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Innovative Financing Schemes for Urban Transport Projects in India

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Latin America : Innovative financing schemes for urban transport projects in India

Arnaud Dauphin
Lead Urban Transport specialist

Urban Mobility India
New Delhi, November 2015

1

AFD, the French Development Bank

 70 countries
 India since 2006

 8 billion € commitment /year
 300-400 million € /year

 1 billion € for transport /year
 Bangalore, Kochi, Nagpur metros

2

BRAZIL : Salvador de Bahia
Metro Line 1 and 2

3

Brazil : Salvador de Bahia – Project map

Population : 4,4 M inhab. Length : 33,4 km 19 stations Commissioning: 2015 – 2020 Ridership: 500 000 pax/day -2016

4

Brazil : Salvador de Bahia – Main features

Owner

Federative State of Bahia

Scope

Greenfield - Brownfield project : 2 metro lines, 33,4km, 19 stations and passenger transfer terminals US$ 1 bln (6605 Kr)

Investments cost Public funding

$620 M – 3945 Kr (64%)

Private financing IFI’s Involvement

$380 M - 2660 Kr (36%) No but on going discussion with AFD for LRT rehabilitation

Project structuring Contractor

PPP – DBFOM CCR metro Bahia (Camargo Correa group)

Construction schedule 42 months

Operation 30 years (but operation in 9 months)

5

Brazil : Salvador de Bahia – financial mechanisms

 International bidding process  Fixed amount of public financing disbursed on milestonebased payment during the construction (8 milestones)
 A minimum ridership threshold is guaranteed by the Owner in the tender docs (500 000 px/day)
 Bid evaluation based on the level of remuneration requested by the concessionaire to balance the project
 Concessionaire able to get concessional loans from BNDES –
Brazil development bank
 Tariff adjustment mechanisms (based on consumer and energy index ) and demand risk sharing (+/- 10%, 10-25%, +25%)

6

Brazil : Salvador de Bahia - Financing structure

State of Bahia

Federal Government of Brazil

Other secretaries, municipalities and development partners

Secretary for urban

development (SEDUR)

Civil society Organizations
(NGOs, civil society, transport users and affected people)

State Federal District Participation Fund
(PPP Guarantee)

CTB

(Bahia Urban Transport
Company)

Desenbahia

Technical and financial audit, and evaluation consultants
(Development Agency of State of
Bahia acting as a guarantor)

CCR Metro Bahia
(Private Consortium)

Construction Phase

Overall Project Management Consultant
Detail Engineering, construction Supervision -(EGIS)

Public funding paid at each construction milestones (station completion, tunnel bored, etc.)

Civil works (Andrade Gutierrez, Camargo Corrêa e Soares Penido)
Systems and Equipment (Siemens)
Rolling stock (Rotem)

Annual lumpsum proposed in the bid: 127,6 million reais

Operation and Maintenance Phase

Remuneration : passenger x remuneration tariff proposed in the bid (2,1 reais/pax)

7

PERU : Lima - Calao
Metro line 2

8

Peru : Lima Metro Line 2 – Project map

  • Population :
  • 10 M inhab.

  • Length :
  • 35 km and 35 Stations

Commissioning: 2016 – 2020 Ridership: 600 000 pax/day -2020

9

Peru : Lima Metro Line 2 – Main features

Owner

Government of Peru

Scope

Greenfield project : 35 km (Line 2 - 28km, Line 4- 7km), 35 stations and 42 driverless trains
$5,88 bln

Investments cost Public funding

$3,7 bln - (78%)

Private financing

$1,15 bln (22%)
+ $0,85 bln ECA financing for rolling stock World Bank, IADB, CAF, KFW, AFD, EIB

IFI’s Involvement Project structuring Contractor

PPP – DBFOM Consortium Iridium-ACS/FCC – Impregilo - Ansaldo – COSAPI (Spanish-Italian-Peruvian consortium)
Construction schedule 58 months (but operation in 24 months)

Operation 35 years

10

Peru : Lima Metro Line 2– Financing mechanisms

 International bidding process  60 deferred payment certificates during 15 years to the
Concessionaire as compensation for the works performed
 Concessionaire use its certificate to borrow money from the
Bank and secure the reimbursement by the payment streams
 Bid evaluated based on the remuneration requested by the concessionaire to balance the project
 Remuneration based on services offered (train.km) with quality of services requirements

