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

Day 1 - SIXTH SESSION
projects. In order to implement them, two changes were
implemented in the regulation framework: (i) Modification of
the regulation framework of pension funds and (ii) obligation
of being listed in the Stock Exchange of Mexico.
CKDs are structured through Mexican trusts whose aim is to
issue Fiduciary Stock Exchange Certificates that will be placed
and offered to the public at the Mexico Stock Exchange. The
CKD, due to its design, is not considered a debt instrument.
The operation that is carried out is similar to that of any other
common action. CKDs can only finance Mexican companies
or projects located in Mexico. There are basically two types of
CKDs:
• Those financing individuals or company projects.
• Those financing private capital funds in order to invest in
multiple companies or assets according to a Business Plan
and some pre-determined eligibility criteria.
Siefores (sociedades de inversión especializadas de fondos
para el retiro) are the most important institutional investors in
Mexico; they manage funds above the value of US $ 90 trillion.
Siefores are authorized to invest in public offers of “securities”
and are not allowed to execute any kind of commitment for
capital contributions.
Recognition Certificates of the Annual Payment
for Works (CRPAO)
Sergio Bravo pointed out that in Peru, the CRPAO was
introduced in 2006, between the contract and financial close,
after a renegotiation process in four IIRSA Road Concessions
(IIRSA Norte, Tramos 2, 3 and 4) to facilitate financing. The
underlying asset of CRPAO is the Work Progress Certificate
(WPC or CAO). The Government has the obligation to
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