A participação privada no investimento em infra-estrutura e o papel do project finance

Resumo

This paper deals with The Private Participation in Infrastructure Projects (PPI). Its importance is emphasized by its strong correlation with economic growth and its influence on product competition. Project finance (or project financing) appears as one of the greatest possibility for PPI. Some of its main features are securitization of futures incomes based on solvency capacity certified by expected cash flow, risk transference (unbundling) to other players using financial and insurance instruments, creation of a Special Purpose Company (SPC) responsible for the project management, usage of limited-resource or non-resource guarantees, introduction of competitive markets for selected utilities, and, finally, separation between the risk associated with the firm who sponsors the project and the project specific risk. The role of government in this new framework of infrastructure projects is promoting new and fitting financial instruments and offering minimum conditions for its improvement such as a well-defined regulatory environment and incentives for insurance markets. In general, government participation is important to ensure both macro and microeconomic efficiency. Capital resources funds analyzed in this work are divided into equity and debt sources. On the other hand, this paper studies some financial instruments appropriated for this engineering. These instruments are debentures, which were chosen because of its high flexibility, and Títulos de Participação em Receita em Serviço Concedido (TPR), still waiting for approval in the House of Representatives, because it is mostly suitable to project finance requirements. Since project finance is virtually new in Brazil, a survey of international experiences is presented. Emphasis is given to the ones whose idiosyncratic points should be highlighted. A special case is studied at great depth: the Lumut Combined-Cycle Power, in Malaysia. The legal framework is an important restriction for project finance. Taking this into account, this paper addresses some necessary items and issues for an effective legal environment for this financial engineering. Government participation is relevant in other two points. The first is the interface with fiscal policy, which is discussed in terms of crosssubsidies, transference mechanisms, and the dichotomic approach between equity and efficiency. The second is the study of the term structure. The point is that investors probably will not be persuaded to fund risky long-term projects if they have the option of short-term rental papers. This brings into discussion BNDES’s role in project finance. As a matter of fact, this paper discusses BNDES’s historic loans and disbursements and makes a comparison between its performance and that of some multilateral agencies. Project finance rate criteria are mentioned here for its function as a signaling milestone for investors and a market efficiency improver by spreading information (screening function). The main conclusions concern the making of public economic policies, institutional investor potential for funding, development of capital and insurance markets, project finance contribution for sustainable economic growth and agreement of the strong assertive that rental infrastructure projects are, no matter how analyzed, better for Brazil.

Ficha do documento

Tipo

Estudo

Ano

1997

Instituição

Instituto de Pesquisa Econômica Aplicada (Ipea)

Fonte

Repositório do Ipea

Idioma

Português

Acesso

Acesso aberto

Identificador

oai:repositorio.ipea.gov.br:11058/2203

Licença

Licença Padrão Ipea

Temas

Finanças Públicas

Palavras-chave

Investimentos em infra-estrutura econômicaSecuritização de receitas futurasRepartição dos riscos