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Reducing Bottlenecks in Infrastructure
Innovative Platforms for Project Preparation Facilities
Institutional Aspects
BNDES Highlights
Founded on June 20th, 1952.
100% state-owned company under private law.
Key instrument for implementation of Federal Government’s
industrial and infrastructure policies.
Main provider of long-term financing in Brazil.
Emphasis on financing investment projects.
Support to micro, small and medium-sized companies.
Support to Export and Internationalization of Brazilian companies.
3
In R$ billion Net Profit
In R$ billion
Assets
BNDES Highlights
4
Project Development Division
Organizational Chart
Director 1 Director 2 Director 3 Director 5 Director 6
Administration
Human Resources Indirect
Operations
AGIR Project
President
Vice-President
Foreign Trade
Advisory Board
President’s Office Executive
Secretary
Director 4
Venture
Capital Basic Inputs
Industrial
Agriculture
Financial International Social Inclusion Information
Technology
Capital
Markets Infrastructure
Risk Management
Economic
Research
Planning
Environmental
Credit
Director 7
Project
Development
Legal
Auditing
6
Needs
• Flow of projects for
approval
• Agility
• Impartiality when
carrying out studies
Brazilian Infrastructure Outlook
Diagnostic
• Gap between investments in infrastructure and the desired growth
• The absence of good projects represents obstacle to investment in infrastructure
• There are no restrictions on private resources for investment in infrastructure
In order to help the efforts to overcome these challenges BNDES decided to
create the Project Development Division 7
Project Development Division attributions
• To foster, structure and coordinate infrastructure projects as part of public concessions and Public-Private Partnerships (PPPs).
• To follow, stimulate and articulate, with entities of Public Administration and International Entities, the establishment of partnerships to structure and model infrastructure projects to verify their feasibility.
8
Fostering and Structuring
Project Development Division
Government
Creation of Project Development Division
• BNDES´s Project Development Divison is responsible for structuring
projects of public concessions and PPPs for Federal Government,
states and municipalities;
• The activity called Project Structuring is meant to be prior to project
deployment and must not be confused with the traditional activity of
BNDES financing to ventures.
Financing
Infrastructure and Social Divisions
Concessionaire
PPP Contract Investment and
service provision
Bidding process
Technical studies and bidding documents
9
Project Structuring : Good Practices on Governance
Absence of Conflict
of Interests
Funding
The studies are
funded with a
success fee paid by
the auction’s winner
Structuring company does not have
interest on participating in the auction
Effective participation beyond the development of feasibility studies
Supporting Procurement Procedure
Stage
Participation in Tender Documents
Preparing and Procurement
Procedure Stage
Align the incentives of the
Government and structuring
company
10
Mechanisms of Projects Structuring
Brazilian PSP Development Program
Project Structuring Fund
(FEP)
Brazilian Project Structuring Company
11
• BNDES´s statutory fund of budget applications.
• Objective: To fund studies and researches aimed at guiding public policy,
identifying and developing projects that can provide structuring
investments.
Sector knowledge
Regulatory framework
New and better projects
• Studies:
Exploration and production of Oil & Gas – concluded
Aviation Sector Study – concluded
Restructuring of INFRAERO – concluded
Bioceanic Railway Corridor – concluded
Port Sector Study – concluded
Urban Mobility (Florianópolis) – in progress
Project Structuring Fund (FEP)
12
Fund managed by IFC with resources from multilateral
organizations (IFC and IDB) and BNDESPAR.
• Objective: Focus on innovative projects, involving long-term
contracts, in sectors where the private sector is absent, and
development in new institutional and business environments.
Brazil PSP Development Program
49.96% 16.92%
33.12%
13
Brazil PSP Project Portfolio
BH Basic Health Units (MG)
Forest Concessions – Itaituba I e II (PA)
Suburban Hospital (BA)
Image Diagnostics Center (BA)
Airports Concessions – Confins (MG)
BH Elementary and Infant-school Education (MG)
Airports Concessions – Galeão (RJ)
BA-093 Highway (BA) 14
15
TRADITIONAL INFRASTRUCTURE:
Highways, airports, ports,
public transportation, sewage.
SOCIAL INFRASTRUCTURE:
hospitals, schools and infant-schools.
Brazilian Project Structuring Company (EBP)
• Development of Infrastructure Projects:
• In Partnership with government
• PPPs and Concession Contracts
• Allying public interest and attractiveness
for private investors
• With agility and flexibility of private sector
Brazilian Project Structuring Company (EBP)
• Partners: Banco do Brasil, Banco Espírito Santo, Banco Santander, Banco Votorantim,
BNDESPAR, Bradesco, Citibank, Itaú/Unibanco and HSBC.
