DEVELOPMENT OF INNOVATIVE FINANCIAL INSTRUMENTS : THE SUSTAINABLE TRANSPORTATION PROMOTION PROGRAM

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Mercedes Navarrete Cabrera
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1 DEVELOPMENT OF INNOVATIVE FINANCIAL INSTRUMENTS : THE SUSTAINABLE TRANSPORTATION PROMOTION PROGRAM RIO DE JANEIRO - AGOSTO 2013

2 COFIDE overview

Ownership and governance overview FONAFE was created in 1999 to oversee the Peruvian Government s corporate activities and equity stakes Board of directors of 6 Ministers appoints

05% CAF, a regional development bank established in 1970, acquired its stake in COFIDE in 1997 State-owned development bank established in 1971 Autonomous board of directors manages

3 Ownership and governance overview 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 100% 98.95% 1.05% CAF, a regional development bank established in 1970, acquired its stake in COFIDE in 1997 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

4 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

5 PRINCIPAL RESULTS Aprobaciones acumuladas Gerencia de Negocios US$ Mill. Financiamientos 1,364 Garantias 208 Total Aprobaciones 1,572 Participación % Por Tipo (acumulado ) Aprobaciones por Sector Económico US$ millones Sector Económico Agricola 0 18,543 14,500 11,500 57,300 Banca , Construcción ,262 35,000 Corporativo , ,075 Energía 0 35, , , ,850 Hoteleria 3,515 4,196 1, Logistica Mineria 0 23,569 20, Pesca , ,000 Saneamiento 0 0 1, Transporte 380,100 21,822 29,199 24, ,193 Total Aprobaciones 383, , , , ,418 Aprobaciones y Desembolsos Acumulado ) Banca de Inversión Aprob. Acum , ,572.0 Desem. Acum ,158.8 Brecha

6 Proyectos Especiales MEGA PROYECTS Renovación de Fuente Energética PROYECTO DE MODERNIZACIÓN REFINERÍA TALARA (PMRT) 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

7 COFIGAS PROGRAM FUNDED NATURAL GAS CONVERSIONNATURAL 2006 Creatividad Empresarial Award Category: Financial and insurance services

COFIGAS Results Private-sector Trustors PLUSPETROL and CALIDDA Public-sector Trustors Higher Council, Ministry of Energy and Mines, Ministry of Transport and Communications and Ministry of Production

8 COFIGAS Results Private-sector Trustors PLUSPETROL and CALIDDA Public-sector Trustors Higher Council, Ministry of Energy and Mines, Ministry of Transport and Communications and Ministry of Production Investment Hardware and Software Mandate for administering and implementing VNG Load Control Advisory Committee FIDUCIARY CONTRACTORS 3 Enterprises US$ 109 MM CERTIFIERS 4 Institutions US$ 9.7 MM SUPPLIERS 61 Enterprises US$ 202 MM Conversion centers 201 Enterprises US$ 86.7 MM Service Plants 215Enterprises US$ 992 MM USERS 159,642 US$ MM FI s 22 Institutions US$ 691 MM In 89 Months US$ 4.19 Billion (savings and sales) 2.10 % GDP2012

9 Project Summary RENEWAL OF NGV BUS FLEET FINANCING EL METROPOLITANO (BRT) COFIDE participation: US$ 42.7 MM SCRAP FUND FOR NGV BUSES COFIDE participation: US$ 200 MM 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

2000 2 001 2002 2003 2004 2005 2006 2007 2008 2000 2 001 2002 2003 2004 2005 2006 2007 2008 2000 2 001 2002 2003 2004 2005 2006 2007 2008 2000 2 001 2002 2003 2004 2005 2006 2007 2008 2000 2 001 2002

10 Enviromental Impacts Comportamiento Anual del Material Particulado Menor a 2.5 micras (PM 2.5) en las estaciones de la Red de Vigilancia Lima y Callao ECA (anual) 15 ug/m3 36 Callao Lima Sur Lima Este ECA = Estandares de Calidad del Aire ug/m3 = micro gramos por metro cúbico Lima Centro Lima Norte 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 ECA (anual) 80 ug/m ECA = Estandares de Calidad del Aire ug/m3 = micro gramos por metro cúbico 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 Callao Lima Sur Lima Este Lima Centro Lima Norte

11 Financing Structures GERENCIA DE NEGOCIOS COFIDE

Trust Cash Flow Trust PROTRANSPORTE Reserve Fund (RIRC)

12 Financing Structure Financing: US$ 200 MM Financial backers Asset Trust Concession Contract Managed Guarantee Trust Cash Flow Trust PROTRANSPORTE Reserve Fund (RIRC) Disbursements Payments Contracts Collection Agent COSAC I Users

13 PERUVIAN FIRST BRT PICTURES

14 PERUVIAN FIRST BRT RESULTS

15 Financing Approved

16 COFIDE and NAMAs (Nationally Appropriate Mitigation Actions)

17 Peruvian Energy Matrix Before Camisea 24% 7% 69% Today s Situation 27% 17% 56% Target Petróleo Oil % Gas Natural Natural Gas + + LGN Renewable Energías Energy Renovables Petróleo Gas Natural + LGN Energías Renovables Hidroenergy Biofuel Non conventional Energy 33% 34% 33% Petróleo Gas Natural + LGN Energías Renovables

18 Work in progress MUNICIPIO TRUJILLO REGION PIURA MUNICIPIO CHICLAYO MUNICIPIO PUCALLPA REGION ICA MUNICIPIO HUANCAYO REGION CUZCO REGION CALLAO 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

19 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.

20 NGV URBAN BUSES Market Projections for 2021 PROGRAMAS IDENTIFICADOS DE SISTEMA DE TRANSPORTE INTEGRADO

21 NGV INTERPROV BUSES & TRUCKS Market Projections BUSES INTERPROVINCIALES E INTERURBANOS Y CAMIONES DE CARGA

22 New Program

23 General Structure Disbursement Collection Guarantee letter Collection Co-investment NGV Station Funding Participation Credit Transport Company Postventa Credit Insurance Guarantee Flows and Guarantee Trust Concession

Proveedor Buses 2 Proveedor Buses 3 OPERADOR 2 OPERADOR 3 Fideicomiso 2 Fideicomiso 3 Fideicomiso de

24 SIT Trujillo - Estrategia Sugerida Cambio Matriz Energetica & Entidades Financieras Contratos de Concesión Aporte de Infraestructura Aporte de Intangibles Proveedor Buses 1 OPERADOR 1 Fideicomiso 1 Proveedor Buses 2 Proveedor Buses 3 OPERADOR 2 OPERADOR 3 Fideicomiso 2 Fideicomiso 3 Fideicomiso de Flujos y Garantías Proveedor Buses n Fideicomiso n OPERADOR n Desembolsos Pagos Contratos Operador de Recaudo Usuarios SIT

25 Gerencia de Financiamiento de Infraestructura, Corporativo y Medio Ambiente Carlos Abel Paredes Salazar cparedes@cofide.com.pe

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