Best Practices in PPP Financing Latin America - e-Institute - World ...

Best practices in Public-Private Partnerships financing in Latin America
Macquarie and Red de Carreteras de Occidente (RCO – Spanish
acronym for Western Highway Network) are among the main
CKDs associated with infrastructure and Macquarie is the first
infrastructure investment fund launched in Latin America by
the Australian Bank Macquarie. RCO was the first project that
issued CKD’s (October 2009) and is mainly in charge of the
Maravatío-Zaplotanejo Highway, Guadalajara-Zaplotanejo
Highway, among others.
It was after March 2008, with the reform of the investment
regime, that direct investment in infrastructure was allowed
through trusts, as well as financial instruments associated
with CKD’s infrastructure projects, Infrastructure and Real
Estate Trusts; investments of up to 40% of the securitizated
instruments portfolio and up to 15% in structured instruments
(depending on the type of pension fund) were accomplished.
Peru
Resources invested in infrastructure by pension funds are
USD 3,416 million or 2.3% of the GDP. The main investment
method is indirect through shares and bonds of companies
associated with infrastructure and investment funds of this
sector (USD 2,483 million – 1.7% of GDP).
Direct investment is carried out through bonds and shares of
infrastructure projects and the infrastructure trust, such as
the financing of the IIRSA Sur highway (Interoceánica Sur),
through CRPAO (Certificates issued by the Government for
Annual Payment derived from Works), for example.
The infrastructure investment funds market in Peru is relatively
new. Presently, it includes: (i) Investment fund in infrastructure,
public services and natural resources of AC Capitales, (ii)
Larraín Vial Energía Latinoamericano Investment Fund, and
(iii) Brookfield & AC Capitales Infrastructure Investment Fund.
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