Latin American Infrastructure Finance
December 5, 2007
Ritz-Carlton Hotel, Coconut Grove, Miami
08:00-09:00 Registration and Coffee
09:00-09:10 Welcome: Stuart Allen, CEO, LatinFinance
09:10-10:20 Infrastructure Finance in Latin America – Risks, Rewards and Guarantees
Private sector investment is essential if the long standing deficit in Latin America’s infrastructure is to be closed.
However, despite many years of efforts it still lags its peers from other emerging markets. A panel of public and private
sector experts will set the context for the day’s discussions by examining the underlying macro- and micro-economic
issues that impede or encourage a shared solution to Latin America’s infrastructure crisis.
• How can public expenditure on infrastructure be optimized?
• How can the region further attract private investment? What countries have successfully lured private sector
investment into infrastructure projects and how have they done it?
• What does the private sector need from Latin America in order to invest more, more confidently and over longer
• What role can the capital markets play in financing infrastructure projects and how can this be achieved? Can
securitization help improve infrastructure finance and access to capital? What does the future hold for long-term
• How are devoted infrastructure funds changing the landscape?
• Hot areas such as electricity, hydrocarbons, oil and gas are on everyone’s radar screens but are they just a play
for assets or are these investors committed to investing in infrastructure?
Moderated by: Stuart Allen, CEO, LatinFinance
Isaac Pinto Averbuch, Director, PPP (Brazil)
Jose Luis Guasch, Senior Regional Advisor on Regulation & Competition Finance, Private Sector and Infrastructure,
The World Bank
Gabriel De La Concha, Financial Director, ICA
Felipe Montoro Jens, Head of Project & Export Finance, Odebrecht Investimentos em Infra-Estrutura
Joaquín de la Herran, Managing Director, CESCE
10:20-10:50 Mexico Special Presentation and Q&A with:
Gerardo Rodríguez, Deputy Undersecretary for Public Credit, Secretaría de Hacienda y Crédito Público- México
In a unique half hour-long session, the Mexican public sector leader at head of the State’s plans for developing and
improving the country’s infrastructure in the short to medium term. This is an excellent opportunity to hear in detail how
Mexico plans to finance and support the growing pipeline of important projects; many of which will require significant
outlays of both public and private and local and international capital.
The presentation will be followed by a truly interactive question and answer session from the audience. This
opportunity will allow the audience to engage with him on key issues including the FARAC Toll Road deal and other
forthcoming projects; the progress made so far; the need for deal innovation and investment; and new efforts that are
needed – from the banking, investment and public sector – to understand and address these challenges effectively.
10:50-11:15 Coffee and Networking
11:15-12:15 Workshop A: Infrastructure Finance: The Emerging Role of Private Equity
Hosted by WestLB
• The relationships between strategic and financial investors in the infrastructure sector
• The effect of private equity on debt financings structures
• How private equity can fuel infrastructure
• The future of private equity infrastructure
Moderated by: Jan Weiss, Executive Director, WestLB
Stephen Zoota, Managing Director, Hydrocapital Corp
Oliver Langel, Executive Director, WestLB
Fernando L. Santos-Reis, Director-Exports and Project Financing, Odebrecht
12:15-13:15 Financing Transportation Infrastructure
Logistics costs (transportation and storage) and passenger frustration remain high in Latin America, due largely to
inadequate transport infrastructure. Despite improvements in the last decade major gaps in rural areas remain, with
worsening bottlenecks in ports and decaying roadways, adversely impacting Latin America’s ability to remain
competitive and increase economic production.
• Roads: Public, private or mixed ownership and maintenance? Understanding and mitigating risks in toll road
projects – modeling, stability of revenue streams, guarantees…
• Metro/Light-Rail: How can new metro, bus, light rail and integrated projects be financed? Is there an appetite from
the international investment community for these risks? The role of securitization.
• Rail: Are railroads the answer for long distance cargo transportation? How can passenger railway expansion and
development attract investment?
• What types of financing structures are best suited for transportation projects? How can capital from pension funds
and other local players be harnessed to fund projects.
Moderated by: Stephen Hood, Partner, Mayer Brown
Carlos Cesarman, Executive Director of Finances, PINFRA
Roberto Deutsch, Executive Director- Infrastructure Business Development, Camargo Corrêa
Humberto Treviño, General Director, Caminos y Puentes Federales de Ingresos y Servicios Conexos (CAPUFE)
James Vickers, Mayer Brown, São Paulo
14:45-15:45 Pioneering Public-Private Partnerships
Regional governments are increasingly open to working with local and international private partners in servicing their
demand for much needed infrastructure projects. PPP projects in Latin America are starting to mirror those pioneered
by the European Banks; and it is this model that the local governments around the region are exploring, developing
and tailoring to suit their particular needs. Learn first-hand about the latest legislation and deals, such as updates on
the most advanced Mexican PPP projects from the state Governments of Oaxaca.
• Regional risk and political attitudes towards PPP
• Federal and State Government perspectives on infrastructure finance and PPP across Latin America
• Modeling, public consulting and tendering processes for PPP projects
• Risk sharing mechanisms to attract private sector investment
• Designing products for small Municipalities
• Understanding and benefiting from Brazil’s new PPP legislation
• Understanding, evaluating and mitigating PPP risk
• Case Study: State of Oaxaca PPP projects
Moderated by: Emilio Baez, CEO, Estrategia Financiera (Mexico)
Arq. Miguel Ángel Ortega Habib, Minister of Finance, State of Oaxaca (México)
Manuel Sescosse Varela, General Director, Banorte
Roberto Hernández García, Managing Partner, Corporación Mexicana de Asesores en Derecho (COMAD)
15:45-16:15 Brazil Special Presentation and Q&A with:
Isaac Pinto Averbuch, Director, PPP (Brazil)
In a unique half hour-long session, a Brazilian public sector leader will outline the Federal Government’s plan for
developing and improving its infrastructure landscape in the short to medium term. This is an excellent opportunity to
hear in detail how Brazil plans to finance and support the growing pipeline of important projects; many of which will
require significant outlays of both public and private and local and international capital. The presentation will be
followed by a truly interactive question and answer session from the audience.
16:15-16:30 Coffee and Networking
16:30-17:30 Investor Panel: Infrastructure as an Asset Class In Latin America
Leading asset managers, government funds, private equity funds and hedge fund investors explore investment
opportunities in infrastructure and how they can best maximize returns on investments.
• What are the risks for international investors? What can investors do/use to hedge their risks?
• Which sectors, products or companies offer the best long-term investment opportunities? Which countries should
investors steer clear of?
• What do investors take into consideration when making investment decisions: cash-flow stability; low
maintenance rates; political/appropriation risks; long-term and high-quality?
• How are local and international PE funds giving investors exposure to the region’s infrastructure assets?
• Accessing corporate outperformance – equity or debt securities?
Moderated by: Scott Swensen, Chairman, Conduit Capital
Paloma Silva, Adjunct Director, Sociedad Hipotecaria Federal (SHF)
José Martínez Sanguinetti, Chief Investment Officer, Rimac Seguros
17:30 Networking Cocktail Reception