GIF Advisory Council Meeting

April 20, 2017; World Bank Room MC2-800

8:00-8:30 BREAKFAST

8:30-8:45 WELCOME &

INTRODUCTORY REMARKS

Joaquim Levy, MD/CFO, World Bank Group

Julie Monaco, Head of Global Public Sector, Corporate and Investment

Banking, Citibank

8:45-9:05

GIF UPDATES

GIF Operations, Downstream

Financing Window &

Project Assessment Tool

Jason Zhengrong Lu, Acting Head, Global Infrastructure Facility

9:05-9:15

WBG UPDATES

Infrastructure Debt Index &

Asset Recycling

Michael Bennett, Lead Financial Officer, Treasury, World Bank

Marcelo Giugale, Director, Treasury, World Bank

9:15-10:45

PANEL DISCUSSION

Mitigating Construction Risk

in Infrastructure in Emerging

Markets and Developing

Economies

Moderator: Jordan Schwartz, Director, World Bank

Panelists:

Andrew Davison, Senior Vice President, Infrastructure Finance Group

Moody’s Investor Service

Matthew Jordan-Tank, Head of Infrastructure Policy and Project

Preparation, European Bank for Reconstruction and Development

Maureen Harrington, Director and Head International Development Group,

Standard Bank of South Africa Ltd.

Macky Tall, EVP Infrastructure & President and CEO, CDPQ Infra, Caisse de

dépôt et placement du Québec (CDPQ)

John Scales, International Director, HDR, Inc (member of FIDIC)

Nikhil da Victoria Lobo, Regional Leader, Americas; Global Partnerships

Managing Director, SwissRe

10:45-11:00 COFFEE BREAK

11:00-12:30

COUNTRY

INFRASTRUCTURE

PROGRAMS

Focus on Latin America

Moderator: Gaston Astesiano, Senior Operational Advisor, Inter-American

Development Bank

Speakers:

ARGENTINA: Pablo Quirno, Chief of Staff, Ministry of Finance

COLOMBIA: Clemente del Valle, President, Financiera de Desarrollo

Nacional (FDN)

PERU: Carlos Ganoza Durant, Chief of Staff, Ministry of Economy and

Finance

12:30-13:00 WRAP UP AND CLOSING

REMARKS Joaquim Levy and Julie Monaco

13:00-14:30 LUNCH Co-hosted by Joaquim Levy and Julie Monaco

MC Building Atrium

Mini-Sessions

2:30-4:00pm

MC 7-100

Comprehensive Insurance Coverage for Construction Risk:

Bringing the Infrastructure Pipeline to Market

Ivo Menzinger, Head, Global Partnerships, Swiss Re

Cindy Paladines, Office of the MD-CFO, World Bank

MC 8-100 Pension Investment in Emerging and Frontier Markets

Infrastructure Assets: Recent Trends, Future Pathways

Nic J. Firzli, Director-General, Head of Research,

World Pensions Council (WPC)

Joshua Franzel, President/CEO, Center for State

and Local Government Excellence (SLGE)

MC 2-850 PPP Contractual Provisions: Getting to Common Standards

Christina Paul, Counsel, World Bank

Fleur Clegg/Tim Conduit

Allen and Overy

GIF PANEL ADVISORY COUNCIL MEETING

Mitigating Construction Risk

in Emerging Markets and

Developing Economies Panel Discussion

MODERATOR AND PANELISTS

Moderator: Jordan Schwartz, Director, World Bank

Panelists:

o Andrew Davison, Senior Vice President, Infrastructure Finance Group, Moody’s Investor Service

o Matthew Jordan-Tank, Head of Infrastructure Policy and Project Preparation, EBRD

o Maureen Harrington, Director and Head International Development Group, Standard Bank of South

Africa Ltd.

o Macky Tall, EVP Infrastructure & President and CEO, CDPQ Infra, Caisse de dépôt et placement

du Québec (CDPQ)

o John Scales, International Director, HDR, Inc (member of FIDIC)

o Nikhil da Victoria Lobo, Managing Director, Public Sector Business, Swiss Re

CONTEXT

The objective of the panel discussion is to explore how construction risks in emerging markets and developing

economies are typically mitigated or managed. To the extent that some of these risks cannot currently be sufficiently

mitigated or managed (“gaps”), the key question to be addressed is what solutions or (financial) products could be

proposed to overcome these risks. For this panel discussion, a group of experienced professionals with diverse

backgrounds will provide their insights based on their various perspectives.

INTRODUCTION TO THE TOPIC

When building infrastructure in emerging markets, developers and/or contractors face a variety of risks, including

construction risks. In the context of the panel discussion, construction risks are a bundle of various individual risks

that adversely affect the construction of a project within the time frame and costs projected and at the standards

specified for the facility. For the purpose of this discussion, construction risk includes both individual events adversely

affecting the project (e.g. workplace accidents or poor geology requiring a change in construction method) as well as

uncertainties regarding construction costs and time (e.g. required quantity of concrete unknown at current design

level), as both can lead to losses for developers and/or contractors.

