ENABLING ENVIRONMENT FOR PRIVATE FINANCE OF …siteresources.worldbank.org/INTEASTASIAPACIFIC/Resources/226262... · Promotion Plan Bidding Documents ... CONCESIONARIA VIAL DEL SOL
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ENABLING ENVIRONMENT FOR PRIVATE
Christy García Godos
FINANCE OF INFRAESTRUCTURERailways and Ports Projects Manager
LEGAL FRAMEWORK FOR PRIVATE INVESTMENT PROMOTION
LEGAL FRAMEWORK FOR PRIVATE INVESTMENT PROMOTION
Political Constitution of Peru. Law on Legal Stability of Foreign Investments. Law for the Promotion of Private Investment in State‐owned
Companies
Framework Law for Private Investment Growth. Framework Law on Public‐Private Partnerships
Law on Works for Taxes.
LEGAL FRAMEWORK FOR PRIVATE INVESTMENT PROMOTION
STATE POLICIES FOR PRIVATE INVESTMENT PROMOTION
ECONOMIC REGIME FOUNDATIONS:
Social market economy.
Freedom for private initiative.
Freedom of contracts and law contracts Freedom of contracts and law contracts
Equality for national or foreign investment.
Free transfer of factors and capitals
Subsidiary role of the State.
FRIENDLY INVESTMENT ENVIRONMENT
Peru offers a favorable legal framework for foreign investment ... Recognition of a favorable Investment environmentfavorable Investment environment
Non discriminatory treatment. Peru offers to foreign investor the same treatment as local investors.
Unrestrictive access to most economic sectors *
Free transfer of capitalFree transfer of capital
Free competition.
Guarantee for Private Property
Freedom to purchase stocks from locals.
Freedom to access internal and external credit.
Freedom to pay royalties.
Network of investments agreements and member of ICSID and MIGA
Legal Stability Agreements Legal Stability Agreements
Peru is adherent to the OECD Declaration on International Investment and Multinational Enterprises.
*Investments that require authorization: Located within 50 km in the border line and those destined to arms, ammunitions and explosive. Likewise, a principal local partner for investments in radio and television as well as in air transport is required
Legal Framework: Constitutional provisions, “Law for the Promotion of Foreign Investment”, Legislative Decree N° 662, “Framework Law for PrivateInvestment Growth”, Legislative Decree N° 757, “Law for the Promotion of Private Investment in Infrastructure and Public Service Works”, Approvedby Supreme Decree N° 059‐96‐PCM
principal local partner for investments in radio and television as well as in air transport is required.
CONDITIONS TO PROMOTE THE DEVELOPMENT OF THE CONCESSIONS
SUITABLE LEGAL POLITICAL WILL VECTORSUITABLE LEGAL FRAMEWORK*
POLITICAL WILL VECTOR(PROINVERSIÓN)
TECHNICALLY POSIBLE
ECONOMICALLY BANKABLEECONOMICALLY BANKABLE
SOCIAL AND POLITICALLY ACEPTABLE
BASICS
COMMERCIALLY PROMOTER
*D. Leg. 662 ‐ Approves the legal stability regimen of foreign investmentD. Leg. 674 – Prívate Investment PromotionD. Leg.757‐ Approves the Framework law for Private Investment growth
MODALITIES OF PRIVATE INVESTMENT PROMOTION
PPPPPP
PRIVATE INITIATIVES
LAW N° 29230: LAW N° 29230: WORKS FOR TAXES
GENERAL CHART OF A CONCESSION PROCESS
Promotion Plan
Q i d Bidding Documents Queries and answers
ContractShort listing bidders
Suggestions and queries from the
bidders are collected
Q lifi ti f t h i lQualification of technicalproposal
Economic Proposal Award
CHARACTERISTICS OF THE PROCESS
Recognition of the investors skills
Open statements are delivered and the development of comprehensive project bid is promoted.
Access to the concession processs information published in the web site
The documentation is available on Proinversión’s web site.
The sale of Bidding Documents is a nonprofit action.
Transparency in the short listing requirements
In the Bidding documents are established the short listingrequirements to be met by the bidders.
Financial , legal and Technical (construction or operation)requirements are mandatory.
Administrative flexibility During the concession process, the power of the legalrepresentative of the bidder is not necessary to be registered inAdministrative flexibility representative of the bidder is not necessary to be registered inthe Public Registry. Is required only for the winner of the bid,before signing the contract.
CHARACTERISTICS OF THE PROCESS
The concessionaire develop the final studies to perform the
Comprehensive projet bid works.
Responsible of the design.
Suggestions and queries to be included in the BiddingMarket interaction Suggestions and queries to be included in the Biddingdocuments and/or concession contract are accepted.
The quality in the provision of services is required. The concession contracts established the minimum level met by theLevel of services concession contracts established the minimum level met by the concessionaire: index of bumpy texture, waiting time for vessels in ports, among others ( FRA, IATA, etc.)
