Brazil: A Country of Opportunities - MINISTRY OF Minister of Infrastructure - camara espanhola
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MINISTRY OF INFRASTRUCTURE Brazil: A Country of Opportunities Minister of Infrastructure
WHY INVEST IN BRAZIL
Country Size
8,511,965 km2
5th largest country in the world
Largest Consumer Market in Latin America
World’s 9th largest economy
2
W HY INVEST
Brasil IN BRAZIL
– A oportunidadePAST SCENARIO
4NATIONAL SCENARIO
IPCA – National-Wide Consumer Price Index (%) Brazil Interest Rates (%)
8
7
6
5
4
3
2
1
0
12/2017 - 08/2019 - 03/2018 - 02/2018 - 09/2019
02/2018 09/2019 07/2019 03/2018
Meta SELIC (a.a.%) Taxa SELIC (a.a%)
Unemployment Rate - 2018 to 2019 (%) GDP Growth Goals (%)
2,5
2,0
0,87
2019 2020 2021 5INFRASTRUCTURE AS GDP INDUCER AND JOB GENERATOR
Total Jobs (Reference Scenario) Total Jobs (Transformation Scenario)
10.000.000 10.000.000 9.158.512
9.000.000 9.000.000
8.000.000 8.000.000
7.000.000 7.000.000
6.000.000 6.000.000
5.000.000 5.000.000
2.492.071
4.000.000 4.000.000
3.000.000 3.000.000 324.764
2.000.000 506.902 1.205.872
2.000.000
324.764
1.000.000 1.000.000
0 0
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
2038
2039
2040
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
2038
2039
2040
5
4,5 4,4 4,3
4 4,1 4,1
3,8 3,7
3,5 3,5 3,5
3,3
(percentage)
3 3,1 3,1 3,1 3,1 3 3
2,8 2,9 2,8 2,8
2,7 2,6
2,5 2,5 2,5 2,5
2,3
2 2 2,1
1,9 1,9 1,8 1,7
1,5 1,5
GDP
1,4 1,4 1,3 1,2 1,1
1 1 0,9 0,9
0,5
0
2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040
Cenário Referência Cenário com Choque de Investimento
Source: Brazilian Ministry of Economy 6OVERCOMING THE CHALLENGES – MACRO SCENARIO
New General Law for Federal “Economic Infrastructure
State-Owned Administration Freedom Law” Debenture (Bonds)
Companies Reform • Less bureaucracy for Law
small businesses and low
• Improves management • Less Ministries/ • More attractive for
regulation for investment
and compliance Departments = Less institutional and foreign
funds
bureaucracy investors
• 36% decrease on • Stronger, autonomous • USD $250 billion in • Simplification
labor lawsuits agencies budget savings and tax
• Less political burden
interference reduction
Labor Law New General Law of Social Security Tax Law
Reform Regulatory Agencies reform reform
7HOW WILL WE ACHIEVE THE RESULTS?
8. Execution capacity and
achieviments
Governance
and
predictability 7. Planning capability
6. RAILWAY PROJECT
AUTHORIZATIONS
Regulatory
Evolution
5. Cabotage Policy
4. CURRENCY HEDGING MECHANISM
3. GREEN PROJECTS AND CLEAR RISK
MATRIX
Government
Engagement 2. New BNDES role
1. History of legal certainty
8STRENGTHENED LEGAL CERTAINTY
Arbitration Decree
Maximum of 24 months for conflict
resolution
1
Reversible asset calculation
methodology
5 2 New Agency law
Clear Rule included in contracts
• More legal certainty,
transparency, publicity and
better governance;
• independence required for
regulatory and anti-corruption
Clearer risk assessment 4 3 activity (avoids agent capture);
Risks allocated to the entities • standardized decision making;
that can best manage them
.
Rebidding Decree
Possibility of Friendly Return and
Rebidding
9VARIABLE CONCESSION FEE | FX PROTECTION MECHANISM
• Sharing FX risk Applicability • Monthly calculation
Variable concession fee
• Protection limited to and annual adjustment
6% gross revenue the 6% of gross • Financing signed in the • Compensation on
revenue first 5 years semiannual or annual
• Voluntary activated • Principal amount amortization payment
FX Protection • Financing related to
Mechanism reversible assets/
upfront concession fee
Objective • Tenor of 15 years
Compensation
5-year/extraordinary
revisions
Legal change: Swap available for PPI-identified priority projects and the related hedge mechanism and
will have a different tax treatment.