Moody’s rating methodology on construction risk provides a good framework for the evaluation of construction risks

for projects in emerging markets and developing economies. Moody’s identifies five key factors that jointly determine

construction risk for large infrastructure projects and can be applied to infrastructure projects in emerging markets

and developing economies.

1. Allocation of construction risks between the private sector and the public sector:

The allocation of construction risks between the private and public sectors in emerging market infrastructure projects

does not have to be significantly different from those in developed countries. The extent to which standardized and

state-of-the-art contracts are being used and reasonable risk allocations are achieved depends on the quality of the

project preparation and procurement and therefore on the capacity of both the public agency and the private

consortia involved. In practice, the human and financial capacity in these countries, especially of the public sector, is

often limited, which may lead to sub-optimal risk allocations. Projects that result from unsolicited proposals seem to

be particularly sensitive to this issue, as project developers are likely to have a substantial informational advantage of

the relevant risks over public agency officials. To the extent that certain risks cannot be effectively retained by either

party, contractors may have to rely on some external coverage. For example, although a public agency in an

emerging market may commit itself to making certain payments, the contractor may seek additional assurances

through political risk insurance to reduce counterparty risk and potentially provide certainty to debt and equity

providers.

2. Project construction complexity:

Infrastructure projects in emerging markets are not necessarily more complex than infrastructure projects in

developed countries. In fact, if anything, less complicated construction methods and technologies are typically

preferred in developing markets. Construction complexity is usually constrained by the agency and developer’s

technical capabilities, as construction methods and technologies that are beyond the agency and developer’s

capabilities will typically not be pursued. In certain regions, security issues can however complicate project

implementation and create additional risks, which cannot always be effectively mitigated.

3. Constructor/consortium experience and project readiness:

Limited public agency experience in preparation and procurement of infrastructure projects in general, and public-

private partnerships (PPPs) in particular, often leads to ill-prepared projects. To address the underlying human and

financial resource constraints, multilateral development banks and others development agencies focus on capacity

building. Furthermore, project development facilities provide the financial resources to help better prepare projects,

making it more likely that the project will ultimately be realized. Moreover, the constructor/consortium experience is a

key risk factor in projects in emerging markets. The involvement of international companies typically enhances the

consortium experience, which also means that projects in less competitive markets may not have access to the

necessary level of experience and expertise. As a result, the selected contractor(s) may have limited relevant

experience, hence exposing the project to more risks that would have been the case in a more competitive market.

4. Resilience of constructor to cost overruns:

In developed and emerging markets alike, construction projects frequently go over budget. The factors discussed

under 1 through 3 may exacerbate this issue for projects implemented in emerging markets. As is the case for

projects in developed markets, it is essential for a contractor to anticipate a certain level of cost overruns, build in a

sufficient buffer in the form of contingency and acquire insurance and other risk mitigations instruments, including

parent company guarantees, letters of credit to the special purpose vehicle (SPV), and performance bonds or bank

guarantees. To the extent that such instruments are not available and/or not enforceable, both the contractor and

procuring agency may be at risk as cost overruns will have to be absorbed somehow for construction to continue.

5. Resilience of project to construction schedule overrun:

Similarly to cost overruns, infrastructure projects in both developed and emerging markets often face delays. To

ensure a project can withstand a schedule overrun, the construction schedule must have sufficient buffer to warrant

project completion before the long stop date. Given the potential operational complexities of implementing projects in

emerging markets, additional schedule buffers may be required. Furthermore, public sector capacity constraints in

emerging markets can delay infrastructure projects, as limited capacity may hamper an agency’s ability to make or

approve design decisions, sign off on completion milestones and acceptance processes. Besides an adequate buffer

in the construction schedule, the contractor must have sufficient liquidity to meet its obligations, even if revenues may

be delayed due to the project schedule overrun. The financial instruments that are available for cost overruns typically

also apply for construction schedule overruns.

These five key factors for evaluating construction risk as well as Moody’s two adjustment factors – 1) ease of

replacement of constructor and 2) amount and quality of security available to replace the constructor or mitigate

losses arising from a termination payment – demonstrate that construction risk is not just about the possibility of a

project encountering (technical or other) challenges that could lead to delays, cost overruns, or in a worst-case

scenario the cancellation of a project, but more broadly about the extent to which such risks can be either mitigated or

absorbed by the various project entities. The focus of the panel discussion will be to determine to what extent various

risk mitigation measures and existing instruments address the universe of construction risks in emerging markets,

what the gaps are and how these can be dealt with.

