8:00 – 8:30

Foyer Breakfast and Registration

8:30 – 8:45

Salon II

Welcome & Introductory Remarks Introductory remarks Speakers:

Jordan Schwartz, Director, Infrastructure Finance, PPPs & Guarantees, World Bank (moderator)

Rajeev Kannan, Executive Officer, Head of Investment Banking Asia, Sumitomo Mitsui Banking Corporation

Jingdong Hua, Vice President and Treasurer, World Bank

8:45 – 9:15

Salon II

GIF: Where We Are, What’s Next The GIF will provide an update on its project support activities and other programming since the last Advisory Council meeting. Speakers:

Jason Zhengrong Lu, Head, GIF

Philippe Neves, Senior Infrastructure Specialist, World Bank

9:15 – 10:30

Disruptive Technologies: Risky Business? This session will explore how disruptive technologies are challenging the traditional view of long-term capital that seeks stable returns for large

Salon II infrastructure projects and how technology disruption is being viewed in capital allocation decisions. Speakers: Geno Armstrong, Partner, KPMG (moderator)

Fuat Savas, Executive Director, JP Morgan Securities LLC.

Julia Prescot, Partner, Chief Strategy Officer, Meridiam

Tonci Bakovic, Chief Energy Specialist, IFC

10:30 – 11:45

Salon II

Give Us Some Credit: Enhancements to Catalyze Low-Carbon Private Investment This session will examine how credit enhancements have been used in recent transactions in Brazil and Indonesia to mobilize private investment into lower carbon infrastructure. The role of public agencies and private insurance will also be explored, as well as persisting gaps in the market for credit enhancement along with new instruments under development to address identified gaps.

Speakers:

Don Purka, Senior Infrastructure Finance Specialist, World Bank (moderator)

Andrew Dete, Vice President of Project Finance, Goldman Sachs

Anne Marie Thurber, Executive Director, Group Head of Export and Agency Finance, Americas, SMBC

Lynee Bradley, Director, North American Head, Export Agency Finance Group, Citibank

Richard Abizaid, Head of the Americas, Global Political Risk, Credit and Bond,

AXA XL

11:45 – 12:30

Salon IIIA

Speed Networking and Coffee Break Participants will interact with each other in a structured series of brief one-on-one information exchanges.

12:30 – 1:15

Salon II

Partner’s Showcase Amundi, GIF partner, will showcase the Amundi Planet Emerging Green One (EGO), the world’s largest targeted green bond fund focused on emerging markets. Speakers:

Frédéric Samama, Deputy Global Head of Institutional & Sovereign Clients, Amundi

Jean-Marie Masse, Chief Investment Officer, IFC

1:15 – 2:30

Salon I

GIF Luncheon Keynote Speech Speaker:

Makhtar Diop, Vice President for Infrastructure, World Bank

Country Spotlights: Brazil and Uzbekistan Uzbekistan:

2:30 – 3:30

Salon II

Senior government representatives from Uzbekistan will present broad opportunities on mobilizing private financing for infrastructure projects in view of the recent reforms in Uzbekistan. Speakers:

Golib Kholjigitov, Deputy Minister of Finance, Uzbekistan

Lilia Burunciuc, Uzbekistan Country Director, World Bank

Brazil:

Senior government representative from BNDES (Brazil’s national development bank) will present BNDES’ “new” vision on infrastructure and how this will create space for market participants. Speakers:

Hector Gomez Ang, Senior Country Manager, IFC (moderator)

Karla Bertocco, Director of Government & Infrastructure, BNDES, Brazil

3:30 – 5:00

Salon III A &B

Brazil: Testing the Concept of Aggregated Financing WB & IFC will present the concept of aggregated finance in the context of municipal street lighting as a way to blend commercial and concessional finance, and open up market capital for subnational sectors Speakers:

Robert Pilkington, Infrastructure Finance Specialist, GIF (moderator)

Silvia Martinez, Senior Energy Specialist, Energy GP, World Bank

Paul Procee, Brazil Program Leader, World Bank

Javier Rodriguez de Colmenares, Division Chief, Infrastructure & Energy Division, IDB

