Latin Finance - March/April 2011 - 87

Andean colombia infrastructure

river and railway projects, and aims to improve transparency of concessions. INCO has come under heavy criticism after members of the organisation were accused of bribery in 2009, during the tendering process of the Ferroviario Central railway system, one of the country’s largest railway projects. The incident forced the government to remove several employees, including former director Álvaro José Soto. “Inco was conceived as a good idea but it developed badly,” Colombia’s deputy minister of infrastructure, María Constanza García, tells LatinFinance. According to García, the new concession authority will be modeled on Colombia’s hydrocarbons regulator ANH, which is considered to have a stronger regulatory framework, and has been more successful in securing investment.

Corruption Reputation

Colombian lawyers welcome the changes. “The recipe has been good in the hydrocarbons sector: a good legal framework, good supervision and good internal governance,” says Umaña. “We don’t need to invent the wheel, we can copy the experience of the hydrocarbons sector.” But tackling problems in Colombian infrastructure will not be easy. Divided by the Andes mountain range, coastal lowlands and thick Amazonian jungle, roads, railroad tracks and pipelines frequently have to cut through rock or dense forest.

“Too often the terrain is not studied carefully, and there are many cases of roads that were fixed in 2008 that are now falling apart,” says the managing director of Chilean broker Celfin Capital’s Colombia unit, Rupert Stebbings. He notes the collapse of a section of the Medellin highway, Las Palmas, which was shut after heavy landslides in November. “Las Palmas has been riddled with problems,” says Stebbings. “After three years there are still teams of people working on controlling the water that flows through underground rivers, and one of the most recently completed sections collapsed after less than two years.” Colombian contractors and politicians have a reputation both at home and abroad for a culture of cutting corners and corruption – a problem which is attributed to poor government regulation. One of the most recent corruption scandals involved Bogotá mayor Samuel Moreno over the fraudulent granting of public works contracts in October 2010. “The big corruption cases are associated with infrastructure – that was a major concern of our limited partners, which are the local pension funds” says Julio Torres, managing partner at Bogotá-based asset management firm Nexus Capital Partners, which manages 104 billion pesos. “When you are a Spanish, US or UK company that has shares recorded on the London Stock Exchange, you don’t want your company involved in scandals down in South America,” adds Umaña.

March/April 2011

LatinFinance 87



Latin Finance - March/April 2011

Table of Contents for the Digital Edition of Latin Finance - March/April 2011

Latin Finance - March/April 2011
Contents
The Argentine Comeback
Argentina Commodity Investment
Man of the Year
Central America-China
Finance Minister Scorecards
Apax Profile
Chile Retail Sector
Innovations in Infrastructure Finance
New Rules for Corporate Debt Buyers
Inside the Creaking Airport Sector
Mortgage Market Needs Facelift
Violence Weighs on GDP
Latin Finance - March/April 2011 - Latin Finance - March/April 2011
Latin Finance - March/April 2011 - Cover2
Latin Finance - March/April 2011 - 1
Latin Finance - March/April 2011 - Contents
Latin Finance - March/April 2011 - 3
Latin Finance - March/April 2011 - 4
Latin Finance - March/April 2011 - 5
Latin Finance - March/April 2011 - 6
Latin Finance - March/April 2011 - 7
Latin Finance - March/April 2011 - 8
Latin Finance - March/April 2011 - 9
Latin Finance - March/April 2011 - 10
Latin Finance - March/April 2011 - 11
Latin Finance - March/April 2011 - 12
Latin Finance - March/April 2011 - 13
Latin Finance - March/April 2011 - The Argentine Comeback
Latin Finance - March/April 2011 - 15
Latin Finance - March/April 2011 - 16
Latin Finance - March/April 2011 - 17
Latin Finance - March/April 2011 - 18
Latin Finance - March/April 2011 - 19
Latin Finance - March/April 2011 - 20
Latin Finance - March/April 2011 - 21
Latin Finance - March/April 2011 - 22
Latin Finance - March/April 2011 - 23
Latin Finance - March/April 2011 - Argentina Commodity Investment
Latin Finance - March/April 2011 - 25
Latin Finance - March/April 2011 - 26
Latin Finance - March/April 2011 - 27
Latin Finance - March/April 2011 - Man of the Year
Latin Finance - March/April 2011 - 29
Latin Finance - March/April 2011 - 30
Latin Finance - March/April 2011 - Central America-China
Latin Finance - March/April 2011 - 32
Latin Finance - March/April 2011 - 33
Latin Finance - March/April 2011 - 34
Latin Finance - March/April 2011 - 35
Latin Finance - March/April 2011 - 36
Latin Finance - March/April 2011 - Finance Minister Scorecards
Latin Finance - March/April 2011 - 38
Latin Finance - March/April 2011 - 39
Latin Finance - March/April 2011 - Apax Profile
Latin Finance - March/April 2011 - 41
Latin Finance - March/April 2011 - 42
Latin Finance - March/April 2011 - 43
Latin Finance - March/April 2011 - 44
Latin Finance - March/April 2011 - 45
Latin Finance - March/April 2011 - 46
Latin Finance - March/April 2011 - 47
Latin Finance - March/April 2011 - 48
Latin Finance - March/April 2011 - 49
Latin Finance - March/April 2011 - Chile Retail Sector
Latin Finance - March/April 2011 - 51
Latin Finance - March/April 2011 - 52
Latin Finance - March/April 2011 - 53
Latin Finance - March/April 2011 - 54
Latin Finance - March/April 2011 - Innovations in Infrastructure Finance
Latin Finance - March/April 2011 - 56
Latin Finance - March/April 2011 - 57
Latin Finance - March/April 2011 - 58
Latin Finance - March/April 2011 - 59
Latin Finance - March/April 2011 - New Rules for Corporate Debt Buyers
Latin Finance - March/April 2011 - 61
Latin Finance - March/April 2011 - 62
Latin Finance - March/April 2011 - 63
Latin Finance - March/April 2011 - 64
Latin Finance - March/April 2011 - 65
Latin Finance - March/April 2011 - Inside the Creaking Airport Sector
Latin Finance - March/April 2011 - 67
Latin Finance - March/April 2011 - 68
Latin Finance - March/April 2011 - 69
Latin Finance - March/April 2011 - 70
Latin Finance - March/April 2011 - 71
Latin Finance - March/April 2011 - 72
Latin Finance - March/April 2011 - Mortgage Market Needs Facelift
Latin Finance - March/April 2011 - 74
Latin Finance - March/April 2011 - 75
Latin Finance - March/April 2011 - Violence Weighs on GDP
Latin Finance - March/April 2011 - 77
Latin Finance - March/April 2011 - 78
Latin Finance - March/April 2011 - 79
Latin Finance - March/April 2011 - 80
Latin Finance - March/April 2011 - 81
Latin Finance - March/April 2011 - 82
Latin Finance - March/April 2011 - 83
Latin Finance - March/April 2011 - 84
Latin Finance - March/April 2011 - 85
Latin Finance - March/April 2011 - 86
Latin Finance - March/April 2011 - 87
Latin Finance - March/April 2011 - 88
Latin Finance - March/April 2011 - Cover3
Latin Finance - March/April 2011 - Cover4
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