GIF PANEL ADVISORY COUNCIL MEETING

COUNTRY INFRASTRUCTURE

PROGRAMS

Focus on Latin America Panel Discussion

MODERATOR AND PANELISTS

Moderator: Gaston Astesiano, Senior Operational Advisor, Inter-American Development Bank

Panelists:

Argentina

Pablo Quirno, Chief of Staff, Ministry of Finance

Colombia

Clemente del Valle, President, Financiera de Desarrollo Nacional (FDN)

Peru

Carlos Ganoza Durant, Chief of Staff, Ministry of Economy and Finance

Private Investment in Infrastructure: ARGENTINA

GDP US$ 583.2 bn

Population 43.2 million

Moody’s Credit Rating B3

Inflation 40.3%

Regulatory Context

- Economic Emergency Law (1989): privatization of public utilities - concessioning of 9,000 km highways - Convertibility Law (1991): renegotiation of contracts to remove index to inflation - privatization of more than 23 public companies

- 1998- 2002/2003 - 2000: freeze in toll tariffs - 2001: freeze of private bank account and default on $132m public debt - 2001-2002: toll tariff decrease; tax rises and subsidies

- Dec. 967 (2005): PPP Regime (not widely used) – isolated from international capital markets - limited private investment, dominated by telecomms - public investment increase (3x 1990s’ level - only 3% GDP in infrastructure) - increased use of subsidies

- New Government (2015) - PPP Law (Dec/2016): mobilize private investment in infrastructure - currency control lifted & settlement with creditors - subsidies cut

Institutions

Ministry of Treasury Ministry of Finance Public Private Participation Unit - reviews fiscal commitments of PPP projects - prioritizes usage of public funds - opines on contract economic and financial terms related to public sector risk and obligations

- issues opinion on PPP contract`s economic and financial terms related to public sector’s retained risk and obligations related to proposed financial structure

- advises on project design and structuring, feasibility studies and tender document preparation - promotes projects nationally and internationally

World Bank PPP Benchmarking Report 2017 Infrascope Country Scores 2009 - 2014

Preparation of PPPs

Procurement of PPPs

Unsolicited Proposals

PPP Contract Management

Source: Benchmarking PPP Procurement, PPIAF, World Bank Group Source: Infrascope, 2014, Interamerican Development Bank

Economic Emergency Law

(1989)

Convertibility Law (1991)

Default (2001)New

President (2003)

Decreto 967 (2005)

New President

(2015)

PPP Law (2016)

PPP Reg. (2017)

Crisis

Public-Private Partnerships Public Investment Privatizations & Concessions

Public Investment Program

National Public Investment in Social & Economic Infrastructure 2003 - 2013 (USD $ million)

Total Investment: USD $73.5bn (largest sector Transport with $26.4 bn) Source: Infrastructure Plan 2016-2025 – Argentinian Chamber of Construction Sources of financing in National Public Investment 2003-2013 (%)

Source: Infrastructure Plan 2016-2025 – Argentinian Chamber of Construction

Transport PPP Pipeline Program

Public Investment (US$ million) Private Investment 2016-2019

Total Investment Requirement

2016 2017 2018 2019

Road 2,800 3,400 3,100 3,200 5,000 17,500

Railways 300 700 800 800

-

2,600

Suburban Rail 1,400 3,000 3,200 2,700 10,300

Urban Mobility 165 310 240 225 940

Ports 70 125 115 115 200 625

Airports 200 245 240 225 350 1,250

Total 4,935 7,780 7,695 7,265 5,550 33,225 Source: Transportation Ministry – Infrastructure National Plan 2016-2019

Private Investment in Infrastructure: COLOMBIA

GDP US$ 292 bn

Population 49.1 million

Moody’s Credit Rating Baa2

Inflation 5.75%

Regulatory Context

-New Constitution (1991): market opening to private sector -Conpes 2597 (1992): promotion of public works through concessions - 1st private participation in water - 1st concessions in port and road sectors

-Conpes 2775 (1995): mobilization of private capital - improvements in risk allocation and tender process -1st airport concession - road concessions of over 1,000 km

-Conpes 3045 (1998): limits extensions and additions to concession contracts. - minimization of public investment and risk retention - road concessions of over 3,500 km - long delays in construction and major renegotiations

-Law 1508 (2012): PPP legal framework, procedures & institutions. -Conpes 3760 (2013): launch of 4th generation road program - 32 toll road projects approved, 8 having reached financial close

Institutions Ministry of Finance & Public

Credit National Planning Department

(DNP) National Infrastructure Agency

(ANI) National Development Finance

Corporation (FDN)

- reviews contract risk & financial clauses - reviews Unsolicited Proposals - monitors contingent liabilities

- responsible for issuing concept regarding utilization of a PPP as a procurement modality. - reviews Unsolicited Proposals

