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“Desarrollo de instrumentos financieros innovadores:  Programa de Promoción de Transporte Sostenible” - Carlos Paredes, Cofide, Perú
 

“Desarrollo de instrumentos financieros innovadores: Programa de Promoción de Transporte Sostenible” - Carlos Paredes, Cofide, Perú

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Seminario BID-BNDES-ALIDE-ABDE ...

Seminario BID-BNDES-ALIDE-ABDE

“La Promoción del Financiamiento Verde en América Latina y el Caribe: intercambio
de experiencias y buenas prácticas en las instituciones financieras de desarrollo”

Fecha: Martes 27 de Agosto de 2013
Lugar: Auditorio del BNDES, Av. República do Chile, 330, Octavo Piso, Rio de Janeiro, Brasil

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  • COFIDE is a state-owned development bank established in 1971 by the government of Peru. The government’s 98.95% stake in COFIDE is held by Corporacion FONAFE a state-owned company that is a part of the Ministry of Economy and Finance that is responsible for the management of the Peruvian government’s corporate and business affairs. The remaining 1.05% of our equity is held by CAF, a public entity that stimulates the sustainable development and regional integration of Latin America by financing projects in the public and private sectors, and providing technical cooperation and other specialized services. As our majority shareholder, the government of Peru requires that COFIDE pay back a fixed 90% of its Net Income in the form of a dividend. COFIDE is governed by an independent Board of Directors, which is selected by FONAFE from a list of candidates proposed by the Ministry of Economy and Finance. Throughout COFIDE’s history, the Peruvian government has guided its strategic direction with legislative directives, for example, a 1992 law which directed COFIDE work through intermediary financial institutions and to help finance small urban and rural companies. We are regulated by the Peruvian Superintendency of Banks, the same entity and legal framework that supervises the country’s commercial banks and other financial institutions, and governed by Peruvian Banking Law. Lending activities are funded through capital contributions from the Peruvian government, loans from multilateral organizations made either directly to the Bank or through the Peruvian government, syndicated loans and debt issuances in the local and international capital markets. The government’s most recent capital contribution of USD100 million took place in January 2010.
  • In our Investment financing business we lend through intermediary financial institutions as well as provide loan guarantees to intermediary financial institutions to support specific projects. We also act as an investor, purchasing debt instruments of special purpose entities used to finance projects for our investment portfolio. The Investment Financing business is active in the financing of Peru’s estimated USD37 billion infrastructure deficit, which has become one of the government’s principle concerns. Recent projects include energy infrastructure development, mining, sanitation, and transportation initiatives. COFIDE is particularly focused on environmental projects. Through our COFIGAS and INFOGAS programs, we aim to facilitate the conversion of vehicles to operate using natural gas.With total infrastructure and environmental disbursements of USD305million and USD158 million in 2010 and 2009, respectively, COFIDE now expects to finance up to USD310 million of the current USD1.35 billion infrastructure pipeline going forward. In addition to our lending activities, as part of our role as a development bank we operate a trust entity that offers treasury services and administers investments for to third parties, mainly from the public sector.

“Desarrollo de instrumentos financieros innovadores:  Programa de Promoción de Transporte Sostenible” - Carlos Paredes, Cofide, Perú “Desarrollo de instrumentos financieros innovadores: Programa de Promoción de Transporte Sostenible” - Carlos Paredes, Cofide, Perú Presentation Transcript