Competition factor Lowest : Tariff or service cost or State contributions
Competition factor Higher: Works or State retribution
CHARACTERISTICS OF THE PROCESS
Implies the restoration of economic and financial balance in theFinancial and Economic Balance
Implies the restoration of economic and financial balance in theevent that the State issued rules or laws that affect revenues orcosts of the concessionaire
Settlement of disputesInternational arbitration law, in accordance with the Rules ofConciliation and Arbitration of the International Centre forSettlement of Investment Disputes ‐ CIADI
FAVORABLE CLIMATE FOR INVESTMENT
PRIVATE INITIATIVES
D.L. 1012 Framework Law on Public-Private Partnerships for the Generation of Productive Employment
Public, transparent and fast process whereby a company identifies a private investment opportunityin State-owned resources (assets, public utilities, infrastructure projects, etc.), develops a projectand submits it before the State seeking to be awarded the contract.
Private initiatives are carried out based on projects to invest in assets, companies, projects,services, infrastructure and public utilities public works, and will not be able to request financialguaranteesguarantees.
Private initiatives may be submitted by national or foreign legal persons, as well as byconsortia made of legal persons or consortia of natural persons with legal persons.
FAVORABLE CLIMATE FOR INVESTMENT
PRIVATE INITIATIVES
D.L. 1012Framework Law on Public‐Private Partnerships for the Generation of Productive Employment
Process
Submission of initiative
EvaluationIf no interested third party
Direct award to bidder • Participants must
express their interest inDeclaration of interest
• Publication (90 cd)
If there is one or more interested third parties
Public Tender
express their interest in writing and submit warrant bond.
• Bidder has right to Publication (90 cd)
• Submission of Warrant Bond (10 cd)
third parties tiebreak in 15 cd with the best proposal
AWARDED CONCESSIONS1995‐20101995 2010
TO DATE 69 PROCESSES HAVE BEEN AWARDED FOR A TOTALTO DATE, 69 PROCESSES HAVE BEEN AWARDED FOR A TOTALINVESTMENT AMOUNT OF US$ 10.56 BILLION…
No. OF TRANSACTIONS INVESTMENTSECTOR
No. OF PROCESSES
TRANSACTIONS(US$ million)
INVESTMENT(US$ million)
AIRPORTS 3 ‐‐ 1,591.0AGRICULTURE 1 ‐‐ 184.8
TELECOMMUNICATIONS 17 337.7 259.2
ENERGY 13 258.9 1,645.4HYDROCARBONS 8 443.2 2,828.8RAILROADS 1 ‐‐ 157.0PORTS 3 10.9 879.8SANITATION 4 ‐‐ 442.4TOURISM 4 6.6 24.3ROADS 14 ‐‐ 2,556.2TOTAL 69 1 057 3 10 568 9TOTAL 69 1,057.3 10,568.9
COMPETITIVENESS Infrastructure - PPP
ENERGY18 Projects granted in
concession
CONCESSSION US$ MM
Mantaro – Socabaya T.L. (1998) 179
Socabaya – Moquegua; Moquegua – Tacna; y Moquegua – Puno T.L. (1999) 74.5
Oroya-Carhuamayo-Paragsha -Derivación Antamina (220 Kv) T.L.; and Aguatia-Pucallpa T.L.(138 Kv) (2001) 65.4
ETECEN and ETESUR (2002) 10.5
Carhuamayo – Carhuaquero T.L.(2008) 106.14
Mantaro – Caravelí – Montalvo T.L.; and Machu Picchu Cotaruse (2008) 181
Chilca – La Planicie – Zapallal T.L. (2008) 52.2
Zapallal – Trujillo T.L. (2009) 167.5p j ( )
Energy Supply from New Hydroelectric Power Stations (2009) 300
Chilca Marcona Montalvo T.L. (2010) 291
Tintaya- Socabaya T.L. (2010) 43.5Strengthening of the North System between Talara and Piura (2010) 14.5
Hydroelectric Power Plant of Santa Teresa (2010) 180Machupicchu –Abancay-Cotaruse 220 kV T.L. 62.5Cold Power Generation Reserve 300
US$ 4,061.3 MM INVESTMENT
COMMITMENT.
Cold Power Generation Reserve 300Energy from Hydroelectric Power Stations 500 Mw. 1,822Trujillo - Chiclayo 500 kV T.L. 101.4Cold Reserve: : Plant of Eten 110.0
COMPETITIVENESSInfrastructure - PPP
CONCESSIONS US$ MM
AIRPORTS3 Concessions CONCESSIONS US$ MM
Jorge Chávez International Airport (2000) 1,214
First Group of Regional Airports (2006) 120
3 Concessions
First Group of Regional Airports (2006) 120
Second Group of Regional Airports (2010) 257
US$ 1 591 MM US$ 1,591 MM Investment
Commitment
COMPETITIVENESS Infrastructure - PPP
6 Projects granted in concessions
US$ 44.1 MM
Consorcio Portuario Yurimaguas(2011)Yurimaguas-Nueva Reforma Port Terminal
TERMINALES PORTUARIOS EUROANDINOS PAITA (2009)Paita Port Terminal
US$ 231.8 MM
DP WORLD PERÚ (2006)Containers terminal – South dock US$ 617 MM
US$ 120.3 MM
CONSORCIO TRANSPORTADORA CALLAO (2010)Load terminal of Concentrated Ores
US$ 1 792 MM
TISUR (1999)Matarani port US$ 31 MM
US$ 1,792 MMInvestment
Commitment..