• Development of infrastructure projects of public interest and attractive to private investors.
• Projects Portfolio
Ongoing Projects
• Lease of 159 port terminals in Brazilian public ports;
• SP Shopping Circuit;
• SP Parking;
• BH Parking.
• AP-5 Rio Sanitation: contract signed on
January 25, 2012;
• BH Metropolitan Hospital: contract signed
on March 28, 2012;
• BHBus Integration Terminals: contract
signed on March 19, 2012;
• Concession of Airports - contracts signed
for GRU, BSA and VCP - June 2012 and
GIG and CNF: auction date Nov. 22,2013.
• COPASA: contract signed Dec 20, 2013;
• Vitória/ES Sanitation: auction date Oct.
10, 2013;
Concluded Projects
16
PPPs Projects
Mechanisms to structure PPP projects in Brazil
Solicited x Unsolicited Proposals
18
Solicited Proposals
Feasibility Studies
Unsolicited Proposals
Government Initiative Private Initiative
Government structures the
project and then open a
request for proposal.
Project is structured by
private market, government
analyze and then open a
request for proposal.
Planning Project Preparation Project Procurement
(BNDES FEP, PSP and EBP model)
Brazilian Model
Planning Project Preparation Project Procurement
No central
Planning. Pipeline and
priorities are
not clearly
defined.
Governments have low technical capacity
and difficulties to hire independent advisors
in order to develop feasibility studies.
Projects are prepared by potential bidders.
There is no limitation of participants.
Costs are reimbursed if studies are
selected and only if the tender is successful.
Ideal Model: Independent consultancy firms
structuring projects without conflict of
interest. However, market is too risky for
them as they compete with potential bidders
(sunk costs).
Restricted
procedure (pre
qualification rules).
Negotiation is not
allowed.
Clarification
process during
Public Consultation
period.
Unsolicited Proposals (USPs) Competitive Bidding
Solicited Proposals
Government using Public Procurement (8.666 Law)
PSP (IFC+BNDES+BID) and EBP 19
Project Development Division - Results (Solicited Proposals)
20
Total Projects Estimated capex Success Rate*
37 R$ 66 Billions 72%
*Success Rate = Concluded / (Structuring+3yrs + Concluded + Suspended)
Project Development Division - Projects Summary
21
AEP Project
(average)
Number of Proposals Duration
5 1,6
Conclusions:
• Projects had a good level of competition
• Projects were structured in a short period
• There are lessons to learn with projects in municipalities
USPs Success Rate in States
22
Difficulties in concluding USPs Projects and Lack of Competition
Source: PMI nos Estados, PPP Brasil, 2013
Year Total Projects Public
consultation
Procurement
stage
Contract
signed Success Rate
2011 25 13 (52%) 7 (28%) 5 20%
2012 39 6 (15%) 1 (2,5%) 1 2,5%
Total 64 19 8 6 9,4%
All of them had only 1 proposal
at the auction
Maracanã Stadium PPP
23 Source: World Bank (2014). Unsolicited Proposals – An Exception to Public Initiation of Infrastructure PPPs.
Low success rate:
Developing countries – USPs experience
PPPs Projects
Main USP Problems
Analysis – USPs Problems
25
Lack of Government’s
Technical Capacity
Lack of
Competition
Low Success Rate
USP is the main model to structure PPP projects in Brazil and is facing the
following problems:
Lack of Planning
Conflict of Interests and Lack of Transparency are present in Brazil and in other
countries that use Unsolicited Proposals
Source: Hodges, J; Deallacha,G. Unsolicited Infrastructure Proposals, 2007
Difficulties on Hiring
External Advisors
Project
structured
by private
market
PPPs Projects
What are the proposed improvements to unsolicited proposals in Brazil?
Planning for the Future
27
Mid/Long-term Governments Structuring Projects :
In Brazil, projects are being structured by potential bidders due to
governments lack of technical capacity and legal difficulties to hire advisors.
Taking this in consideration there are two big areas for improvement:
• Improving the mechanisms to hire advisors
• Institutional strengthening and capacity building
Short-term Change the regulation of PMIs:
• Create a PMI restricted for independent advisors without conflicts of
interest. Thus, the participation of potential bidders would be
prohibited.
• Competition for the right to develop studies and exclusivity on
developing them.