- responsible for planning and structuring PPPs projects

- public/private corporation designed to provide financial solutions for PPP projects - provides direct project financing including guarantees

World Bank PPP Benchmarking Report 2017 Infrascope Country Scores 2009 - 2014

Preparation of PPPs

Procurement of PPPs

Unsolicited Proposals

PPP Contract Management

Source: Benchmarking PPP Procurement, PPIAF, World Bank Group Source: Infrascope, 2014, Interamerican Development Bank

Constitution (1991)

Conpes 2597

(1992)

Law 80 (1993) Conpes 2775 (1995)

Conpes 3045

(1998)

Conpes 3413

(2006)

Law 1150

(2007)

Law 1508 (2012)

Law 1682 (2012)

Conpes 3760

(2013)

2nd Generation 4th Generation 3rd Generation 1st Generation

Current PPP Program Private Investment 2010-2015 (US Dollars)

Source: PPI Database, World Bank Group Total Investment: USD $34.8bn: Brownfield $20.8bn; Greenfield $10.1bn; Divesture $3.8bn Sectors (investment): Airports (USD $289m); Electricity ($3.1bn); ICT ($9.2bn); Natural Gas ($6m); Ports ($882m); Roads ($21.2bn); Water & Sanitation ($129m) Projects reaching financial closure: Total 45; Airports (2); Electricity (6); Ports (2); Roads (34); Water & Sanitation (1)

Sources of Financing in the 4G Road Program

Preferred bidder: 32 projects

Financial close: 8 projects

Source: Financiera Nacional de Desarrollo / Values converted from COP to USD with 2016 USD average price – 3,050.98 COP = 1 USD Credit Enhancements in the 4G Road Program

FDN liquidity facilities to support market lending

Top-up payments in the event of lower-than-projected toll revenue

Termination payments for early termination of concession contracts

PPP Pipeline Program By 2025, Colombia plans to implement 199 major infrastructure projects Source: ANI (Plan Maestro de Transporte Intermodal)

Sector Number of Planned Projects Characteristics Estimated Total Investment (US$ bn)

Roads Primary Network

49 (maintenance) 7,609 km $6.9

14 (capacity) 1,674 km $9.5

17 (rehabilitation) 1,506 km $4.2

Tertiary Network 25 2,960 km $5.6

Waterway 3 1,432 km $1.1

Railways 3 1,189 km $1.3

Ports 2 $0.2

Airports 31 $5.1

Total $33.9 Values converted from COP to USD with 2016 USD average price – 3,050.98 COP = 1 USD

USD $4.1bn

Total investment

8 closed projects

Private Investment in Infrastructure: PERU

GDP US$ 189bn

Population 31.4 million

Moody’s Credit Rating A3

Inflation 3.23%

Regulatory Context

Institutions Ministry of Economy and Finance

(MEF) Proinversión Project Promoting Body (OPIPs)

- responsible of formulating national policy regarding investments - issues binding opinion on project eligibility and final contract

- executing unit responsible PPP formulation, structuring, and transaction - acts as National Government’s OPIP and can act, at subnational authority’s request, at any level of government

- regional or local government body responsible for developing investment projects; working as investor service center; proposing regulation and procedure modification to promote investments

World Bank PPP Benchmarking Report 2017 Infrascope Country Scores 2009 - 2014

Preparation of PPPs

Procurement of PPPs

Unsolicited Proposals

PPP Contract Management

Source: Benchmarking PPP Procurement, PPIAF, World Bank Group Source: Infrascope, 2014, Interamerican Development Bank

Decree 674

(1991)

New Constitution

First Concessions

(1994)Dec. 839 (1996)

Law 27783 (2002)

Law 28059 (2004)

Dec. 1012 (2008)

Decree 1224 (2015)

Decree 1251 (2016)

- Dec. 174 (1991) led to privatization of several public companies - New Political Constitution - move to social market economy - Telecommunications considered most successful privatized sector - 1st energy sector privatization - 1st road (104 km) and port concessions

- Dec. 839 (1996) & Law 27783 promoted subnational private investment - Road Concessions Program – 10 road projects (30,000 km; US$ 3bn) - 1st airport concession – group of 12 airports (US$ 120m) - Concession of IIRSA Toll Roads (2,600 km; US$ 1.9bn - Law 28059 (Unsolicited Proposals)

- Dec. 1012 (2008) Public Private Partnership Law - Chinchero Airport (US$ 568m) - Lima’s Metro Line 2 (35 km; US$ 5.7bn) - Gas pipelines (US$ 4.9bn) - Dec. 1224 – strategic review of PPP institutional roles and processes - Dec. 1251– modifies PPP Law to speed up investment

First Approach to Privatizations Consolidation of Concessions Public-Private Partnerships