Joao Reye Sabino, Investment Officer, IFC

Uzbekistan: A Look at its Rapid Progress Panelists will discuss Uzbekistan’s project pipeline and highlight key features of select projects in the energy and transport sectors

Speakers:

Edwin Hin Lung (Edwin) Yuen, Senior Infrastructure Finance Specialist, GIF (moderator)

Binyam Reja, Practice Manager, World Bank

Georgi K. Petrov, Manager, IFC C3P

Bernard Atlan, Principal Investment Officer, IFC

Matthew Jordan-Tank, Director of Sustainable Infrastructure Policy and Project Preparation, EBRD

Remir Mukumov, Adviser to The Deputy Prime Minister of The Republic of Uzbekistan (discussant)

5:00 – 5:30

Salon II

ESG and Sustainable Finance

S&P Global Ratings will discuss their ESG Evaluation, a forward looking qualitative and data driven assessment of an Entity’s ESG performance and preparedness for future risks and opportunities, leveraging company engagement and S&P analysts’ expertise. Speaker: Susan Gray, Global Head of Corporate and Infrastructure Ratings, S&P Global

5:30 – 5:45

Salon II

Closing Remarks Closing remarks Speakers:

Rajeev Kannan, Executive Officer, Head of Investment Banking Asia, Sumitomo Mitsui Banking Corporation

Jordan Schwartz, Director, Infrastructure Finance, PPPs & Guarantees, World Bank

5:45 – 6:45

Salon I Cocktail Reception

BRIEFING NOTE FOR DISRUPTIVE TECHNOLOGIES: RISKY BUSINESS?

GIF ADVISORY COUNCIL MEETING ON APRIL 10, 2019 IN WASHINGTON DC

Abstract

The opening plenary will explore how disruptive technologies are challenging the traditional view of long-term capital that seeks stable returns for large infrastructure projects and how technology disruption is being viewed in capital allocation decisions.

Background

Traditionally, the business of infrastructure has been both linear and predictable—a bricks and mortar, time-based business—with accepted and predictable returns on investment. However, infrastructure development follows the needs and demands of society, which today are moving at a much faster pace than our ability to respond. Increasing life expectancy, population growth, urbanization, aging infrastructure, rapid economic expansion in developing regions, and the imperative to transition to sustainable development are all converging to create an insatiable demand for large scale public and private infrastructure projects around the world.

Disruptive forces are increasing exponentially, and the fundamental notion of advanced technologies are often counter to the very notion of a static infrastructure. Artificial intelligence, machine learning, robotics, drone technology, magnetic and pneumatic transportations systems, three-dimensional printing, and digital twin technologies are just a few of the forces shaping and influencing our infrastructure needs.

Infrastructure development and investment affects nearly all industries, and each is subject to its own peculiar disruptive forces, creating additional complexity, risk, and investor opportunities. In the power industry, the concept of distributed energy stands to radically transform how (and to whom) we deliver power. Battery storage, self-driving technology, and hydrogen fuel cells continue to transform the transportation markets and will have a massive effect on infrastructure. The IFC’s recently published report, titled “Reinventing Business Through Disruptive Technologies,” outlines how disruptive technologies are impacting private sector business models across multiple industries and how leading investors can take advantage of them.

To add a layer of complexity, infrastructure project beneficiaries, local constituents, and global stakeholders want a seat at the table and have high environmental and social expectations. Both private and public sector developers are aligning their growth and performance objectives with UN Sustainable Development Goals (SDGs), which will demand more than just financial performance from infrastructure projects. Furthermore, financial services companies, private equity, and institutional investors are using environmental, social, and governance (ESG) performance measures to screen investments, many of which are related to infrastructure.

Behind these complex and often competing interests is the need to make informed infrastructure investment decisions, which can only come from data and our ability to harness its power. From basic analytics to cognitive machine learning, there is no doubt that those who can access and analyze mountains of data efficiently and effectively will emerge as leaders in infrastructure development around the world. KPMG’s recently published report “Emerging Trends in Infrastructure 2019” postulates that 2019 will be the year in which data and analytics matures in the infrastructure sector; where evidence-based decision-making starts to become commonplace; and when all organizations begin to uncover new insights that lead to new opportunities.

