.
Mejorar la balanza comercial del país, reemplazando las importaciones de diesel y los componentes de alto octanaje.
Reducir los niveles de contaminación y contribuir a la mejora en la calidad de aire.
Por tal razón, COFIDE recibió el mandato de Asesor Financiero de PETROPERÚ para la estructuración económico-financiera del PMRT estimado en US$ 2.73 bn
“2006 Creatividad Empresarial” AwardCategory: Financial and insurance services
“2006 Creatividad Empresarial” AwardCategory: Financial and insurance services
COFIGAS PROGRAMFUNDED NATURAL GAS CONVERSIONNATURAL
Funding Lines for Natural GasFunding Lines for Natural Gas
In 89 Months
Public-sector TrustorsHigher Council, Ministry of Energy and
Mines, Ministry of Transport and Communications and Ministry of Production
Public-sector TrustorsHigher Council, Ministry of Energy and
Mines, Ministry of Transport and Communications and Ministry of Production
Private-sector TrustorsPLUSPETROL and
CALIDDA
Private-sector TrustorsPLUSPETROL and
CALIDDA
FIDUCIARY
InvestmentHardware and Software
InvestmentHardware and Software
Service Plants 215EnterprisesUS$ 992 MM
Service Plants 215EnterprisesUS$ 992 MM
CONTRACTORS3 Enterprises US$ 109 MM
CONTRACTORS3 Enterprises US$ 109 MM
Conversion centers201 EnterprisesUS$ 86.7 MM
Conversion centers201 EnterprisesUS$ 86.7 MM
SUPPLIERS61 EnterprisesUS$ 202 MM
SUPPLIERS61 EnterprisesUS$ 202 MM
CERTIFIERS 4 InstitutionsUS$ 9.7 MM
CERTIFIERS 4 InstitutionsUS$ 9.7 MM
FI’s22 InstitutionsUS$ 691 MM
FI’s22 InstitutionsUS$ 691 MM
Advisory Committee
USERS
159,642US$ 2’106
MM
USERS
159,642US$ 2’106
MM
Mandate for administering and implementing VNG Load
Control
Mandate for administering and implementing VNG Load
Control
US$ 4.19 Billion (savings and sales)2.10 % GDP2012
COFIGAS Results
Project Summary
RENEWAL OF NGV BUS FLEET
COFIDE participation: US$ 42.7 MM
FINANCING “EL METROPOLITANO” (BRT)
COFIDE participation: US$ 200 MM
Program Resources: US$ 6.0 MMUsed Resources: US$ 2.9 MM
490 Buses in scrap
SCRAP FUND FOR NGV BUSES NGV NEW VEHICLES
5 year funding to public transport vehicles:US$ 435 MM
Enviromental Impacts
0
20
40
60
80
100
120
Comportamiento Anual del Material Particulado Menor a 2.5 micras (PM 2.5) en lasestaciones de la Red de Vigilancia Lima y Callao 2000 - 2008
ECA (anual) 15 ug/m3ECA = Estandares de Calidad del Aireug/m3 = micro gramos por metro cúbico
Callao
25
2001
2003
2002
2004
2005
2006
2007
2008
25
41
2836
58
37
18
Lima Sur
37
2001
2003
2002
2004
2005
2006
2007
2008
41 4137
5458
63 59
Lima Este
44
2001
2003
2002
2004
2005
2006
2007
2008
36
4855
47
89
6056
Lima Centro Lima Norte
61
2001
2003
2002
2004
2005
2006
2007
2008
4953
6573
97
5551
2001
2003
2002
2004
2005
2006
2007
2008
80 80
9084 87 85
76 76
0
20
40
60
80
100
120
140ECA (anual) 80 ug/m3
ECA = Estandares de Calidad del Aire
ug/m3 = micro gramos por metro cúbico
Callao
20
2000
200
1
2003
2002
2004
2005
2006
2007
2008
13 10
25
713
1712
9
Lima Sur
23
2000
200
1
2003
2002
2004
2005
2006
2007
2008
1610
1916 14
2026
59
Lima Este
32
2000
200
1
2003
2002
2004
2005
2006
2007
2008
2623
3630 30 26
17 15
Lima Centro
2000
200
1
2003
2002
2004
2005
2006
2007
2008
39
Lima Norte
25
2000
200
1
2003
2002
2004
2005
2006
2007
2008
2721
18 18
31
63
32
17
127
76 76
108
88
5457
75
The improve of the city air quality through the disminution of more than 30% of particulated material and sulfur dioxide levels, according to recent studies developed by the Management Comitee Iniciative for the clean air in Lima and Callao.
