Even before releasing the package of concessions and the new stage of the Program of Investments in Logistics (PIL), government members had initiated a series of trips to present the business-oriented chances in infrastructure in Brazil to international investment funds. The Finance Ministry bets on the country’s capacity to attract foreign institutional investors, pension funds, insurers and mutual funds, an industry that accumulated more than US$ 90 trillion in assets in 2013.
In the view of the Ministry, being capable to mobilize this type of long term investment will be essential to finance the increasing demand for infrastructure in the country. Last week, officers of the Ministry attended a meeting of a task force in infrastructure and investments of the G20, in Singapore, where the World Bank has a center with a projects’ database in this area. The aim of the task force is to discuss experiences of several countries to make feasible capital investments needed for works in railroads, ports, airports and highways.
“There is much liquidity in the world market and an intense search for better returns than those currently in mature markets, such as Europe and Japan. For its financial characteristics, infrastructure assets raise increasing interest of international investors in the whole world”, stated to Valor the Secretary of Economic Accompaniment of the Treasury department, Paulo Corrêa, who represented Brazil in the meeting.
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In December, the European Union identified over 2 thousand potential projects in the area, of which € 500 billion could be executed by the private industry in next the three years. The United States estimates that there is a need for US$ 1 trillion in investments to take care of the demand for improvements in global infrastructure in next the five years.
Besides the meeting of the G20, Brazil participated in a series of debates organized by the World Bank and the Organization for Economic Cooperation and Development (OCDE), in Singapore. On one side, countries such as the U.S.A., Canada, Mexico and the United Kingdom presented the opportunities of investments in concessions and, on the other side, representatives of the financial industry, such as Black Rock and Credit Suisse, presented the barriers faced in performing the investments in each nation.
“The main barriers pointed out by the private industry refer to the lack of a long term landmark, transparent and steady with respect to the industry, the regulatory risk and the absence of projects you banked”, explained Corrêa, who defended investments in Brazil to the international investors.
The Ministry officer also emphasizes the importance of these aspects within the government. In the revision of the regulatory landmark for the railroads industry, for instance, the Ministry defends the replacement of the model which foresees the separation between the track owners and the operators for the implementation of an integrated model, with open access to the producers and regulators of the ticket right for which a company can use the tracks of the other.
In the meetings with representatives of different countries governments with investors, the latter asked for information that goes from conditions of macroeconomic stability up to the details of the concessions. A point where they insist is the regulatory norms. As the investments in concessions they are of long term, the investors make diverse questions regarding the legal stability of the countries where they intend to arrive in capital investment and of the conditions of the regulation agencies.
The meeting is functioning as a kind of fair to attract capitals of commercial banks, pension funds and asset managers. Representatives of the countries present its strategies in the areas of concessions and the investors make comparisons in search of the best projects to invest money.
Competition for this long term resource is increasingly incited internationally, since the investors are interested in a series of projects around the world that will still open this year, as the program of concession of airports in Japan and the 4G auction in Colombia. The concessions program in Brazil can enter this list.
To approach the investors of the countries where they can invest capital, the G20 created last year, the Global Infrastructure Center (GIC).
GIC functions as a kind of library updated with information on projects for works financing around of the world, allowing that investors may consult it before deciding where to invest. GIC works out of Australia, the country which proposed its creation, while it presided over the group of the 20 biggest economies of the world, in 2014. In the occasion, the group estimated that the demand for works in infrastructure is around US$ 1 trillion.
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