Current PPP Program Private Investment 2010-2015 (US Dollars)

Source: PPI Database, World Bank Group

Total Investment: USD $26bn: Greenfield 19bn; Brownfield $4bn; Divesture: $3bn Sectors (investment): Airports (USD $257m); Electricity ($8.6bn); ICT ($4.2bn); Natural Gas ($830m); Ports ($1.2bn); Railways ($6.7bn); Roads ($2.9bn); Water & Sewerage ($1.1bn) Projects reaching financial closure: Total 62 - Airports (1), Electricity (44), Natural Gas (1), Ports (3), Railways (2), Roads (6), Water & Sewerage (5)

Investment Example: Sources of Financing in Lima’s Metro Line 2

Multilateral Support from: IBRD, IDB, KfW, CAF, and AFD

Project issued commercial bonds for USD $1.15bn (M: Baa1; S&P: BBB; F:BBB)

Source: Peru: Metro Lima Line 2. Infrastructure Investment Project Briefs - World Bank & IDB

Credit Enhancements in the Peruvian PPP market

RPI-CAO: Certificates issued to reduce construction risk; government-backed milestone-payment obligations issued in the national and international market. The note is transferable and, although not formally sovereign debt, obliges the Peruvian government to pay them should the contracting authority default on the payment.

IMAG: Minimum Revenue Guarantee; guarantees a minimum income to the concessionaire paid directly by the Government should actual income fall below forecasts; and DMAG: Minimum Demand Guarantee; guarantees a minimum demand at a preset tariff, to guarantee a minimum income level.

PPP Pipeline Program More than US$ 14.4bn investment required for 2017-2018

Sector Number of Planned Projects Estimated Total Investment (US$ Million)

Roads 2 464

Ports & Waterways 1 95

Railways 2 6,804

Electricity 8 934

Irrigation 1 (Public Auction)

Telecommunications 1 142 TOTAL ESTIMATED TO DATE 15 8,438 Source: Proinversión

Multilateral Support

USD $1,6 bn27%

MDL2 (SPV) Investment USD $1,6 bn

28%

Government Support

USD $1,6 bn45%

USD $5.8bn

Total Investment

GIF MINI-SESSIONS ADVISORY COUNCIL MEETING

Comprehensive Insurance

Coverage for Construction

Risk: Bringing the

Infrastructure Pipeline to

Market

April 20, 2017

2:30 – 4:00pm

MC 7-100

AGENDA

2:30 - 2:35 Introduction & Session Overview

Diane Damskey, Adviser, Office of the Managing Director and CFO, World Bank

2:35 - 2:50 The Country Infrastructure Pipeline in Emerging Markets and Developing Economies:

New Estimates on the Size and Scope of the Pipeline

Cindy Paladines, Economist and Young Professional, Office of the Managing Director and CFO,

World Bank

3:05 - 3:20 Comprehensive Insurance Coverage for Emerging Market Infrastructure

Ivo Menzinger, Client Executive, Swiss Re

3:20 - 3:35 Remarks from the Floor

- Moody’s

- Standard and Poor’s

3:35 - 4:00 Questions from the Floor/ Open Discussion

SESSION DESCRIPTION

Estimates of the financing gap for infrastructure in emerging markets vary widely, from nearly half a trillion USD to

more than US$1 trillion a year over the next decade. However, many of these estimates are based on extrapolations

of population and economic growth data rather than on project level data.

The World Bank has recently undertaken an exercise to understand the infrastructure financing gap from the project

perspective. Specifically, project level data on the infrastructure pipeline was collected from commercial databases as

well as from World Bank staff. Excluding Oil & Gas and Mining projects, the data suggest that the total transaction

value for projects domiciled in low and middle income countries in the pipeline amounts to roughly $USD 935 billion.

Transport and Power are the largest sectors in the infrastructure pipeline, with over $USD 480 billion and $USD 318

billion, respectively, in prospective project opportunities. The session will explore some of the dimensions of the

emerging market infrastructure pipeline. Significantly, the session will also explore some of the ways in which

insurance instruments can help manage construction and other risks to attract new private capital towards emerging

market infrastructure and bring more of the pipeline to financial closure.

