Ownership and governance overview

DEVELOPMENT OF INNOVATIVE FINANCIAL
INSTRUMENTS : THE SUSTAINABLE
TRANSPORTATION PROMOTION PROGRAM
RIO DE JANEIRO - AGOSTO 2013
COFIDE overview
Ownership and governance overview
 FONAFE
was
created in 1999 to
oversee the
Peruvian
Government’s
corporate activities
and equity stakes
100%
 CAF,
a regional
development bank
established in
1970, acquired its
stake in COFIDE
in 1997
 Board
of directors
of
6
Ministers
appoints
management team
for Government’s
majority holdings,
including COFIDE
98.95%
1.05%
 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
Investment financing – products
Investment financing
Infrastructure 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
Environmental finance

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$1.13 bn approved for
environmental project
financing acumulated to 2013
Trust management

Generates fee income from
managing investments, mainly
from the public sector
Peru has an infrastructure gap of more than US$ 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
4
PRINCIPAL RESULTS
Aprobaciones por Sector Económico
Aprobaciones acumuladas
2008 – 2012
Gerencia de
Negocios
US$ Mill.
Financiamientos
Garantias
1,364
208
Total Aprobaciones
1,572
Participación % Por Tipo
(acumulado 2008 – 2012)
US$ millones
Sector Económico
2008
Agricola
0
Banca
0
Construcción
0
Corporativo
0
Energía
0
Hoteleria
3,515
Logistica
0
Mineria
0
Pesca
0
Saneamiento
0
Transporte
380,100
Total Aprobaciones 383,615
2009
18,543
0
260
0
35,600
4,196
0
23,569
0
0
21,822
103,990
2010
14,500
20,000
0
15,266
105,421
1,232
0
20,950
13,000
1,400
29,199
220,967
2011
11,500
0
99,262
0
192,150
0
0
0
0
0
24,111
327,023
2012
57,300
0
35,000
75,075
243,850
0
0
0
25,000
0
100,193
536,418
Aprobaciones y Desembolsos Acumulado 2008 – 2012)
Banca de Inversión
Aprob. Acum.
Desem. Acum.
Brecha
2008
383.6
1.7
381.9
2009
487.6
79.7
407.9
2010
708.6
467.4
241.2
2011
1,035.6
673.6
362.0
5
2012
1,572.0
1,158.8
413.2
Proyectos Especiales
MEGA PROYECTS
Renovación de Fuente Energética
Los objetivos del PMRT son principalmente:
PROYECTO DE
MODERNIZACIÓN
REFINERÍA TALARA
(PMRT)
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
COFIGAS PROGRAM
FUNDED NATURAL GAS CONVERSIONNATURAL
“2006 Creatividad Empresarial” Award
Category: Financial and insurance services
COFIGAS Results
Private-sector Trustors
PLUSPETROL and
CALIDDA
Investment
Hardware and Software
Public-sector Trustors
Higher Council, Ministry of Energy and
Mines, Ministry of Transport and
Communications and Ministry of Production
Mandate for administering
and implementing VNG Load
Control
Advisory
Committee
FIDUCIARY
CONTRACTORS
3 Enterprises
US$ 109 MM
CERTIFIERS
4 Institutions
US$ 9.7 MM
In 89 Months
SUPPLIERS
61 Enterprises
US$ 202 MM
Conversion centers
201 Enterprises
US$ 86.7 MM
Service Plants
215Enterprises
US$ 992 MM
USERS
159,642
US$ 2’106 MM
FI’s
22 Institutions
US$ 691 MM
US$ 4.19 Billion (savings and sales)
2.10 % GDP2012
Project Summary
RENEWAL OF NGV BUS FLEET
COFIDE participation: US$ 42.7 MM
FINANCING “EL METROPOLITANO” (BRT)
COFIDE participation: US$ 200 MM
SCRAP FUND FOR NGV BUSES
NGV NEW VEHICLES
Program Resources: US$ 6.0 MM
Used Resources: US$ 2.9 MM