10GREEN PROJECTS AND ENVIRONMENTAL RISKS
Climate Risks
Certified Risk sharing in
environmental licensing
Climate Certified Bonds for challenging projects
and Green Bonds
Equator Environmental
Principles
Land use in Brazil Most projects comply Compensatory and
[VALUE] with the Equator mitigation measures
% Native Principles
vegetation ISO 14,000
[VALUE]
Explored ISO 14.001 – Ports and Highways
%
area contracts require concessionaire
certification
[VALUE] Cities,
% infrastructur
e and other
11NEW BNDES ROLE
Project
structurer/
service provider
Funding
Capital
focused on
market
infrastructure
improvement
and sanitation
12INFRASTRUCTURE DEBENTURE LAW
Incentivized debentures
currently give tax income
exemption to Brazilian individuals
and foreign investors (for titles
Tax incentive to Increase in the
issued in BRL) and a discount in debenture issuer timeframe of past
income tax to institutional to attract more covered
institutional investments from
investors. investors 24 to 60 months
Income tax
Flexibilization of exemption
rules to (withholding tax)
incentivized on incentivized
debenture funds debentures issued
in USD) More attractiveness to
institutional and foreign
investors
132019 ACHIEVEMENTS
Auctions Signing of Contracts
• 12 Airports in 3 blocks • RIS
• 13 Port Terminals • Port Terminals (BEL06,
• North-South Railroad STM05, IQI18, STS13)
• BR-364/365/GO/MG
Airports Ports Railways Highways
• Northeast: Recife/PE; João
Pessoa e Campina 13 Ports auctioned in 3 auctions • North-South Railroad • BR-364/365/GO/MG
Grande/PB; Maceió/AL;
Aracaju/SE; and Juazeiro do • 3 in Cabedelo/PB Investments: US$ 680 mi Investments: US$ 515 mi
Norte/CE • 1 in Vitória/ES Grant: US$ 677.5 mi
• Midwest (MT): Várzea • 5 in Belém/PA Original Grant: US$ 337.5 mi
Grande (Cuiabá), Alta • 1 in Vila do Conde/PA Bonus: 101%
Floresta, Rondonópolis and • 2 in Santos/SP
Sinop. • 1 in Paranaguá/PR
• Southeast: Vitória/ES and
Macaé/ RJ Investments: US$ 260 mi
Grant: US$ 204 mi | Inicial Grant-
Investments: US$ 874.5 mi |
Grant: US$ 592.5 mi
Original Grant: US$ 54.7 mi |
Bonus: 1086%
14CONCESSIONS
Ministry of
PPI / CPPI
Infrastructure Qualification PND Inclusion Modeling Approval
EPL/BNDES Agency TCU Ministry/Agency
•Project •Analysis of the •Public Notice
•Studies •Public Hearing
Selection Results of the Publication
development (Notice,
•It can be done in Contract and Public Hearing •Auction
•Feasibility partnership with Studies) and Granting Realization
studies BNDES or other Plan •Homologation
•Granting Plan
entities(IFC) or •Decision’s •Contract
•Protocol in TCU
PMI Publication signing
•PPI qualification
Studies Public TCU (Federal Bidding Public
Court of documents
Hearing Accounts)
Auction