This panel will explore how stakeholders in infrastructure development must balance the uncertainties versus opportunities associated with technology disruption including new and unproven technologies, compressed development timeframes, and use of big data to make informed investment decisions.

BRIEFING NOTE - GIVE US SOME CREDIT: ENHANCEMENTS TO CATALYZE LOW-CARBON PRIVATE INVESTMENT

GIF ADVISORY COUNCIL MEETING ON APRIL 10, 2019 IN WASHINGTON DC

Session Objectives This session will analyze credit enhancements and insurance used in the transactions briefly outlined below to attract private investment and capital market involvement in lower carbon infrastructure in for several different technologies and countries. The role of government in creating a robust domestic enabling environment, with reduced risks, strong competition, and measures to promote investment and capital flows will also be discussed. In addition, the role of additional risk mitigation solutions such as GIF DFW and private insurance will also be discussed.

Background A global focus on sustainable infrastructure has the potential to significantly boost growth, reduce poverty, improve environmental conditions and create jobs, while building low-carbon, climate-resilient economies. It is estimated that an overall shift to low-carbon economies could translate into US $26 trillion in global economic benefits through to 20301. In addition, this shift could also represent a significant opportunity for the private sector - the International Finance Corporation (IFC) estimates that the Nationally Determined Contributions (NDCs) of 21 emerging market economies alone represent US $23 trillion in investment opportunities2. In order to unlock this enormous development and investment potential, emerging markets and developing economies (EMDEs), will have to develop innovative approaches to leverage global private capital to mainstream climate considerations in their core infrastructure projects.

Credit Enhancement in Low-Carbon EMDE Projects

As EMDEs transition to lower carbon pathways, governments are under increasing pressure to use their limited public financing available in a strategic way and to explore the use of alternative financing instruments that free up balance sheets and attract investor capital. In particular, the use of credit enhancement and insurance – financial instruments that cover or transfer a certain portion of risks from

1 “New Climate Economy”, The Global Commission of the Economy and Climate 2018 https://www.worldbank.org/en/topic/climatefinance 2 Climate Investment Opportunities in Emerging Markets: An IFC Analysis 2018, https://www.ifc.org/wps/wcm/connect/news_ext_content/ifc_external_corporate_site/news+and+events/news/new+ifc+report+points+to+%2423+trillion+of+climate-smart+investment+opportunities+in+emerging+markets+by+2030

one entity to a more creditworthy third party – is becoming more popular and is expected to play an important role in developing bankable, low-carbon transactions in EMDEs.

Although many EMDEs are making significant progress in developing low-carbon and climate-resilient national agendas and improving investment climates, more can be done to develop more tangible and long-term targets, provide targeted sovereign funding support and provide incentives in low carbon sectors and programmatic initiatives.

Below are recent examples of successful lower-carbon transactions which attracted significant private sector interest and reached financial close with the help of credit enhancement instruments.

First is a 1,500 MW gas-fired combined cycle power plant in Brazil which, once completed, will be the largest CCGT power plant in Latin America. The transaction was financed through (i) locally-registered Brazilian debentures (BRL 3,370 mm | US $964 million) fully purchased by Goldman Sachs and (ii) project finance structure by the International Finance Corporation and IDB Invest. The debenture issuance benefited from a comprehensive buyer’s credit insurance policy in local currency from an export credit agency.

Second is a 75 MW wind farm project in South Sulawesi which will be the first utility-scale wind project in Indonesia. The Sumitomo Mitsui Banking Corporation (SMBC) served as financial advisor, Overseas Private Investment Corporation (OPIC) was the lender (US $120 million), and SMBC guaranteed a portion of the OPIC loan against commercial risks. An interesting case study of how an agency can offload risk to the private market.

Third is a multi-source ₤3,600 million financing for the world’s largest (1,218 MW) offshore wind warm in the North Sea. Citibank acted as sole ECA arranger and co-financial advisor to a consortium of Global Infrastructure Partners and Orsted. Financing included senior institutional tranches, a senior secured bank tranche and subordinated secured commercial tranche. It is the largest ever project financing for a renewable energy project.