  • 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 acumuladas 2008 – 2012 Participación % Por Tipo (acumulado 2008 – 2012) 5 Aprobaciones por Sector Económico US$ millones Aprobaciones y Desembolsos Acumulado 2008 – 2012) Sector Económico 2008 2009 2010 2011 2012 Agricola 0 18,543 14,500 11,500 57,300 Banca 0 0 20,000 0 0 Construcción 0 260 0 99,262 35,000 Corporativo 0 0 15,266 0 75,075 Energía 0 35,600 105,421 192,150 243,850 Hoteleria 3,515 4,196 1,232 0 0 Logistica 0 0 0 0 0 Mineria 0 23,569 20,950 0 0 Pesca 0 0 13,000 0 25,000 Saneamiento 0 0 1,400 0 0 Transporte 380,100 21,822 29,199 24,111 100,193 Total Aprobaciones 383,615 103,990 220,967 327,023 536,418 Banca de Inversión 2008 2009 2010 2011 2012 Aprob. Acum. 383.6 487.6 708.6 1,035.6 1,572.0 Desem. Acum. 1.7 79.7 467.4 673.6 1,158.8 Brecha 381.9 407.9 241.2 362.0 413.2 Gerencia de Negocios US$ Mill. Financiamientos 1,364 Garantias 208 Total Aprobaciones 1,572
  • PROYECTO DE MODERNIZACIÓN REFINERÍA 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” Award Category: Financial and insurance services COFIGAS PROGRAM FUNDED NATURAL GAS CONVERSIONNATURAL
  • In 89 Months Public-sector Trustors Higher Council, Ministry of Energy and Mines, Ministry of Transport and Communications and Ministry of Production Private-sector Trustors PLUSPETROL and CALIDDA FIDUCIARY Investment Hardware and Software Service Plants 215Enterprises US$ 992 MM CONTRACTORS 3 Enterprises US$ 109 MM Conversion centers 201 Enterprises US$ 86.7 MM SUPPLIERS 61 Enterprises US$ 202 MM CERTIFIERS 4 Institutions US$ 9.7 MM FI’s 22 Institutions US$ 691 MM Advisory Committee USERS 159,642 US$ 2’106 MM 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 MM Used 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 las estaciones de la Red de Vigilancia Lima y Callao 2000 - 2008 ECA (anual) 15 ug/m3 ECA = Estandares de Calidad delAire ug/m3 = micro gramos por metro cúbico Callao 25 2001 2003 2002 2004 2005 2006 2007 2008 25 41 28 36 58 37 18 Lima Sur 37 2001 2003 2002 2004 2005 2006 2007 2008 41 41 37 54 58 63 59 Lima Este 44 2001 2003 2002 2004 2005 2006 2007 2008 36 48 55 47 89 60 56 Lima Centro Lima Norte 61 2001 2003 2002 2004 2005 2006 2007 2008 49 53 65 73 97 55 51 2001 2003 2002 2004 2005 2006 2007 2008 80 80 90 84 87 85 76 76 0 20 40 60 80 100 120 140 ECA(anual) 80 ug/m3 ECA = Estandares de Calidad delAire ug/m3 = micro gramos por metro cúbico Callao 20 2000 2001 2003 2002 2004 2005 2006 2007 2008 13 10 25 7 13 17 12 9 Lima Sur 23 2000 2001 2003 2002 2004 2005 2006 2007 2008 16 10 19 16 14 20 26 59 Lima Este 32 2000 2001 2003 2002 2004 2005 2006 2007 2008 26 23 36 30 30 26 17 15 Lima Centro 2000 2001 2003 2002 2004 2005 2006 2007 2008 39 Lima Norte 25 2000 2001 2003 2002 2004 2005 2006 2007 2008 27 21 18 18 31 63 32 17 127 76 76 108 88 54 57 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 Structures GERENCIA DE NEGOCIOS COFIDE
  • Financing: US$ 200 MM Financing Structure Reserve Fund (RIRC) Asset Trust Managed Guarantee Trust Cash Flow Trust PROTRANSPORTE Disbursements Payments Contracts Collection Agent Financial backers COSAC I Users 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 Energías Renovables 6% Petróleo Gas Natural + LGN Energías Renovables 34% 33%33% Petróleo Gas Natural + LGN Energías Renovables Target • Hidroenergy • Biofuel • Non conventional Energy 69% 24% 7% Before Camisea Oil Natural Gas + LGN Renewable Energy
  • MUNICIPIO HUANCAYO REGION PIURA MUNICIPIO CHICLAYO REGION ICA REGION CUZCO MUNICIPIO AREQUIPA MUNICIPIO TRUJILLO MUNICIPIO PUCALLPA REGION CALLAO Work in progress…
  • NGV Vehicle Market Projections for 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
  • General Structure Disbursement Credit Insurance Transport Company Collection Credit Postventa Co-investment NGV Station Guarantee letter Collection Guarantee Funding Participation •Flows and Guarantee Trust • Concession
  • OPERADOR 1 Fideicomiso de Flujos y Garantías Operador de Recaudo Usuarios SIT 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’ Desembolsos Pagos Contratos Aporte de Infraestructura Aporte de Intangibles Cambio Matriz Energetica SIT Trujillo - Estrategia Sugerida
  • Gerencia de Financiamiento de Infraestructura, Corporativo y Medio Ambiente Carlos Abel Paredes Salazar cparedes@cofide.com.pe