(9-12 months) 130 days 30 days 100 days
120 days
24 months 15BRAZIL’S PARTNERS
16TOTAL PORTFOLIO PROJECTS
US$ 54.1 BILLIONS
NO PROJECT PROFIT REGULATION
Planned investments: Planned investments:
US$ 35 Bi US$ 1.0 Bi
16,516.92 km 7 terminals | 3 Privatizations + Docas
Planned investments: Planned investments:
US$ 15.52 Bi US$ 2.57 Bi (Rounds 6 and 7)
New Concessions: 1,470 km 42 Airports | Disposal of Infraero shares in
Existing Concessions : 13,637 km Guarulhos, Galeão, Confins, Brasília
17PROJECT PIPELINE
2019 2020 2021 2022
Beginning of Viracopos Studies 6th Round of Concessions: 7th Round of Concessions:
Blocks SOUTH (9), NORTH I (7) and CENTRAL (6) Blocks RJ-MG (7), NORTH II (7) and SP-MS (5)
Total 22 airports| Total US$ 1.25 Bi Total 19 airports| Total US$ 1.32 Bi
Disposal of Infraero shares in Guarulhos, Galeão, Confins and Brasília
Leasings : Privatization of CODESA, São Sebastião and
Aratu/BA (1), Itaqui/MA (4), Santos/SP (2) Organized Port of Santos and CODESP
Total 7 terminals | At least US$ 240 million Total 3 Ports| At least US$ 770 million
Concessions:
Concessions: BRs 101/SC(220,4 km) , 381/262/MG/ES(672km), 470/282/153/SC (502,10 km) 7,238.7 km Studies
BRs 364/365/MG/GO (437 km) 163/230/MT/PA(970km), 153/080/414/GO/TO 116/493/RJ/MG (CRT) (711 km), (BNDES and EPL)
(850,7 km), 040/495/MG/RJ (Concer) (211 km), Paraná Highways (4,114 km)
Total 7,238.7 km |
116/SP/RJ (Dutra) (635 km) Total: 5,327.1 km|at least
Total 437 km | Total US$ 0.52 Bi At least US$ 13.4 Bi
Total 3.559,12 km | Total US$ 8.68 Bi US$ 12.37 Bi
Renewal : Rumo MP (1.989 km), EFC (892 Renewal : FCA (7.215 km) , MRS (1.686 km) Renewal : Rumo Malha Sul (7.265 km) e
km), EFVM (895 km) Concessions: Ferrogrão (933 km), FIOL – Malha Oeste (1.945 km)
With investment in: FICO (383 km) Ilhéus – Caetité (537 km) Concessions : FICO – Água Boa – Lucas (380 km)
Total 4,159 km | At least US$ 5.7 Bi With investment in: Rio-Vitória (577 km) FIOL – Caetité – Barreiras – Figueirópolis (1.005 km)
Total 10.948 km | Total US$ 9.82 Bi Total 10.584 km | At least US$ 2.025 Bi
18
Ref: 09/26/19Airports – Project Portfolio Boa Vista
RR
AP
7th Round
Macapá North 2 Block
Belém
Santarém 6th Round
São Luis Central Block
6th Round Manaus Júlio César
North 1 Block Tefé
Altamira
Tabatinga
AM PA Teresina
Marabá MA CE
RN
Carajás Imperatriz
Cruzeiro do Sul PB
PI
Porto Velho
PE
AC TO
Rio Branco Palmas Petrolina AL
SE
RO
MT BA
GO Montes
DF
Claros
Projects: By the Numbers Goiânia
MG
US$ 2.57 Bi : Corumbá Uberlândia ES
Investments • US$ 1.24 billion – 6th Round 7th Round BH/Pampulha 7th Round
Rio de Janeiro/ Minas
• US$ 1.32 billion – 7th Round São Paulo/ Mato
Grosso do Sul Block
Campo Grande MS Uberaba Carlos
Prates
Gerais Block
RJ