Additional comments will be provided about how insurers can facilitate financings through a sub-participation structure with DFIs in which structures can benefit from commercial insurance.

Finally, the panel will examine the landscape for new credit enhancement instruments that accelerate investments, including the GIF’s proposed credit enhancement facility, the Downstream Financing Window (DFW) that was discussed with the GIF Advisory Council meetings in the past. The DFW aims to provide flexible instruments targeted at major bottleneck risks such as counterparty creditworthiness, currency mismatch, and long-term debt.

The proposed DFW will initially focus on instruments that cover the following three areas:

• The Foreign Exchange Liquidity Facility (FELF) will help manage the foreign exchange risk arising from the currency mismatch between project revenues based on local inflation indexed PPPs or concessions and hard currency debt service. It proposes to do so by providing an appropriately sized liquidity facility to cover temporary cash flow shortfalls resulting from exchange rate movements.

• The Counterparty Risk Cover Facility (CRCF) will help mitigate the payment risk of less-creditworthy state-owned enterprises (SOEs) (e.g., utilities and off-takers), by providing a risk

coverage (such as guarantee) without requiring a counter indemnity from the sovereign to the DFW/Technical Partners on DFW-supported portion.

• The Contingent Refinancing Facility (CRF) will help address the challenges and the need to have long term commercial loans for infrastructure projects in EMDEs and will do so by providing a conditional refinancing option for short-term bank loans that provide construction and mini-perm financing

IFC and Amundi partner to launch the world's largest green bond fund and the first of its kind with a sole focus on Emerging Markets

Climate change is increasingly on the radar of major long-term investors. Nevertheless, there is still a lack of products to help clients align their portfolios with a low carbon economy.

With that in mind, Amundi is proud to have been selected by IFC through a global tender offer to launch a $2bn strategy to deploy Green Bond Fund in emerging markets. The transaction is a game changer with multiple facets.

Firstly, Amundi Planet Emerging Green One (AP EGO) is now the largest green bond fund. The previous one stood at $345mn.

Secondly, it addresses the costly gap between the low-yield environment in developed markets that investors are facing and the extensive green infrastructure financing needs in developing countries.

With a pragmatic approach, the fund combines (i) an IFC’s risk sharing mechanism in the junior tranche that offered private institutional investors an appropriate risk/return from the senior tranche in line with emerging market debt premium and (ii) a strategic focus on current and prospective domestic financial institutions issuing green bonds. With a Fund’s focus on green bonds issued by banks, investors are only exposed to the risk associate with the financial institution of issuance and not the infrastructure projects themselves. Financial institutions play the roles of intermediaries, offer some diversification, do the due diligence, implement the necessary currency swaps, etc. Thus, investors can now enter into emerging markets and in infrastructure financing, both of which are commonly labelled as ‘too risky’.

The fundraising campaign following the launch of AP EGO in February 2018 accumulated $1.4 billion from 16 institutional investors. The committed investor base includes Alecta, AP3, AP4, APK Pensionkasse, APK Vorsorgekasse AG, ERAFP, MP Pension, Crédit Agricole Assurances, LocalTapiola General Mutual Insurance Company, LocalTapiola Mutual Life Insurance Company, IFC, EIB, EBRD, Proparco, and other institutions. This marks a strong commitment to green finance and, for some, a first move into emerging markets and/or green bonds.

Thirdly, AP EGO is the only green bond fund solely focused on investing and developing the green bond market in emerging countries. IFC is operating an innovative supply side work stream to compliment the Fund’s investment thereby marking the project with the first comprehensive programme combining an ecosystem approach for green bonds.

IFC’s technical assistance facility will foster the development of green bonds aligned with international standards (the Green Bond Principles). As such it will seek to deliver (i) training to emerging market bankers; (ii) transaction support for green bond issuers’ external reviews and impact reporting; and (iii) global and regional events to gathering local banks, investors, market practitioners, and policy maker.