Ongoing Projects
Port Leases Program
Blocks and # of leases
(Total of 159)
Block 1 – 52
(Santos & ports from Pará)
Block 2 – 39
(Paranaguá & Salvador/Aratu)
Block 3 – 36
(Suape, Itaqui & ports from N
e NE)
Block 4 – 32
(Vitória, Rio, Itaguaí. Itajaí,
Rio Grande & S. F. do Sul)
25 public ports
2 Port concessions
30
BR-116 MG Highway
• Location: BR-116 from the
BA/MG border to the MG/RJ
border, extending 817 km;
• Concession for 30 years of
operation, maintenance, and
expansion of capacity;
• Granted by the federal
government (ANTT);
• Concessionaire Investment:
US$ 3.0 billion (over 30 years);
• Studies conducted by
BNDES/EBP.
31
Parking Areas in BH
• Project: Concession to construct
underground parking lots in
downtown BH;
• The current parking spaces on the
streets (Blue Lane) will be transferred
to underground parking lots;
• Amount of the investment: US$ 99.5
MM;
• BNDES/EBP studies in partnership;
Parking Lots Capacity
(1) Praça Sete – Tupinambás 397
(2) Hospitalar 748
(3) Savassi Leste – Paraíba 400
(4) Álvares Cabral 358
(5) Barro Preto 421
Total 2.324 32
Parking Areas in SP
• Project: Phase 1: common concession for the construction, maintenance, and operation of 2 parking lots in downtown São Paulo;
• Phase 2: recommendations to re-qualify the parking policy in the city of São Paulo and the concession of 10 additional parking lots;
• Location: São Paulo, SP;
• Creation of new spaces in Phase 1 to meet demand and prioritize the creation of spaces under the park & ride model in Phase 2;
• Amount of the investment: approximately US$ 65 MM on Phase 1 and US$ 200 MM on Phase 2;
• BNDES/EBP studies in partnership;
• Current status:
• Phase 1: documents waiting publication;
• Phase 2: studies delivered.
• Concluding discussions on policy guidelines for parking lots.
Area under study
33
SP Shopping Circuit
• Project: Concession for the construction, maintenance, and operation of the popular shopping center, shopper support center, drivers and guides, circular transportation of passengers and cargo, bus terminal, parking for busses and automobiles, hotel and commercial towers;
• Location: Downtown São Paulo, SP;
• Daily flow of 523,000 shopping tourists; 21,000 of which are from other cities and states;
• Amount of the investment : US$ 155 MM;
• BNDES/EBP studies in partnership;
Map of the logistics circuit and functions of
the project
Bom Retiro
Brás
Sé
Santa Ifigênia
Bom Retiro
Brás
Sé
Santa Ifigênia
Parking
Popular Shopping Center
Support centers
Buses to transport
passengers and baggage 34
• Concession allows:
Wood production;
Use of waste wood;
• Concession does not allow:
Access to genetic assets;
Use of water resources above the legally permitted limits;
Exploitation of mineral resources;
Exploitation of fishing resources or wildlife;
Commercialization of carbon credits;
Exploitation of traditional products used or exploited by local communirties for their living.
• > 70% of the Amazon region are public
areas;
• 240 Mha are public forests, 24 Mha
(59.3 M acres) of which are exempt of
any legal restriction for concession;
• FLONAs under study: Itaituba I e II;
• BNDES/IFC studies in partnership;
Forest Concession: sustainable management
35
Concluded Projects
BH Basic Health Units
• Scope: construction, renovation, and management/operation of non-clinical services in the basic BH health network;
• Works: reconstruction of 61 (sixty one) and construction of 19 (nineteen) new Health Centers; construction of 1 Central Sterile Material and 1 Diagnosis Support Unit;
• Services: cleaning, building maintenance, maintenance of equipment and furniture, concierge, and surveillance.
• Estimated Amount of Investment: US$ 130 million;
• BNDES/IFC studies in partnership;
• Notice and its attachments are awaiting publication to start the bidding process.