US$ 748.7 MM
CONSORCIO APM TERMINALS (2011)North MultipurposeTerminal of Callao
CONCESSION US$ MM
COMPETITIVENESSInfrastructure - PPP
ROADS 11 Concessions
CONCESSION US$ MMNORVIAL (2002)Road network Nº 5 183 Kms 73.1COVIPERU (2005) Road network Nº 6 222 K 228 6Kms 228.6IIRSA Norte S.A. (2005)Paita – Yurimaguas 960 Kms 218.9
Interoceánica Sur (2005)Section2 300Kms 263.0S ti 3 403 K 332 4Section3 403 Kms 332.4Intersur (2005)Section4 306 Kms 214.6Concesión Canchaque (2005)Buenos Aires-Canchaque 78 Kms 31.1
C i I t á i (2007)Consorcio Interoceánico (2007)Section 1 758 Kms 98.9
Concesionaria del Sur (2007)Section 5 827 Kms 183.4
CONALVIAS-INFRACON (2008)O l Ch H l A 47K 34 2Ovalo Chancay – Huaral – Acos 47Kms 34.2OHL (2008)Road network Nª 4 356Kms 370
OBRAINSA (2009)Nuevo Mocupe – Cayaltí – Oyotún 77Kms 17 4
US$ 2,556.7 MM en Investment Commitment
(5,369 Kms)
Nuevo Mocupe – Cayaltí – Oyotún 77Kms 17.4CONCESIONARIA VIAL DEL SOL (2009)Autopista del Sol road475Kms 365.1IIRSA Centro, Section 2 (2010) 377Kms 126.0
COMPANY / PROJECT TRANSACTIONS US$ MM
INVESTMENTUS$ MM
Buenaventura Mining company 1 510 707
MINING SECTOR
OVER 40 PROJECTS Buenaventura Mining company 1,510,707 Condestable mining company 1,291,101 Hierro Perú 120,000,000 137,000,000 Quellaveco 12,000,000 562,000,000 Cerro Verde 35,446,690 485,300,000 Refinery of Ilo 66,626,249 20,200,000 Tintaya 277,105,731 104,000,000 Cajamarquilla refinery 154,946,156 50,000,000
OVER 40 PROJECTS
Cajamarquilla refinery 154,946,156 50,000,000 Minero Perú - Viviendas de Ilo 1,329,009 Centromin – Paucaray gold deposit 211,500 Centromin – Antamina Mining project 20,000,000 2,520,000,000 Yauliyacu S.A. Mining company 8,507,416 110,200,000 Centromín - La Carcajada and Perro Ciego 1,050,000 Minero Perú - Las Huaquillas 945,000 1,900,000 M t l i f O S A 121 521 329 Metalurgic company of Oroya S.A. 121,521,329 Mahr Túnel S.A. Mining company 127,777,777 60,000,000 Berenguela deposit 750,005 770,000 Cobriza S.A. mining company 7,500,001 Minero Perú – INIFOM Concession 951,000 Paragsha S.A. mining company (Cerro de Pasco) 61,777,777 70,000,000 Minero Perú - Ccayo Huinicunca 207,270 Centromín Quicay Mining prospect 300 000 10 729 334 Centromín – Quicay Mining prospect 300,000 10,729,334 Minero Perú - Magistral prospect 550,000 2,100,000 10 Miners prospects 227,000 25% shareholding at ISCAYCRUZ 18,645,960 IMEX Callao 1,000,000 Centromín - Yauricocha Mining unit 4,010,000 3,000,000 100% acc. Logística Integral Callao S.A. y YauricochaS A 750,000
Pacific Ocean
S.A. ,
Centromín - Proyecto Alto Chicama 118,474,162 12,113,759 3 Mining prospects 138,000 Natividad mining Company 1,000,000 3,000,000 Mining prospects (Huarangayoc/Pira y Winicocha) 183,000 Mining prospects (Mishky/Tinoray, Puy Puy y Yanacollpa) 560,654
L B b j t (O ti ) 97 500 000 300 000 000Las Bambas project (Option) 97,500,000 300,000,000Bayóvar project 3,000,000 566,000,000 Cuprífero La Granja project 61,300,000 2,500,000,000 Michiquillay mining project 412,000,000 2,500,000,000 Bayóvar (Second phase) 460,000 Toromocho project 2,000,000 2,152,269,000Las Bambas 63,000,000 4,200,000,000
US$ 17,715 Million in Investment
Commitment.
SANITATION SECTOR
05 Projects granted in concession
CONCESSION US$ MM
Chillón project (2000) 80.0
Drainage and potable water services (2005) 73 0Drainage and potable water services (2005) 73.0
Potable water supply for Lima (2008) 76.9
“Taboada” sewage treatment plant (2009) 212.5
Planta de Tratamiento de aguas residuales y emisor Planta de Tratamiento de aguas residuales y emisor submarino "La Chira“ (2010) 105.1
Pacific Ocean
US$ 547.5 MM Investment
project
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