Lastly, the deal participates to development finance institutions’ new business model: instead of directly financing projects on their balance sheet (which is by definition is limited), the balance sheet is used to unlock other investor capabilities, leveraging their capital, and creating markets with impact. AP EGO received attention from the likes of President Jim Yong Kim and President Emmanuel Macron, mirroring the growing efforts of public and private spheres to complement each other’s climate finance efforts.

Being the leading European Asset Manager with more than $1.7tn of AUM, Amundi sees its responsibility to helps its clients align their portfolios with a low carbon economy. After having

pioneered the first low-carbon indexes, created joint-ventures with EDF and CEA to finance respectively Green infrastructures in Europe and innovative Green start-ups, Amundi is proud to have brought the proof of concept on how to finance Green infrastructures into Emerging Markets.

BRIEFING NOTE FOR UZBEKISTAN COUNTRY PRESENTATION

GIF ADVISORY COUNCIL MEETING ON APRIL 10, 2019 IN WASHINGTON DC

Country Highlights

Key indicators1

• 2018 GDP: US$40.3 billion • 2018 GDP per capita: US$1,223 • 2018 Population: 32.9 million • 2018 Life Expectancy: 71.4 years • Credit Rating:

o B1 with Stable Outlook (Moody’s) o BB- with Stable Outlook (S&P) o BB- with Stable Outlook (Fitch Ratings)

Country Overview

As part of efforts to transition from a closed, centrally-planned economy towards a more open, market-based economy, Uzbekistan launched in 2017 an ambitious program of market-oriented reforms that were unprecedented in the country’s modern history. The Government’s National Development Strategy for 2017–21 aims to transform the country by liberalizing the economy; reshaping the role of the state in the economy; modernizing the agricultural sector; strengthening governance; creating markets including in financial services; enabling private sector growth; investing in human capital; and improving social protection and service delivery for all citizens. The Strategy will be implemented over five years and is guided by an annual state program. Uzbekistan’s reform agenda is also spurring economic activity and creating new opportunities for cooperation in Central Asia across the energy, transport and water sectors.

The Government of Uzbekistan has made rapid progress in implementing a significant number of policy changes within a short period of time. This includes initiating public service, judicial, educational and tax systems reforms; liberalizing the foreign exchange regime followed by price liberalization measures; strengthening the independence of the Central Bank of Uzbekistan (CBU); simplifying the visa regime; improving the investment climate and business environment; initiating important reforms in the agricultural sector; scaling up anticorruption efforts; and opening up a dialogue between the Government and the citizens of Uzbekistan.

1 Source: World Bank Country Data

The Infrastructure Market Landscape

Currently, there is significant unmet demand for infrastructure investments in Uzbekistan. The Government of Uzbekistan is embarking on its program of structural reforms aimed at increasing the country’s competitiveness, mobilizing private sector participation, and strengthening and modernizing existing infrastructure. Within this context, the government has identified key sectors in which private sector participation can effectively bring desired efficiency gains, improve overall service quality, and enable much needed financing for the upgrading of its existing infrastructure. These target sectors include the airports, roads, and power generation sectors.

Uzbekistan’s existing legal and regulatory regime for PPP projects requires enhancement to comply with internationally-recognized standards and best practices. The PPP Law is currently in draft form, and the Government is in the process of obtaining feedback from different stakeholders to be incorporated. The Government recently also established the PPP Development Agency under the Ministry of Finance (MoF), with the aim of developing an effective and enabling system of coordination and development of PPP activities.

World Bank Group/GIF’s Engagements with Uzbekistan

The World Bank Group (WBG) has a strong and active relationship with the Government of Uzbekistan. As of October 2018, the World Bank has provided funding for 41 projects and carried out over 50 technical assistance activities that are largely focused on macroeconomic reforms as well as interventions in agriculture, water, energy, transport, health and education. The World Bank also supports the Government’s efforts to enhance the investment climate and business environment by helping to improve the country’s Doing Business indicators. Concurrently, the International Finance Corporation (IFC) has managed an investment portfolio in Uzbekistan of US$49.6 million as at September 2018. IFC’s advisory services has provided investments through six projects designed to assist the country in privatizing state-owned enterprises (SOEs), piloting PPP transactions in renewables, and developing and diversifying the financial market. IFC is currently working on a mandate by the Government to develop a solar park in Uzbekistan.