37
• Scope: Deploying of Network SERVICES BIOIMAGEM, hierarchical as the complexity of care, linked by resources of TELEMEDICINE AND INFORMATION SYSTEMS, covering the following tests:
• conventional radiology
• mammography
• computed tomography
• magnetic ressonance
• Adequacy of infrastructure of 27 units, and the construction of a central reports;
• BNDES/EBP studies in partnership;
Image Diagnosis Center - BA
38
BR-101 BA/ES Highway
• Location: BR-101 Highway from
the junction with the BA698
Highway (access to Mucuri, BA)
to the border between ES/RJ,
extending 476 km;
• Concession for 25 years of
operation, maintenance, and
expansion of capacity;
• Granted by the federal
government (ANTT);
• Concessionaire Investment: US$
1.4 billion (over 25 years);
• Auction held on January 18, 2012
(discount in the toll rate of 45%);
• BNDES/EBP studies in
partnership. 39
BR-040 DF/MG Highway
• Location: BR-040 from the
Federal District to Juiz de Fora
(MG), extending 937 km;
• Concession for 30 years of
operation, maintenance, and
expansion of capacity;
• Granted by the federal
government (ANTT);
• Concessionaire Investment:
US$ 3.3 billion (over 30 years);
• Auction date: December 27,
2013;
• Studies conducted by
BNDES/EBP.
40
1
2
3
4
5
6
Highway Concessions
Highway Extension
1 BR-050 GO/MG 437 km
2 BR-163 MT 851 km
3 BR-163 MS 847 km
4 BR-060 BR-153 BR-262
DF/GO/MG 1.177 km
5 BR-040
DF/GO/MG 937 km
6 BR-153 TO/GO 625 km
TOTAL 4.873km
• 6 Concessions for 30 years of operation,
maintenance, and expansion of capacity;
• Granted by the federal government (ANTT);
• Private Investment: ~US$ 13 billion;
• Studies conducted by BNDES/EBP. 41
Rio – West Zone Sanitation
• Project: concession for the construction, and operation of the sanitary waste management system of the AP-5 region of the City of Rio de Janeiro (21 districts in the West Zone);
• 1.8 million inhabitants (56% of collected waste and 4% treated);
• Goals: 80% at 10 years and 90% at 20 years (2.5 million inhabitants);
• Amount of the investment: US$ 940 MM;
• BNDES / EBP studies in partnership;
• Auction held on November 23, 2011 (premium of 8%)
• Contract signed with the Consortium of Brazil Waters and Foz of Brazil on 01/25/2012.
42
COPASA: Water supply
• Project: Concession for the
construction, maintenance, and
shared operation of the Rio Manso
Water Production System (SRM);
• SRM supplies 33% of the RMBH;
• Expansion from 4m³/s to 5m³/s;
• Amount of the investment : US$ 200
million;
• Concession period: 15 years;
• BNDES/EBP studies in partnership;
• Auction: October 2nd, 2013.
43
BA-093 Highway
• Concession of a system composed
of 6 sections of state highways,
located in metropolitan region of
Salvador, where circulates more than
50% of Bahia’s PIB;
• Extension System BA-093: 125 km;
• Awarded by the State of Bahia
(Derba / AGERBA);
• Amount of the investment: R$ 805
MM (25 years);
• BNDES/IFC studies in partnership;
• Current Status: auction held on May
3, 2010 and contract signed on
August 17, 2010.
44
Suburban Hospital
• PPP to equip, manage and deliver
health services at the hospital on
behalf of the Government;
• Location: Railroad Suburb, Salvador
(BA);
• Construction of the building of 14,000
m2 made by the State Government in
the amount of R$ 42 MM;
• Beneficiary population: 2 million
people;
• Amount of the investment: R$ 50 MM
(10 years);
• BNDES/IFC studies in partnership;
• Current Status: auction held on
February 26, 2010 and contract signed
on May 28, 2010.
45
BH Metropolitan Hospital
• Scope: Construction, maintenance
and operation
• Clinical Services are not included in
the object of the concession
• Amount of the investment: R$ 416
million;
• Concession Period: 20 years
• BNDES/EBP studies in partnership;
• Contract signed in April, 04, 2012
46
BH Elementary and Infant-school Education
• Scope: Construction and operation of
Non-Pedagogical services of 32 UMEIs
and 5 Elementary Schools;
• UMEI: 440 children (ages 0 to 5) –
Municipal Project recognized as “high
level”;
• EF: 960 students (ages 6 to 14);
• Concession period: 30 years
• Concessionaire Investment: US$ 98 MM;
• BNDES/IFC studies in partnership;
• Current Status: auction held on June 06,
2012 and contract signed on July 25,
2012.
Infant-school
Elementary School - EF 47
BH Bus Terminal
• Project: Concession to construct and
operate the new Bus Terminal (Inter-
city and inter-state arrivals and
departures);
• Location: the North Region, new
development area for the city;
• 426,000 passengers/month (2012);
• Concession period: 30 years
• Amount of the investment: US$ 36,5
million (US$ 61 million with accessory
construction);
• BNDES/EBP studies in partnership;
• Auction held on December 22, 2011
(premium of 409%).
