For more than three decades, Chile was the poster child of neo-liberalism, the country that followed diligently the IMF playbook. Such discipline was rewarded with impressive growth and the envy of its Latin American peers. By 2010, pundits predicted that Chile was but a few years shy of becoming Latin America’s first “developed” nation. The latest down-cycle, marked by both low copper prices and the flirting with expanded government, created a new set of obstacles for Chile. The question hovering over voters ahead of the Presidential elections in November is, “Can Chile get its groove back?”
Bonds and Loans spoke with Clemente del Valle, president of the National Development Financial Corporation during the Bonds and Loans and Derivatives Conference Andes 2017, about the challenges of funding the 4G programme.
IC İçtaş Enerji Yatırım Holding A.Ş. was able to utilise its close relationship with banks to rapidly close one of Turkey’s largest project finance loans of the year. The size of the project and the acquisition of two new HEPPs from the privatisation authority also managed to attract a larger group of lenders to the transaction.
Crescent Capital was able to secure a unique project finance facility within the Turkish markets with a mezzanine facility structured as a Murabaha commodity purchase tranche, achieving a long tenor, an uncommon feature in this market, and structured as a true non-recourse facility.
For the past few years Chile has seen its worst economic performance since the crisis of 1981, largely the result of depressed copper prices – which have been falling since 2011. With copper being bested by rivals such as iron ore and nickel, persistent global supply disruptions, and a lack of economic diversification, some have wondered whether Chile could continue to lose out on critical investment to commodity-rich neighbours like Peru.
Salıpazarı Liman İşletmeciliği ve Yatırımları A.Ş, a joint venture between BLG Gayrimenkul Yatırımları ve Ticaret A.Ş. and Doğuş Holding A.Ş, secured a 14-year €1.2bn project finance facility just one month after the Turkish coup attempt and without any guarantees from the Turkish government.
The private sector has played a crucial role in the government-led PPP financing scheme that for the past decade has been successfully applied in Peru’s national infrastructure development programme. Bonds & Loans asked Camilo Carrillo Purín, Director of the Private Investment Policy Department in Peru’s Economic Ministry, about how his role in catalysing and engaging the private sector on these projects has evolved over the past year, and how the government is trying to address their needs.
The Amandi Energy Project was the only large scale base-load independent power generation project in sub-Saharan Africa to achieve financial close in 2016 and a strategically important project for the development of the country’s energy sector.
YDA raised four-year money – pushing average tenors in Turkey’s local currency market – just one week after the coup attempt and two days after S&P downgraded the country’s sovereign credit rating to junk.
- Infrastructure Outlook: From Small-Scale to Megaprojects, How Are Deals Getting Financed?
- Hospital PPPs Part of a Much Wider Success Story for Turkey
- CASE STUDY: YDA Structures First Dual Islamic and Conventional PPP in Turkey for Konya Hospital
- Odebrecht Scandal Has Deeper Implications for 4G Funding Environment
- BNDES Scales Back, But Tactical Shift Sees More Targeted Infrastructure Support
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