The WBG signed its very first Reimbursable Advisory Services (RAS) with the Government of Uzbekistan in August 2018 to support the reform of the civil aviation sector in the country. This entails developing measures for upstream aviation sector policy and institutional reforms and providing an implementation roadmap. The GIF, as of November 2018, is providing a combination of technical and funding support through a Project Definition Activity (PDA) to complement the RAS, particularly vis-à-vis the preparation of a roadmap for attracting private sector participation for airport development and operations. This involves conducting a scoping exercise to determine which potential PPP arrangements would be economically, technically, socially and environmentally viable in the current circumstances, either on a standalone or bundled basis. Simultaneously, the GIF is also working with our Technical Partners on potential engagements in the transport and energy sectors in Uzbekistan.

BRIEFING NOTE FOR BRAZIL COUNTRY PRESENTATION

GIF ADVISORY COUNCIL MEETING ON APRIL 10, 2019 IN WASHINGTON DC

Country Highlights

Key indicators1

• 2017 GDP: US$2.05 trillion • 2018 GNI per capita: US$8,600 • 2018 Population: 209.2 million • 2018 Life Expectancy: 75.5 years • Credit Rating 2018:

o Ba2 with Stable Outlook (Moody’s) o BB- with Stable Outlook (S&P) o BB- with Stable Outlook (Fitch Ratings)

Regulatory Environment Overview

Brazil’s regulatory context for the implementation of PPPs has historically followed the revision of the role of the Government in different periods of time. The 90’s were marked as the period in which the country started the opening to privatization. SOEs, mainly in the telecommunications, rails, ports and electricity sectors, were privatized through concessions, regulated by two main laws approved in 1993 and 1995. In the 2000’s, more complex concession contracts started being used to structure infrastructure projects, and in new sectors such as airports, water and sewerage, and social infrastructure. This phase allowed for the beginning of a more proactive role from the private sector which extends until today, despite the still existing bureaucratic obstacles.

The Law from 2012, and the creation of the PPI in 2016 started to address this bureaucracy and the lack of a procurement structure for PPP projects. The improvements and changes to the PPP law (2012), coordinated with the work of PPI in bridging infrastructure projects with private sector, have contributed to a better pipeline development and project rollout. Although there are still opportunities for improvement in transaction costs, procurement framework and dealing with unsolicited proposals, Brazil is looking at a favorable future scenario for the development of PPPs and the attraction of private investment.

1 Source: World Bank Country Data

PPP Program

Since 2010, Brazil has received USD $203.8 bn in private investment for its infrastructure projects. The investment peaked in 2012, with over USD $50 bn in investment, but decreased in 2014 after a period of policies with strong governmental intervention in the economy. The introduction of policies that guarantee the sustainability of the Brazilian debt, combined with the easing of monetary policy (inflation going towards the target), is needed to start a cyclical recovery of the economy. GDP growth estimates are now at 3.3%, according to the OECD.

The “Program for Investment Partnerships” (PPI), created in 2016, has introduced 51 new major infrastructure projects to its short to medium term pipeline. Today there are 86 projects in progress that will generate investments estimated in R$116.5 billion. On the first 100 days of 2019, twenty-five (25) projects are expected be concluded – which will generate more than R$8 billion in investments.

Created in 2017, the “Fund for the support and structuring of PPPs” is housed in CAIXA, and has over R$46 million to be invested in subnational projects. The first projects are in Public Street Lighting (PSL) and Water and Sanitation. PSL received applications from over 50 municipalities, and W&S from 12. The structuring of PSL projects in 10 pilot cities is expected to mobilize around USD 200M in private investments.

Brazil’s Experience with Aggregated Finance: Street Lighting

The World Bank, the IFC, with components financed by the GIF, is developing on a joint effort with CAIXA a blended Financing Facility (Commercial, Concessional, MDB Credit) with the approximate lending capacity of US$766M for the financing of Public Street Lighting projects in select municipalities, and industrial energy efficient projects. 70% of the concessional resources will be available for Public Street Lighting projects, and 30% for industrial energy efficiency investments.