46 airports: Ponta Porã Londrina
SP Jacarepaguá
• 22 airports – 6th Round Campo de
Santos Dumont
Airports • 19 airports – 7th Round PR
Marte
Congonhas
• Viracopos Foz do Curitiba (2)
Projects Iguaçu Joinville
• Disposal of Infraero (4) SC Navegantes
Existing concessions
Qualified
6th Round
7th Round
Infraero
‘’
Qualified as a study Uruguaiana
Bagé
RS
Pelotas
6th Round
South Block
19
Ref: 09/26/19Airports – Project Portfolio
TCU Bidding Public
Studies Public Hearing (Federal court of
accounts) Documents Auction
- Viracopos
1st Trim. 2020 2nd Trim. 2020
-Disposals of Infraero shares (4)
1st Trim. 2020 2nd Trim. 2020
-6th round - South Block (9)
3rd Trim. 2020 4th Trim. 2020
-6th round – North 1 Block (7)
3rd Trim. 2020 4th Trim. 2020
-6th round - Central Block (6)
3rd Trim. 2020 4th Trim. 2020
-7th round – North 2 Block (7)
1st Trim. 2022 2nd Trim. 2022
-7th round – Rio de Janeiro/Minas
Gerais Block (7) 1st Trim. 2022 2nd Trim. 2022
-7th round – São Paulo/Mato Grosso
do Sul Block (5) 1st Trim. 2022 2nd Trim. 2022
20
Ref: 09/26/19 Completed In progress To be performedPorts – Project Portfolio Port of Itaqui/MA
Liquid Bulk Terminal (IQI03)
Investiments: US$ 14.67 million
RR
AP Port of Itaqui/MA
Liquid Bulk Terminal (IQI11)
Investiments: US$ 15.92 million
Santana
Port of Itaqui/MA
Belém Liquid Bulk Terminal (IQI12)
Investiments: US$ 44.32 million
Santarém São Luis Port of Itaqui/MA
Fortaleza Liquid Bulk Terminal (IQI13)
Itaituba Açailândia Investiments: US$ 44.62 million
AM PA Macau
Marabá MA CE
Natal
RN
Carajás
Crato João Pessoa Port of Suape/PE
PB
PI Salgueiro Concession
Recife
PE Investiments: under analysis
AC Barreiros
TO Juazeiro AL Maceió
Aliança SE
do Tocantins Aracaju Port of Aratu/BA
RO
Solid Bulk Rentals Terminal (ATU12)
Sinop Alagoinhas Investiments: US$ 57.5 million
MT BA Salvador
Água Boa Caetité
Mara Rosa
Ilhéus
GO
Brasília
Rondonópolis DF Montes
Claros Port of Vitória/ES
Projects: By the Numbers Anápolis
Goiânia Pirapora
CODESA
Privatization
MG Gov. Investiments: US$ 250 million
Valadares
Corumbá Uberlândia Araguari
MS
Investiments US$ 1.0 billion Campo Estrela
Belo
Horizonte
ES
Grande d’Oeste
Vitória
Ports leasing terminals 7 Terminals Panorama
Juiz de
Fora
Pres. SP Campos
Port concession terminal 3 Ports Ponta
Porã
Epitácio Bauru
Barra Mansa
São Paulo
RJ
Rio de
Port of São Sebastião
Privatization
Cianorte Investiments: US$ 143.6 million
Janeiro
Santos
PR
Cascavel Curitiba Port of Santos CODESP
Guarapuava Paranaguá Privatization
Investiments: US$ 375 million
Porto União São Francisco do Sul
SC
Sta. Rosa Lajes Port of Santos
Projects São Borja
Imbituba LIBRA Terminals(STS14 e STS14A)
‘’
Cruz Investiments: US$ 30.22 and 32.97 million
Alta Criciúma
Qualified Uruguaiana
RS
Sta.