11

Peru : Lima Metro Line 2 - Financing structure

GOVERNMENT OF PERU

IFIs: WORLD BANK,
IADB, CAF, KFW, AFD, EIB,

MINISTER OF TRANSPORT AND COMMUNICATIONS
MINISTER OF FINANCE

Public Project Bonds

OSITRAN

(Organismo Supervisor de la Inversión en Infraestructura de Transporte de Uso Público)

AATE
PROINVERSION

(Peruvian Agency for private
Investment)
Municipalities of Lima and Calao, other ministries, agencies and development partners
(Autoridad Autonoma de Transporte Electrico)

TECHNICAL AND OPERATION
SUPERVISOR
PROJECT PREPARATION
PROCUREMENT
CONTRACT REGULATOR
Private project Bonds
(Citigroup, Morgan Stanley and Banco Santander) using deferred payment certificates

Metro DE LIMA LINEA 2 SA
(Private Consortium)

Technical and financial audit, and evaluation consultants

Construction Phase

Overall Project Management Consultant
Detail Engineering, construction Supervision

Export Credit Agency Loans back by Italian
SACE
Public funding paid according to milestone-based cash payments (station completion, tunnel bored, etc.)

Civil works Contractors (ACS-FCC-IMPREGILO)
Systems and Equipment (ANSALDO)
Rolling stock (ANSALDO)

IADB Non sovereign loan

Services in operation based lump sum according to AATE requirements (estimated at
$195 M)

Operation and Maintenance Phase
AND OPERTAION

12

MEXICO : Mexico City
Metro improvement and rehabilitation

13

Mexico : Metro improvement – Project Map

Population : 21 M inhab.

  • Length :
  • 226 km and 195 Stations

  • 5,2 M pax/day -2020
  • Ridership:

14

Mexico : Metro improvement - Financing structure

SISTEMA DE TRANSPORTE COLECTIVO DE DISTRICTO
FEDERAL (STCDF)

FIMETRO

(Fiduciary Fund set for 50 years signing the loans and issuing bonds)

Increase of tariff in 2013 to feed an investment fund (2 pesos additional on top of 3 pesos // paratransit 6-13 pesos)

100M€ in 2015

Mexico city
Metro Company Project Office

BBVA – Bancomer

(Acting bank on behalf of
FIMETRO)

AFD, ECA, local banks

Project improvement contractors : $1,18 bln – 8256 Kr (7 projects)

PROJECT BONDS
Rolling stock renewal

Signalling improvement

Payment to contractors based on International competitive bidding process

Line 12 extension
Track and alignment modernization

15

Mexico : Metro improvement – Main features

SISTEMA DE TRANSPORTE COLECTIVO DE DISTRICTO FEDERAL (STCDF)

Owner Investments cost Contractor

$1,18 bln – 8256 Kr (7 projects) To be procured on separate basis

Public funding External lending Project structuring

55% from the SPV (Deposit and future Revenues) 45% (ECA, AFD, local banks) Non sovereign financing (Lots or turnkey)
Construction schedule To be defined for each contract

Operation Scope

Works under operation
7 brownfield projects : trains renewal, track and alignment improvement, line extension, signaling modernization AFD

IFI’s Involvement

16

What can we learn ?

 PPP for mass transit transport could be feasible and financially sustainable Technical

 Private : Technical risks borne by the concessionaire: design optimization, construction, geological, interface management, completion date

 Public: Land acquisition and clearance, resettlement, archeological risks  Milestone-based payment, incentive for concessionaire to speed up construction

Financing structure

 More than 60 % of financing should be public (Investment, Bonds, IFIs,)  Public Funds should be committed and secured  Milestone-based cash payments to secure private sector financing and allow concessionaire to get its own financing or issue project bonds

 IFIs involvement for both public funding but also for the concessionaire

17

What are the key findings for Indian projects ?

Regulatory framework

 Stable regulatory environment with long term commitments for both construction and operation

Stakeholders

 Need strong players (most of the case civil works companies) able to gather financing and lead construction and operation

 Sophisticated and complex structure and arrangements, need good financial advisors for both public and private sides

 Contract negotiation should start during the procurement process (need to create a competitive dialog with bidders)

Operation

 Ridership and fares risks should be borne by the public side with a minimal ridership threshold and a risk sharing mechanism in case of major demand variation

 Remuneration/pax incentive to start operation soonest

18

Thank you for your attention

Arnaud Dauphin
Lead Urban Transport Specialist [email protected]

Sustainable Transport and Energy Division
5 rue Roland Barthes 75012 Paris www.afd.fr

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