The facility innovates with the use of IPF contingent loan to create local credit guarantees and attract private sector debt. In addition, it has the potential of 50-70% reduction in current carbon emissions in PSL and 30-50% reduction in Industrial Energy Efficiency, contributing to the climate component of the activity.

The facility will finance the structuring of up to 15 sound transactions in Brazil, that will serve as pilots for subsequent replication. To do so, the activity will develop standardized procedures and documents to reduce individual transaction cost and standardize information available to financiers. At the same time, capacity building efforts will ensure CAIXA develops institutional capacity to support the structuring of future projects in other municipalities.

ADVISORY PARTNERS AIG John Pollock Managing Director

Amundi Frédéric Samama Deputy Global Head of Institutional & Sovereign Clients

Australia and New Zealand Banking Group Limited (ANZ)

Brendan Lynch Associate Director, Specialized Finance

Chris Coomans Head of Resources, Energy & Infrastructure - North America

AXA XL Richard Abizaid Head of the Americas, Global Political Risk, Credit and Bond

BlackRock Jack Tepe Vice President

Banque Ouest Africaine de Développement (BOAD)

Bassary Toure Vice President

Nathalie Brou-Fofana Director Regional PPP Unit

Cassa depositi e Prestiti Carlo Sengi Head of Cooperation and Development

Citi Lynee Bradley Director, North American Head, Export Agency

Finance Group

Geoff Hickman Managing Director

John Finnigan Managing Director

Eurasian Development Bank Natalia Gaston Development Liaison Officer

FIDIC Daniel Hilton Director of Procurement and International Affairs

Global Infrastructure Basel Foundation

Katharina Schneider-Roos CEO

Pablo Nunez Director, Investor Relation

Global Infrastructure Hub

Katharina Surikow Senior Manager Corporate & External Affairs

Marie Lam-Frendo CEO

HSBC Bank Plc. James Cameron Managing Director | Co-Head of Infrastructure and

Real Estate Group, Asia Pacific

Gregoire Bouzereau Senior Director

Industrial and Commercial Bank of China

Shulin Peng MD & Head of Financial Institutions

Min Shen Deputy General Manager of Global Finance

Zhilin Wu Product Manager of Power and Energy Division, Global Finance Department

Institute of International Finance

Sonja Gibbs Managing Director, Global Policy Initiatives

Celso Nozema Financial Economist

J.P. Morgan Securities Fuat Savas Executive Director

MERIDIAM Thierry Deau Chairman & CEO

Fuat Savas Executive Director

Mizuho Securities Ignacio Inda Director, Power & Infrastructure

Marcos Esquivel Losada Analyst

Multilateral Investment Guarantee Agency (MIGA)

Muhamet Fall Associate Director & Chief UW

Keiko Honda Executive Vice President & CEO

Munich Re Rudi Stuetzle Senior Vice President

Partners Group Kevin Lu Chairman of Asia

SIF Christophe Dossarps CEO

Standard Chartered Bank

Surya Bagchi Global Head, Project & Export Finance

Sridhar Nagarajan Executive Director

Daniel Hanna MD, Sustainable Finance & PSDO

Sumitomo Mitsui Banking Corporation (SMBC)

Dorian Calderon Executive Director

Anne Marie Thurber Executive Director

Rajeev Kannan Executive Officer, Head of Investment Banking Asia

Swiss Re Jerome Haegeli Group Chief Economist

UBS Global Wealth Management Andrew Lee Managing Director, Head of Sustainable and Impact

Investing Americas

UBS Switzerland AG Mark Haefele CIO

World Pensions Council Nicolas Firzli Director-General

OBSERVERS

KPMG

Martin Chrisney Director

Geno Armstrong Partner

Robert Gilpin WBG Account Management Director

Mark Fitzgerald WBG Global Lead Partner

Goldman Sachs Andrew Dete Vice President of Project Finance

Moody’s Investors Service Andrew Davison SVP – Infrastructure Finance Group

Alejandro Olivo Villa Associate Managing Director

The Canadian Council for PPPs

Mark Romoff President & CEO

PwC

Julian Smith Director

Agnieszka Gajewska-Jedwabny CEE Leader – Public Sector & Infrastrcuture

Standard and Poor’s Trevor D’Olier-Lees Senior Director

Susan Gray Global Head of Corporate and Infrastructure Ratings

United Nations Development Programme (UNDP)