Porto Alegre
Under study Santana do
Maria Port of Paranaguá (PAR12)
Investiments: under analysis
Livramento
Rio Grande Port of Paranaguá (PAR32) 21
Ref: 09/26/19 Investiments: under analysisPorts – Project Portfolio
Public TCU Bidding Public
Studies Hearing (Federal court of Contract
accounts)
Documents Auction
- Port of Itaqui/MA (IQI03)
01/07/2019 1st Trim 2020 2nd Trim 2020 3rd Trim. 2020
- Port of Itaqui/MA (IQI11)
01/07/2019 1st Trim 2020 2nd Trim 2020 3rd Trim. 2020
- Port of Itaqui/MA (IQI12)
01/07/2019 1st Trim 2020 2nd Trim 2020 3rd Trim. 2020
- Porto of Itaqui/MA (IQI13)
01/07/2019 1st Trim 2020 2nd Trim 2020 3rd Trim. 2020
- Port of Santos/SP (STS14, STS14A)
1st Trim 2020 2nd Trim 2020
10/09/2019
- Port of Aratu-Candeias/BA (ATU12)
2st Trim 2020 3rd Trim. 2020
- CODESA/ES Privatization
4th Trim 2020 2nd Trim 2021
- São Sebastião/SP Privatization
1st Trim 2021 2nd Trim 2021
-Santos Organized Port and CODESP/SP
Privatization 3rd Trim 2021 4th Trim 2021
22
Ref: 09/26/19 Completed In progress To be performedHighway – Project Portfolio BR-163/230/MT/PA
RR Investiments: US$ 422,75 millions
AP Extension: 970 km
BR-153/080/414/GO/TO
Santana Investiments: US$ 1.85 billion
Extension: 850,7 km
Belém
BR-116/304/CE/RN
Santarém Extension: 533 km
Fortaleza
AM Itaituba PA BR-230/PB
MA CE Extension: 128 km
RN
Natal
Campina
Grande BR-232/PE
João Pessoa Extension: 273 km
Arco PB
PI Salgueiro Verde Recife
Porto Velho PE
AC TO BR-101/BA/SE/AL/PE/PB/RN
AL Extension: 1.835 km
BR-364/MT/RO
Aliança SE
Extension: 804 km
do Tocantins Aracaju BR-235/SE
RO Feira de
Barreiras Extension: 55,40 km
Santana
Sinop
BA BR-116/BA/PE
MT
Extension: 495 km
BR-364/060/MT/GO Comodoro
Extension: 718 km Divisa BR-020/DF/GO/BA
Alegre Extension: 587 km
GO DF Montes
Rondonópolis BR-251/MG
Anápolis Claros
BR-364/365/GO/MG Extension: 342 km
Investiments: US$ 510 millions Jataí
Itumbiara
MG Gov. BR-116/MG
Extension: 437 km Valadares Extension: 409 km
Uberlândia ES
BR-381/262/MG/ES
Projects: By the Numbers BR-452/GO MS
Belo
Horizonte
Viana Investiments: US$ 2.27 billions
Extension: 672 km
Extension: 199 km RJ
Juiz de Fora BR-116/493/RJ/MG (CRT)
SP Além Paraíba Rio de Janeiro / RJ a Gov. Valadares/MG
Investments US$ 35 bi Maringá
Londrina
São Paulo Rio de Investiments: US$ 1.97 billions
Janeiro Extension: 711 km
Guaíra Ubatuba
Highways Integrated of Paraná BR-040/495/MG/RJ (Concer)
Extension 16,561.92 Km Investiments: US$ 8.4 billions
Extension Total: 4.114 km Foz do
PR
Guarapuava
Curitiba
Juiz de Fora/MG ao Rio de Janeiro/RJ
Investiments: US$ 650 millions
Extension Federal: 2.806 km Iguaçu Extension: 211 km
Irani Navegantes
SC BR-116/465/101/SP/RJ (Dutra)
Paulo Lopes Rio de Janeiro/RJ ; São Paulo/SP
Panambi Campos e Ubatuba/SP
BR-470/282/153/SC
Novos Investiments: US$ 2.75 billions
Investiments: US$ 2 billions
Projects Extension: 635 km
‘’
Extension: 502,10 km RS Pântano São João do Sul BR-282/SC
Grande Extension: 310,30 km
Santana Porto Alegre
Existing concessions da B. Vista BR-101/SC
Camaquã Investiments: US$ 750 million
Qualified Extension: 220,42 km
BR-158/392/RS Rio Grande
Qualified as a study Extension: 321 km Jaguarão BR-116/290/RS 23
Ref: 09/26/19 Extension: 229 kmHighways – Project Portfolio
Public TCU Bidding Public
Studies (Federal court of Contract
Hearing accounts) Documents Auction