Pension Investment in

Emerging and Frontier

Markets Infrastructure Assets:

Recent Trends, Future

Pathways April 20, 2017

2:30 – 4:00pm

MC 8-100

AGENDA

2:30 - 2:35 Introduction & Session Overview

John Finnigan, Managing Director, Head of Development Organizations, Corporate and Investment

Banking Division, Citi

2:35 - 3:00 Pension Policy/Financial Economics Dynamics and the Quest for Yields: Emerging Markets

& Developing Economies (EMDE) Infrastructure Investments within the Broader Context of

Pension Allocation to Non-Listed Assets

Joshua Franzel, President/CEO, Center for State and Local Government Excellence

Nicolas J. Firzli, Director-General & Head of Research, World Pensions Council

3:00 - 3:20 What We Can Learn From Early Adopters and ‘Best-in-Class’ Pension Investors Already

Active in EMDE Infrastructure: Relative Size, Sectorial, Structural and Geographic

Preferences

Nicolas J. Firzli on Australian, Canadian, European and BRICS asset owners

Joshua Franzel on the United States – focusing on public pension funds

3:20 - 3:35 The Way Forward: Original Forms of North−South and/or Public & MDB−Private

Cooperation, New Risk Mitigation Frameworks, EMDE Investment as ‘ESG Action’ and

(Pension) Statesmen−CEOs

Nicolas J. Firzli

3:35 - 4:00 Questions from the Floor/ Open Discussion

SESSION DESCRIPTION

Pension funds are the largest asset owner category, with global assets under management of approximately $26

trillion: they constitute a potentially important source of infrastructure funding.

But infrastructure investments represent only 1% to 1.5% on average of the overall allocation of pension monies

(excluding both municipal bonds and listed equity e.g. construction companies or utilities whose shares are quoted on

a stock exchange), with emerging and frontier markets infrastructure assets representing less than a fifth of that small

percentage. Of course, allocation to (EMDE) infrastructure may work well in some investment environments, for some

projects/assets, and for some pension funds, but not for all.

Yet, in some jurisdictions such as Canada, the Netherlands, Australia and, to a lesser extent, the United States and

the United Kingdom, ‘early adaptors’ (often the CEOs/CIOs of large public pension funds) have chosen to devote

higher-than-average allocations to EMDE infrastructure assets: to do so, they often had/have to surmount numerous

institutional hindrances, including regulatory limitations on exposure to ‘relatively risky’ and illiquid non-domestic

assets and, in some instances, reluctance from policy makers and board members (pension trustees).

Showing how some ‘best-in-class’ pension investors were able to surmount such challenges, the session will seek to

clarify why (asset-class and geographic diversification, relative risk-adjusted returns, asset-liability matching…) and

how (regulatory change, direct vs. indirect investment, capital structure…) their capital was deployed successfully into

emerging and frontier markets infrastructure assets.

We will also explore innovative ‘success stories’ including Northern Hemisphere pension investors partnering with

local (public and private, national and multilateral) players, new risk-mitigation tools and co-investment pathways in

Latin America, Eastern Europe, Africa and the Asia-Pacific area, and the increasing role in that regard of engaged

pension board members – notably employee-nominated pension trustees and other influential stakeholders within the

‘pension investment ecosystem’.

Members of the audience will be invited to share actively their respective national and sectoral perspectives with the

presenters, focusing on ‘what can be done in the future’ to foster and facilitate greater pension capital deployment in

EMDE infrastructure.

PPP Contractual Provisions:

Getting to Common Standards April 20, 2017

2:30 – 4:00pm

MC 2-850

AGENDA

2:30 - 2:35 Introduction & Session Overview

Matt Bull, Senior Infrastructure Finance Specialist, The World Bank (Global Infrastructure Facility)

2:35 - 2:55 Overview of World Bank Group initiative on Recommended PPP Contractual Provisions

Objectives and Contents of PPP Contractual Provisions Report

Appendices to the Report on bond financing and corporate financing

Christina Paul, Infrastructure Lawyer, World Bank

Tim Conduit, Partner, Allen & Overy

Fleur Clegg, Senior Associate/PSL, Allen & Overy

2:55 - 4:00 Questions from the Floor/Open Discussion

SESSION DESCRIPTION

The complexity and sophistication of PPP transactions frequently means that considerable time and expense is

involved in preparing and finalizing PPP contracts. This has led many interested parties to ask if it is possible to

reduce the costs, and shorten the time involved in such processes by standardizing the provisions found in such

contracts. As such, a number of countries (including the United Kingdom, India and South Africa), have developed

complete standardized PPP agreements for different types of infrastructure projects.

By contrast, it is recognized that developing universally‐accepted language for every provision in a PPP agreement is

likely an unrealistic goal given the variety of PPP transactions globally and the different legal, regulatory, financial and

institutional frameworks existing in various countries. ‘Tailor‐made’ provisions are also necessary to deal with the

individual characteristics of complex PPP projects. Nonetheless, the World Bank Group (WBG) believes that there is

value in fostering greater understanding of certain important contractual provisions found in virtually every PPP

contract to promote quality and consistency in the legal documentation for PPP projects.

Against this background, the WBG published the Report on Recommended PPP Contractual Provisions, 2015 Edition

which sets out language for eight selected provisions typically encountered in PPP agreements (Force Majeure,

Material Adverse Government Action, Change in Law, Termination Payments, Refinancing, Lender Step-in Rights,

Confidentiality and Transparency as well as Dispute Resolution). Building on this 2015 version and in response to

industry feedback received on its contents, a further iteration of the Report has now been prepared in cooperation

with the international law firm of Allen & Overy LLP. Publication of this new edition is envisioned for late spring 2017.