São
Gabriel
Terminal
48
Belo Horizonte Stadium
• Scope: Refurbishment and operation
of Belo Horizonte Stadium
• Amount of the investment: R$ 677
million;
• Concession Period: 27 years
• BNDES/EBP studies in partnership;
• Contract signed in December, 21,
2010 49
S. Gonçalo do Amarante Airport (RN)
• Objective: concession of the new
international airport in Rio Grande do
Norte, 18 km from Natal;
• The current airport, Augusto Severo,
will function as an air force base;
• Pre-existing construction: the runways
and apron are being completed by
INFRAERO, through the Army
Construction Battalion;
• Investments: US$ 353 MM, including
passenger terminal, cargo, equipment,
basic infrastructure etc;
• Auction (August 22th, 2011): Highest
bid of US$ 100 MM (228% over the
initial bid of US$ 30,5 MM).
50
Guarulhos International Airport - SP
• Project: Renovation and expansion of
the Guarulhos International Airport;
• INFRAERO’s share: up to 49% of the
voting shares of the future SPE;
• Traffic in 2011: 26.7 million pax;
• Estimated traffic in 2031: 54 million pax;
• Period of concession: 20 years;
• Estimated investment: US$ 3,7 bn;
• BNDES/EBP studies in partnership;
• Auction held in February 6, 2012;
• Winning bid - 376% premium. 51
Brasília International Airport (DF)
• Project: Renovation and expansion of
the Brasília International Airport;
• INFRAERO’s share: up to 49% of the
voting shares of the future SPE;
• Traffic in 2011: 15.4 million pax;
• Estimated traffic in 2036: 51 million pax;
• Period of concession: 25 years;
• Estimated investment: US$ 2,1 bn;
• BNDES/EBP studies in partnership;
• Auction held in February 6, 2012;
• Winning bid - 673% premium. 52
Campinas Airport (SP)
• Project: Renovation and expansion of
the Campinas Airport (Viracopos);
• INFRAERO’s share: up to 49% of the
voting shares of the future SPE;
• Traffic in 2011: 7.5 million pax;
• Estimated traffic in 2041: 90 million pax;
• Period of concession: 30 year;
• Estimated investment: US$ 6.8 bn;
• BNDES/EBP studies in partnership;
• Auction held in February 6, 2012;
• Winning bid - 159% premium. 53
• Concession period: 25 years
• Estimated capex: R$ 5 bi
• 2012 traffic: 17,5 million annual passengers (MAP)
• 4,3 MAP – international passengers
• 11,2 MAP – domestic passengers
• Domestic traffic grew at a CAGR of 13 % in the last 5 years
• International traffic grew at a CAGR of 17% in 2012
• Estimated traffic for 2038: 60,3 MAP (19% international)
• Auction date: November 27nd 2013
Galeão International Airport (RJ)
54
• Concession period: 30 years
• Estimated capex: R$ 3 bi
• Traffic in 2012: 10,4 million annual
passengers (MAP)
• 0,4 MAP – international passengers
• 10 MAP – domestic passengers
• Traffic grew at a CAGR of 13% in the
last 3 years
• Estimated traffic for 2043: 43,3 MAP
(~10% international)
• Auction date: November 27nd 2013
Confins International Airport (MG)
ES Sanitation
• Scope: Administrative Concession for the expansion, maintenance and operation of a sewage system;
• Concession term: 30 years, with possibility of a 5 years extension;
• Location: Serra / ES;
• Pop.: 409,000 inhabitants;
• Sewage coverage and client adherence:
• Current 50% with 60% of adherence;
• Target: 90% coverage at the end of
the 20th year, with 95% of clients
connected;
• Estimated Investment: US$ 175 MM;
• BNDES / EBP studies in partnership;
• Auction date: October, 10th , 2013
Sewage system in
Espírito Santo
Espirito Santo area: 46,184 sq.km
Denmark area : 43,098 sq. Km
Serra area : 553.25 sq. km 56
57
Terms of reference
for studies
Invitation for
studies
Studies delivery to
government
Studies analysis Publication of PMI
results
Final preparation of
the bidding
documents
Public consultation Project
adjustments Publication of
bidding documents
Auction Contract Signature
Studies elaboration
by participants
Studies selection
Brazilian Model – Unsolicited Proposals (USPs)
Stage 1:
Invitation for
Studies
Stage 2:
Before
launching
tender
Stage 3:
Project
Procurement
(Bidding
Process)
Project Preparation
Annual Disbursements (R$ X US$)
58