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

Best practices in Public-Private Partnerships financing in Latin America
projects, among others, and in the Lima International
Airport.
• In sanitation, investments have been made in the
Consorcio Agua Azul, Huascacocha and Taboada projects
through the Infrastructure Trust.
Masías mentioned that the main lessons from the Peruvian
model are:
• The project operators must prove their knowledge and
have an established reputation in the economic sector
in which the project is developed. Likewise, issuers or
majority shareholders should prove credit solvency; in
Peru, the PFM invest in projects managed by international
first-level operators, for example, Suez, Duke, ODEBRECHT.
• The investment risk is reduced for the projects developed
in very dynamic and productive sectors. In the case
of concessions that include the participation of the
Government as an active part of the concession plan, the
risk associated to the project is diminished through several
guarantees. In Peru, the CRPAO certificate has been a key
element to facilitate financing in the capital market.
• The participation of pension funds in infrastructure
projects allows for the implementation of actions that
encourage good corporate governance practices through
the appointment of directors and members of the Audit
Committee independently from the economic group that
manages the concession company.
• The improvement of corporate governance is also
encouraged through information transparency demands
and compliance with certain rules under concession plans
(solvency, experience of the project’s operators, among
other requirements). In Peru, investment of pension funds
in ENERSUR shares included agreements associated with
sound corporate governance.
• Investment in infrastructure projects allows for greater
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