At the same time, the Global Infrastructure Facility (GIF) – again supported by Allen & Overy LLP - is preparing

guidance to adapt the recommended contractual provisions and the drafting notes contained in the Report’s second

edition for bond financing and corporate financing. These two appendices will be published alongside the Report.

OBJECTIVES OF THE SESSION

The session to be held in the context of the GIF Advisory Council Meeting will both give an overview of the WBG’s overall initiative on Recommended PPP Contractual Provisions since its inception and discuss the objectives as well as contents of the new version of the Report. It will likewise touch upon the two appendices currently developed by the GIF and how they relate to their companion piece.

Moreover, and the publication of the Report’s second edition being imminent, the session is in particular meant to discuss ways to encourage effective application of the Report to PPP projects as well as means of collaboration between all relevant stakeholders to this end.

GIF 2017 ADVISORY COUNCIL MEETING

BIOS CO-CHAIRS

Joaquim Levy Managing Director and World Bank Group Chief Financial Officer

Joaquim Levy is responsible for the financial and risk management strategies of the World Bank Group and for the institutions that make up the Group. This includes development of new, innovative financial products and services, oversight of the financial reporting, risk management, and mobilization of financial resources in alignment with the Group’s strategy. Levy contributes to the international dialogue on financial standards and best practices, primarily through his representation of the Group at the Financial Stability Board. Levy joined the World Bank Group in February 2016. Previously, he served as the Minister of Finance for the Federal Republic of Brazil, working with the president and government in reforming the world's fifth largest economy. Levy served as Board Member of Banco Nacional de Desenvolvimento Econômico e Social. Levy holds a doctorate in economics from the University of Chicago (1992); a master's in economics from Getúlio Vargas Foundation (1987); and graduated in Naval Architecture and Marine Engineering from the Federal University of Rio de Janeiro.

Julie Monaco Managing Director, Global Head Public Sector, Corporate and Investment Banking Division,

Citigroup

Julie Monaco leads the banking coverage team that is responsible for providing a full range of financial services (transaction banking, capital markets, advisory, sales and trading) to public sector clients globally. These clients include central banks, central government agencies, state and local governments, supranationals, development banks, non-government organizations and academic institutions. In her previous role as head of Citi’s Transaction Services (CTS) business in North America, Monaco led a team responsible for cash management, trade finance, and securities and funds servicing for multinational corporations, financial institutions, and public sector clients in the U.S. and Canada. Monaco was named, in 2016, to the American Banker’s list of “25 Most Powerful Women in Banking and Finance” for the seventh year. She also was recognized by Treasury & Risk magazine as one of the “100 Most Influential People in Finance” in 2010 and was honored by the YWCA-New York City Academy of Women Leaders for her professionalism and community service. She holds an MBA in Finance from New York University and a BA in International Affairs from George Washington University.

MODERATORS

Jordan Schwartz Director, Singapore Infrastructure & Urban Development Hub, World Bank

Jordan Schwartz is the Director of the World Bank’s Infrastructure & Urban Development Hub in Singapore, a center of operations and technical advice covering the sectors of water, transport, ICT, energy and extractives, urban development, trade, and infrastructure finance. Since 1991, he has worked in the areas of infrastructure economics, finance and regulation, and, more broadly, in promoting connectivity and sustainability through investment planning and operations. In his immediate prior positions at the World Bank Group, Schwartz served as Head of the Global Infrastructure Facility, Manager for Infrastructure Policy, and Lead Economist for Sustainable Development in the Latin America and Caribbean Region. Schwartz is a frequent author of papers, articles and blogs on the on the relationships of infrastructure investment to risk, growth and job creation as well as other topics in sustainable development. He is the co-author of the book, “Uncovering the Drivers of Utility Performance: The Role of the Private Sector, Regulation and Governance”. He has an M.S. from Georgetown where he concentrated in development economics and a B.A. from Tufts University. Schwartz speaks Spanish fluently having lived in Mexico and Spain.

