RIO DE JANEIRO - AGOSTO 2013 DEVELOPMENT OF INNOVATIVE FINANCIAL INSTRUMENTS : THE SUSTAINABLE TRANSPORTATION PROMOTION PROGRAM
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
NegociosUS$ 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 - 2008ECA (anual) 15 ug/m3ECA = Estandares de Calidad del Aire
ug/m3 = micro gramos por metro cúbico
Callao
25
2001
200
3
200
2
200
4
2005
200
6
200
7
200
8
25
41
28
36
58
37
18
Lima Sur
37
2001
200
3
200
2
200
4
2005
200
6
200
7
200
8
41 4137
5458
6359
Lima Este
44
2001
200
3
200
2
200
4
2005
200
6
200
7
200
8
36
48
55
47
89
6056
Lima Centro Lima Norte
61
2001
200
3
200
2
200
4
2005
200
6
200
7
200
8
4953
65
73
97
5551
2001
200
3
200
2
200
4
2005
200
6
200
7
200
8
80 80
9084
87 85
76 76
0
20
40
60
80
100
120
140
ECA (anual) 80 ug/m3ECA = Estandares de Calidad del Aire
ug/m3 = micro gramos por metro cúbico
Callao
20
2000
200
1
2003
2002
2004
2005
2006
2007
2008
13 10
25
7
1317
129
Lima Sur
23
2000
200
1
2003
2002
2004
2005
2006
2007
2008
1610
1916 14
20
26
59
Lima Este
32
2000
200
1
2003
2002
2004
2005
2006
2007
2008
2623
36
30 3026
17 15
Lima Centro
2000
200
1
2003
2002
2004
2005
2006
2007
2008
39
Lima Norte
25
2000
200
1
2003
2002
2004
2005
2006
2007
2008
2721
18 18
31
63
32
17
127
76 76
108
88
5457
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
27%
17%
56%
Petróleo
Gas Natural +
LGN
Energías
Renovables34%
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