2008年-世界发展银行全球_Investment_Commitments_in_Latin_America_and_the_Caribbean_Increased_in_2007_9页_454kb

Summary of Investment Commitments in Latin America and the Caribbean in 2007

Core Content

In 2007, investment commitments in infrastructure projects with private participation in Latin America and the Caribbean increased by 28% to US$38.3 billion, representing 24% of the total investment commitments in developing countries. This growth was primarily driven by previously implemented projects, which accounted for US$22.3 billion, while 46 new projects added US$16 billion. The total investment in physical assets was US$32.5 billion, which is 22% below the peak level of 1998 when excluding government payments such as divestiture revenues and fees.

Main Views and Key Information

Regional Investment Distribution

• Brazil and Mexico were the main recipients of private investment, accounting for 42% and 26% of the total, respectively.
• Brazil had 9 of the 46 new projects, with previously implemented projects contributing US$10.9 billion of the total US$15.9 billion in investment.
• Mexico had 14 new projects, with new projects contributing US$6.8 billion out of the total US$9.9 billion in investment.
• Other significant contributors included Colombia, Argentina, and Peru, each accounting for around 6% of the total investment.

Project Types

• Greenfield projects were the most common, representing 39% of investment and 29 of the 46 new projects.
• Divestitures accounted for 36% of investment, mainly due to investments in previously divested companies.
• Concessions (BROT and ROT) accounted for 25% of investment and 15 new projects.

Sector-wise Investment

• Telecommunications received the largest share of investment at 41%, with most going to previously implemented projects totaling US$15.5 billion.
• Transport saw a significant increase, almost doubling compared to 2006, reaching a level close to that of 1997-98.
• Energy investment reached US$10.1 billion, the highest since 2001.
• Water and sewerage received only US$0.5 billion in new investment.

Concluded Projects

• Two projects were concluded in 2007:
  • A 14-year BOT wastewater project in Cuernavaca, Mexico, which began in 1993.
  • A 13-year concession for the Montevideo-Punta del Este Toll Road in Uruguay, granted in 1994.

Potential Projects

• At least 36 projects were awarded in 2007 but did not reach financial or contractual closure.
• These included:
  • Energy: 13 projects, such as hydropower and wind farms in Brazil, Costa Rica, Mexico, Nicaragua, and Panama.
  • Telecommunications: 2 projects, both in Honduras and Suriname.
  • Transport: 15 road projects, 3 seaports, and 2 airports across multiple countries.
  • Water and sewerage: 1 project in Brazil.

Canceled and Distressed Projects

• 11 projects were canceled or became distressed in 2007, bringing the total number of such projects in the region to 117 since 1990.
• Energy had the most affected projects: 2 were canceled, 1 became distressed, and 2 left distressed status.
• Telecommunications saw 1 project canceled: the nationalization of Compania Anonima Nacional de Telefonos de Venezuela.
• Transport had 5 projects canceled, including two railway concessions in Argentina, one in Guatemala, one in Mexico, and one in Peru.
• Water and sewerage had 1 project canceled and 1 that became distressed in Bolivia.

Key Statistics

• Total investment commitments: US$38.3 billion
• Growth rate: 28%
• Physical assets investment: US$32.5 billion
• Investment in 2007 compared to 1998 peak: 44%
• Number of new projects: 46
• Number of potential projects: 36
• Number of canceled or distressed projects: 11
• Total number of canceled or distressed projects since 1990: 117

Conclusion

Despite a 28% increase in investment commitments in 2007, the region's investment levels remained below historical peaks. The majority of investment came from previously implemented projects, with Greenfield projects and divestitures being the dominant types. Brazil and Mexico led in attracting private investment, with energy and transport sectors showing the most significant growth. However, several projects faced cancellation or distress due to various challenges, highlighting the risks and complexities associated with private infrastructure participation in the region.