490 Buses in scrap
5 year funding to public transport vehicles:
US$ 435 MM
Enviromental Impacts
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.
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 - 2008
ECA (anual) 15 ug/m3
120
ECA = Estandares de Calidad del Aire
ug/m3 = micro gramos por metro cúbico
100
97
89
90
80 80
80
60
58
41
37
36
59
55
48
44
37
76 76
73
65
61
56
49
47
55
53
51
36
28
2 00 8
2 00 7
2 00 6
200 2
2 00 4
ug/m3 = micro gramos por metro cúbico
120
108
100
88
80
76 76
54
Lima Sur
Lima Centro
32
31
18 18
Lima Norte
2008
2007
2006
17
2005
2004
21
2003
2008
2007
2000
2008
2007
2006
2005
Lima Este
2 001
25 27
17 15
2002
26
2000
23
2004
2 001
2000
2008
2007
39
30 30
2002
26
20
2006
10
16 14
2005
19
2002
2 001
9
2000
2007
2006
2005
2004
Callao
16
2004
23
12
2008
17
7
2003
2002
13
2003
25
13 10
2 001
0
20
63
57
36
32
26
2003
40
20
75
59
60
2000
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.
ECA = Estandares de Calidad del Aire
127
2006
2001
2 00 3
2 005
ECA (anual) 80 ug/m3
140
2005
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.
Lima Norte
2004
Lima Centro
2 00 8
2 00 7
2 00 6
2 005
200 2
2 00 4
2001
2 00 3
2 00 8
2 00 7
2 00 6
2 005
2 00 4
200 2
2001
2 00 8
2 00 3
Lima Este
Also the all cars that are using natural
gas have generated a reduction of
3`400,000 of CO2 tons.
2003
Lima Sur
2 00 7
2 00 6
2 005
200 2
2 00 4
2001
2 00 3
2 00 7
2 00 6
2 005
200 2
2 00 4
2001
2 00 3
Callao
2 00 8
18
2002
25 25
20
0
37
41 41
58
60
87 85
2 001
40
54
63
84
Financing Structures
GERENCIA DE NEGOCIOS
COFIDE
Financing Structure
Financing: US$ 200 MM
Financial backers
Asset Trust
Concession
Contract
Managed
Guarantee Trust
Cash Flow Trust
PROTRANSPORTE
Reserve
Fund
(RIRC)
Collection
Agent
Disbursements
Payments
Contracts
COSAC I
Users
PERUVIAN FIRST BRT PICTURES
PERUVIAN FIRST BRT RESULTS
Financing Approved
COFIDE and NAMAs
(Nationally Appropriate Mitigation
Actions)
Peruvian Energy Matrix
6%
Before Camisea
24%
69%
Today’s Situation
7%
27%
56%
Target
17%
Oil
Petróleo
Natural
Gas + +
Gas
Natural
LGN
LGN
Renewable
Energías
Energy
Renovables
Petróleo
Gas Natural + LGN
Energías Renovables
33%
33%
•
Hidroenergy
•
Biofuel
•
Non conventional Energy
34%
Petróleo
Gas Natural + LGN
Energías Renovables
Work in progress…
REGION
PIURA
MUNICIPIO TRUJILLO
MUNICIPIO
PUCALLPA
MUNICIPIO
CHICLAYO
MUNICIPIO HUANCAYO
REGION ICA
REGION CALLAO
REGION CUZCO
MUNICIPIO AREQUIPA
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
Collection
Co-investment
NGV Station
Collection
Guarantee
letter
Credit
Funding
Participation
Credit
Insurance
Guarantee
• Flows and
Guarantee
Trust
• Concession
Transport
Company
Postventa
SIT Trujillo - Estrategia Sugerida
Cambio Matriz
Energetica
Aporte de
Infraestructura
Contratos de
Concesión
&
Entidades Financieras
Proveedor
Buses 1
Aporte de
Intangibles
OPERADOR 1
Fideicomiso 1
Proveedor
Buses 2
OPERADOR 2
Fideicomiso 2
Proveedor
Buses 3
OPERADOR 3
Fideicomiso de
Flujos y Garantías
Fideicomiso 3
Fideicomiso ‘n’
Proveedor
Buses ‘’n’’
OPERADOR ‘’n’’
Desembolsos
Pagos
Contratos
Operador de
Recaudo
Usuarios
SIT
Gerencia de Financiamiento de Infraestructura,
Corporativo y Medio Ambiente
Carlos Abel Paredes Salazar
cparedes@cofide.com.pe