- BR-364/365/GO/MG
05/08/2017 12/14/2017 05/24/2019 06/05/2019 09/27/2019 4th Trim 2019
- BR-101/SC
09/21/2018 09/23/2019 4th Trim. 2019 1st Trim. 2020 2nd Trim. 2020
05/10/2019
-BR-381/262/MG/ES
07/17/2019 2nd Trim. 2020 3rd Trim. 2020 4th Trim. 2020
- BR-153/080/414/GO/TO
07/31/2019 2nd Trim. 2020 3rd Trim. 2020 4th Trim. 2020
- BR-163/230/MT/PA
08/28/2019 2nd Trim. 2020 3rd Trim. 2020 4th Trim. 2020
- BR-040/495/MG/RJ (Concer)
3rd Trim. 2020 4th Trim 2020 1st Trim 2021
- BR-116/465/101/SP/RJ (Dutra)
3rd Trim. 2020 4th Trim. 2020 1st Trim. 2021
- BR-116/493/RJ/MG (CRT)
3rd Trim. 2020 1st Trim. 2021 2nd Trim. 2021
- BR-470/282/153/SC
4th Trim. 2020 1st Trim. 2021 2nd Trim. 2021
- Highways Integrated of Paraná
2nd Trim. 2021 3rd Trim 2021 4th Trim 2021
- Highways 7.200 km
2nd Trim. 2022 3rd Trim. 2022 4th Trim. 2022
24
Ref: 09/26/19 Completed In progress To be performedRailways – Project Portfolio EF-170 – Ferrogrão
RR Investiments: US$ 3.17 billion
AP Extension: 933 km
Santana
Contract Extension EFC
Projects: by the Numbers Belém
Extension: 892 km
São Luis
US$ 15.52 bi: Santarém
Fortaleza
Investments • new – US$ 4 bi Itaituba Açailândia
AM PA Macau
• renew – US$ 11.52 bi Marabá MA CE
RN Natal
15,107 Km: Carajás
Total Crato João Pessoa
• new - 1,470 km PB
extension PI Salgueiro Recife
• renew – 13,637 km AC
PE
Barreiros
TO Juazeiro AL Maceió
Aliança SE
do Tocantins Aracaju
RO
Central-West
AC Integration Railway West-East Integration Railway
Sinop Alagoinhas
(FICO) (FIOL) – EF – 334
Investiments: US$ 682,5 million BA Investiments: US$ 825 millions
MT Salvador
Extension: 383 km Extension: 537 km
Mara Rosa Caetité
Água Boa Ilhéus
GO
Brasília
DF Montes
Rondonópolis Anápolis Claros
Projects Goiânia Pirapora
Contract Extension FCA
MG Gov. Extension: 7.215 km
Existing concessions Corumbá MS
Uberlândia Araguari
Valadares
ES
Belo
Qualified Campo
Grande
Estrela
d’Oeste
Horizonte
Vitória
Juiz de Contract Extension Vitória Minas (EFVM)
Main Ports Panorama
Pres.
Fora Extension: 895 km
SP Campos
Barra Mansa RJ
‘’
Ponta Epitácio Bauru
Qualified for Extension: Porã
Cianorte São Paulo Rio de
Janeiro
Santos
Concessionaires Cross Investment Cascavel
PR
Curitiba
Ferrovia Rio-Vitória
Extension: 577 km
Guarapuava Paranaguá
EFVM FICO Porto União
SC
São Francisco do Sul
FCA Rio Vitória Sta. Rosa Lajes
Imbituba
São Borja
MRS Cruz
Criciúma
RS Alta
RMP Uruguaiana
Sta. Contract Extension MRS
Porto Alegre Logística S.A.
EFC Santana do
Maria
Extension: 1.686 km
Livramento
Rio Grande Contract Extension Rumo Malha
Paulista 25
Ref: 09/26/19 Extension: 1.989 kmRailways – Project Portfolio
TCU Bidding
Studies Public Hearing Auction
(Federal Court of Documents
Accounts)
-EF-170 – Ferrogrão
05/19/2017 2nd Trim.2019 3rd Trim.2020
-EF-334 – FIOL
08/29/2018 1st Trim.2020 2nd Trim.2020
TCU
Studies Public Hearing Legal Subscription of
(Federal Court of
Accounts) Opinion the Addendum
-Contract Extension Malha Paulista
12/12/2016 10/12/2018 4th Trim.2019
-Contract Extension Carajás (EFC)
08/08/2018 4th Trim.2019
07/01/2019
-Contract Extension Vitória-Minas (EFVM)
08/08/2018 4th Trim.2019
07/01/2019
-Contract Extension MRS
06/13/2018 2nd Trim.2020
-Contract Extension FCA
2nd Trim.2020
26
Ref: 09/26/19 Completed In progress To be performedTHANK YOU
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