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POSIBILIDADES DE LA NUEVA POLITICA DE
GARANTIAS DEL BANCO EN MATERIA DE
INFRAESTRUCTURAS Y PPPs
EL ROL DE LAS GARANTIAS CON CONTRAGARANTIA SOBERANA EN
EL FINANCIAMIENTO DE INFRAESTRUCTURAS
Para que garantías?
•
•
•
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Dos tipos, que cubran el riesgo de
crédito o el riesgo político. Mismo
coste y due diligence que un
préstamo.
Poca utilización en el pasado por
los BMDs.
Hoy mas necesarias por déficit
infraestructura acumulado, aversión
al riesgo y restricción fiscal en los
países socios
Ejemplos México, riesgos de
mercado, del offtaker, regulatorio,
particularmente para pequeños
productores, ER, geotermia y
grandes infraestructuras transporte.
Qué ventajas tienen?
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Permiten una adecuada gestión
de riesgos, aislando los riesgos
críticos y transfiriéndolos a
actores capaces de asumirlos
Atraen inversión privada
Desarrollan mercados financieros.
Uso eficiente de los recursos
públicos
Peros solo son solución si
contribuyen a un cierre financiero
mejor para el proyecto,
esencialmente si mejoran
condiciones financiamiento (plazo,
interés, acceso).
IDB LOAN FUNDS GUARANTEE
VEHICLE MANAGED BY A
DEVELOPMENT BANK
TARGET PROJECTS: STRATEGIC PRIORITIES
2
3
National
Development
Bank
3
Commercial Bank
4
Guarantee
Fund
5
IDB
6
1
SOVEREIGN
1. Banks, pay a guarantee commission to the Guarantee Fund that partially or totally covers lending against certain risks or
against overall credit risk.
2. Banks, with or without Development Bank finance, invest in strategic priorities
3. Uneventful projects repay principal and interests
4. Partial or total default IDB triggers a call on the Guarantee Fund, managed by the Development Bank.
5. Because IDB is funding the Guarantee Fund, short term losses in riskier sectors are financed for 25 years.
6. IDB loan is covered by the standard Sovereign guarantee.
IDB PORTABLE GUARANTEE
FOR LARGE STRATEGIC
PROJECTS
STRATEGIC PROJECT
3
2
1
Bank Syndicate
National
Development
Bank
4
IDB
GUARANTEE
5
SOVEREIGN
1
The NDB arranges for the
portable guarantee to be issued in
favour of projects that comply with
pre agreed criteria, i.e. included in
the National Development Plan,
Infrastructure Program, minimum
capital and commercial lending
requirements etc.
1. IDB‘s AAA rating enhances the credit of a large strategic project in need of it
to achieve financial and/economic viability. Banks pay IDB the standard lending
spread for the Guarantee. Guarantee covers certain risks or overall credit risk.
2. Banks, with or without Development Bank finance, invest in strategic
project, covered with IDBs guarantee.
3. Uneventful projects repay principal and interests
4. Partial or total default triggers a call on the Guarantee.
5. IDB is covered by the standard Sovereign counter guarantee. With
appropriate arrangements, the short term losses triggered by the default
event may be financed under standard IDB investment loan terms, via the NDB
or the Sovereign.
IDB SECURITIES
ENHANCEMENT GUARANTEE
CAPITAL MARKETS
3
2
1
THE QUESOS BEGOÑA
CORPORATION
1
IDB helps improve the credit
rating of bonds issued by the
private sector, through a partial or
total guarantee, financial in
nature, detached from project
specific risks.
IDB
GUARANTEE
5
SOVEREIGN
1. IDB‘s AAA rating enhances the rating of securities issued by a private
venture-corporate. IDB charges the standard lending spread for the
Guarantee. Guarantee covers default risk.
2. Corporate issues in the local or international market with IDBs guarantee.
3. Uneventful projects repay principal and interests
4. Partial or total default triggers a call on the Guarantee.
5. IDB is covered by the standard Sovereign counter guarantee. With
appropriate arrangements, the short term losses triggered by the default
event may be financed under standard IDB investment loan terms, via the NDB
or the Sovereign.
ESQUEMA COLABORACION PUBLICO PRIVDA FINANCIAMIENTO PROYECTOS GEOTERMICOS