Also the all cars that are using natural gas have generated a reduction of 3`400,000 of CO2 tons.
The emission reduction projections for the next ten years in this 100,000 universe of vehicles will reach aprox. 8`525,840 of CO2 tons.
For the other hand the restructuring and rationalization of the public transport sistem using buses with natural gas will allow to reduct in the same period another 23`512,778 of CO2 tons.
Financing StructuresBus Rapid Transit –
(EL METROPOLITANO)
Financing StructuresBus Rapid Transit –
(EL METROPOLITANO)
GERENCIA DE NEGOCIOS
COFIDE
Financing: US$ 200 MM
Financing Structure
Reserve Fund
(RIRC)
Asset Trust
Managed Guarantee Trust
Cash Flow TrustPROTRANSPORTE
DisbursementsPaymentsContracts
Collection Agent
Financial backers
COSAC IUsers
Concession Contract
PERUVIAN FIRST BRT PICTURES
PERUVIAN FIRST BRT RESULTS
Financing Approved
COFIDE and NAMAs (Nationally Appropriate Mitigation
Actions)
Peruvian Energy Matrix
Today’s Situation
27%
17%
56%
Petróleo
Gas Natural +LGN
EnergíasRenovables
34%
33%33%
Target
• Hidroenergy
• Biofuel
• Non conventional Energy
69%24%
7%
Before Camisea
Oil
Natural Gas +LGN
RenewableEnergy
MUNICIPIO HUANCAYO
REGIONPIURA
MUNICIPIOCHICLAYO
REGION ICA
REGION CUZCO
MUNICIPIO AREQUIPA
MUNICIPIO TRUJILLO
MUNICIPIOPUCALLPA
REGION CALLAO
Work in progress…
NGV Vehicle Market Projectionsfor 2021
The growth trend shows an explosive take-off from 2013, year in which massification of NGV will begin nationally through the implementation of Agreements and Alliances in accordance with municipal and regional governments to structure Integrated Transport Systems.
Is estimated to exceed 700,000 converted vehicles in 2021, mainly due to the appearance of interurban and urban buses using this clean fuel.
NGV URBAN BUSES Market Projections for 2021
PROGRAMAS IDENTIFICADOS DE SISTEMA DE TRANSPORTE INTEGRADO
NGV INTERPROV BUSES & TRUCKS Market Projections
BUSES INTERPROVINCIALES E INTERURBANOS Y CAMIONES DE CARGA
New Program
COFIGAS BUSES
NGV Bus Fleet Acquisition
New Program
COFIGAS BUSES
NGV Bus Fleet Acquisition
General Structure Disbursement
Credit Insurance
Transport Company
Collection
CreditPostventa
Co-investmentNGV Station
Guarantee letter
Collection
Guarantee
FundingParticipation
• Flows and Guarantee Trust
• Concession
OPERADOR 1
Fideicomiso de Flujos y Garantías
Operador de Recaudo
Usuarios SIT
Fondo de
Reserva
OPD SIT TRUJILLO
Contratos de Concesión
&Entidades Financieras
OPERADOR 2
OPERADOR 3
OPERADOR ‘’n’’
Proveedor Buses 1
Proveedor Buses 2
Proveedor Buses 3
Proveedor Buses ‘’n’’
Fideicomiso 1
Fideicomiso 2
Fideicomiso 3
Fideicomiso ‘n’
DesembolsosPagosContratos
Aporte de Infraestructura
Aporte de Intangibles
Fondo de Chatarreo y Formación de Mercado
Cambio Matriz Energetica
SIT Trujillo - Estrategia Sugerida
Gerencia de Financiamiento de Infraestructura, Corporativo y Medio Ambiente
Carlos Abel Paredes Salazar cparedes@cofide.com.pe