Infrastructure Finance Directory 1999
By Antonio Vives (02/99, IFM-117, En) See also Infrastructure and Financial Markets
This Directory, the fourth one published, describes some of the most significant infrastructure finance transactions of 1998. It does not attempt to be comprehensive and includes only those deals that have a demonstration effect. As in past issues, even though we include deals from countries in Africa, Asia and Europe, the goal is to present as many cases as possible from Latin America and the Caribbean. The major users of this report are anticipated to be the officers and managers of the Inter-American Development Bank Group (IDB Group), and officers, sponsors and investors in the region. Nevertheless, the Directory is expected to be of help to other bilateral and multilateral institutions and sponsors, developers and financiers of private infrastructure.
The Directory includes all private infrastructure projects financed by the Inter-American Development Bank and the Inter-American Investment Corporation (IIC) during the year, as well as other trend-setting transactions. Project descriptions emphasize their special financial aspects, hoping to stimulate the search for more creative and effective financing structures, and a better understanding of the conditions that make a given financial instrument or structure possible.
The alert reader will notice that we are not including a few landmark transactions like the Privatization of Telecommunications in Brazil, the Bolivia-Brazil Gas Pipeline and the oil project Cerro Negro in Venezuela. The main reason for the omission is that these were so well reported that there is little this Directory can add. Another landmark transaction, the Privatization of Argentina's airports is briefly discussed in connection with the privatization of Mexico's Southeastern Airports.
This issue includes 36 transactions, 30 of which involve Latin America and the Caribbean and 16 of those financed by the IDB Group. All but 3 are from emerging markets. While most infrastructure subsectors are included in the Directory, the bias is toward power, transportation and water, which are the main sectors covered by the IDB Group. Among the projects described 11 are greenfield projects, 15 are privatizations and concession of existing assets, 3 are expansions of private operations, 3 are funds and 4 are refinancings. In terms of markets, of the 11 greenfield projects in emerging markets only 2 went to the capital markets with bonds. As the purpose of this Directory is to present financing examples, this variety of countries and modalities allows for an overview of the many different instruments and structures.
Last updated: 05/08/07