Lauren Carter Engagement Advisor, Invest4Climate

TECHNICAL PARTNERS

Asian Development Bank (ADB)

Yoji Morishita Head, OPPP

Alexander Jett Senior PPP Specialist

Asian Infrastructure Investment Bank (AIIB) Bin Wang Senior Officer

European Bank for Reconstruction and Development (ERBD)

Nandita Parshad Managing Director, Sustainable Infrastructure Group

Matthew Jordan-Tank Director, Sustainable Infrastructure Policy and Project Preparation (SI3P)

Inter-American Development Bank (IDB)

Javier Rodriguez de Colmenares Chief, Infrastructure and Energy Division

Fabio Fagundes Chief of Financial Products and Services

International Finance Corporation (IFC) Richard Cabello Manager, Transaction Advisory, LAC

Islamic Development Bank (IsDB) Amadou Thierno Diallo Ag Director General Global Practices

FUNDING PARTNERS Australia

Simon Stringer Executive Officer

Canada Angela Nembavlakis Deputy Director, Bretton Woods Institutions

China

Wang Zhongjing Deputy Director General, Department of International Economic & Financial Cooperation, Ministry of Finance

Lyu Xia Director, International Financial Institutions Division I, Department of International Economic & Financial Cooperation, Ministry of Finance

Zhang Ji International Financial Institutions Division I, Department of International Economic & Financial Cooperation, Ministry of Finance

Japan

Hideaki Imamura Director, Multilateral Development Banks Division, International Bureau, Ministry of Finance

Shinya Tamanda Deputy- Director, Multilateral Development Banks Division, International Bureau, Ministry of Finance

Yuji Sano Section-Chief, Multilateral Development Banks Division, International Bureau, Ministry of Finance

Singapore Kathy Lai Deputy CEO

Zinnia Choo Development Partner

World Bank Jordan Schwartz Director, Infrastructure Finance, PPPs & Guarantees

GOVERNMENT Brazil Karla Bertocco Director of Government & Infrastructure

Uzbekistan Remir Mukumov Adviser to the Deputy Prime Minister of the

Republic of Uzbekistan

Golib Kholjigito Deputy Minister of Finance

WORLD BANK GROUP

IFC

Tonci Bakovic Chief Energy Specialist

Adam Schwartzman Manager, Infrastructure

Bernard Atlan Principal Investment Officer

Candice Lanoix Associate Investment Officer

Daniel Pulido Senior Infrastructure Specialist

Garen Oskanian Investment Officer

Georgi Petrov Manager

Hector Gomez Ang Senior Country Manager

Jean-Marie Masse Chief Investment Officer

World Bank Binyam Reja Practice Manager

Don Purka Senior Infrastructure Finance Specialist

Jingdong Jua Vice President and Treasurer

Laura Dorling Advisor

Lilia Burunciuc Uzbekistan Country Director

Makhtar Diop Vice President for Infrastructure

Paul Procee Brazil Program Leader

Philippe Neves Senior Infrastructure Specialist

Sara Ahmed Operations Analyst

Sophie Warlop Special Assistant to Vice President

Franck Gbaguidi Consultant

Silvia Martinez Senior Energy Specialist, Energy GP

GIF Jason Zhengrong Lu Head

Edwin (Hin Lung) Yuen Senior Infrastructure Finance Specialist

Lori Kerr Senior Infrastructure Finance Specialist

Towfiqua Hoque Senior Infrastructure Finance Specialist

Michael Kane Senior Infrastructure Finance Specialist

Atsuko Okubo Senior Counsel

Rob Pilkington Infrastructure Specialist

Joao Reye Sabino Investment Officer

Rui Ma Operations Analyst

Giulia Motolese Analyst

Charissa Sayson Executive Assistant