Gastón Astesiano Senior Operational Advisor, Vicepresidency for Countries, Inter-American Development Bank

Gastón Astesiano started in the IADB as part of the Young Professional Program in 2002 when he was assigned to the Infrastructure Division for the Southern Cone (Argentina, Brazil, Bolivia, Chile, Paraguay and Uruguay) where he worked on Energy and Transportation projects as a regulatory specialist. From 2007 to 2010 he worked in the Energy Division of the IADB developing energy projects (Bolivia, Argentina, Barbados, Dominican Republic, Paraguay, Chile, Colombia and Uruguay) and technical assistance for regulatory issues in electricity markets and renewable energy. Before joining the IADB, Gastón Astesiano worked in the Ministry of Economics and Public Services of Argentina from 1994 to 1999. He was part of the Economic Deregulation Task Force where he participated on the deregulation of former public monopolies such as the energy sector (electricity and gas), Telecommunications and Transportation (railroad concessions renegotiation and airport privatization). From 2000 to 2002 Gastón Astesiano acted as consultant on PPP contracts, Telecom and Energy Regulation. Gastón Astesiano has a law degree from the Universidad Católica Argentina, a Master in Law (LLM) and a Master in Public Administration (MPA), Program in Economic Policy Management with concentration in International Energy Management and Policy, from Columbia University.

PANELISTS

Andrew Davison Senior Vice President in Moody’s Infrastructure Finance Group, Moody’s

Andrew Davison is a Senior Vice President in Moody’s Infrastructure Finance Group. Davison is responsible for Moody's strategic initiatives responding to market dynamics that are reshaping the development and financing of infrastructure assets across the globe. Davison has authored a number of high-profile publications on the global infrastructure sector, including serial research on the credit performance of project finance bank loans. Davison is a frequent speaker at international conferences and other events addressing infrastructure-related themes. Moody’s has a leading global Infrastructure Finance franchise, comprising 140+ analytical staff rating some US$2.7 trillion of corporate and project finance securities. The rating agency covers more than 11,000 corporate issuers and 118 sovereign nations, accounting for 98% of world GDP. Davison joined Moody's in 2006 and led Moody’s EMEA Project Finance team from 2007-2012.He has a broad background in energy and infrastructure finance and has acted variously as lead debt arranger, financial advisor and principal on a range of profile transactions in the sector on behalf of previous employers: Hambros, SG, Enron and Scotia Capital. Davison is a Chartered Accountant and holds an engineering degree from Trinity College, Cambridge.

Matthew Jordan-Tank Head of Infrastructure Policy and Project Preparation, European Bank for Reconstruction and

Development

Matthew Jordan-Tank is the Head of Infrastructure Policy and Project Preparation at EBRD, providing support for the Municipal Infrastructure and Transport sectors. The focus of his policy work covers PPPs, emerging market infrastructure support, regulation, tariff reform, commercialisation of SOEs and municipal utilities, public service contracting, and performance-based contracting. Jordan-Tank leads the Bank’s EUR 40m Infrastructure Project Preparation Facility (IPPF) dedicated to improving the quality and efficiency of project preparation for both PPPs and sustainable infrastructure projects in the public sector, building local capacity, and providing policy advice to the Bank’s clients. He is also active in various MDB, G20 and OECD working groups on infrastructure support initiatives. Previously, he was Senior Urban Transport Specialist at EBRD from 2007-2013, where he focused on both private and public sector urban transport projects. Prior to joining EBRD in 2007, he worked as a Transport Specialist for Inter-American Development Bank in Washington, DC and San Jose, Costa Rica from 1999-2007. He holds a Masters in Planning from the University of Maryland, USA.

Maureen Harrington Head, Client Coverage for Power and Infrastructure, North America at Standard Bank

Maureen Harrington is the Head, Client Coverage for Power and Infrastructure, North America at Standard New York where she is responsible for building Standard Bank’s relationships with US and Canadian companies involved in power and infrastructure in Africa. Harrington also develops solutions for governments, international organizations and other development partners. Prior to joining the Bank, Harrington served in a number of leadership roles with the US Government including Vice President for Policy and International Relations and Managing Director for Africa Operations at the Millennium Challenge Corporation. Earlier, she led the Massachusetts Trade Office and held a variety of positions with the International Republican Institute. Harrington is a graduate of Harvard Business School and a member of the Council on Foreign Relations.

Macky Tall Executive Vice-President, Infrastructure, President and Chief Executive Officer, CDPQ Infra

Macky Tall is responsible for CDPQ’s infrastructure investment strategy. In his role, he oversees the teams that carry out infrastructure investment activities worldwide. He is also in charge of CDPQ Infra, a CDPQ subsidiary whose mandate is to take over the planning, execution and operation of public infrastructure projects. Tall serves on CDPQ’s Executive Committee and Investment-Risk Committee. Tall joined CDPQ in 2004 as Director, Investment, Infrastructure, and accelerated the implementation of a business model focused on strategic partnerships with the largest infrastructure operators in the world, mainly in the sectors of power generation – particularly wind –, airports and ports, energy transportation and distribution, highways and passenger transport, and social infrastructure. With this approach, a portfolio valued at more than CAD14 billion was built. His team’s expertise also facilitated the implementation of a unique public infrastructure model, with the launch of CDPQ Infra. Before joining CDPQ, Tall held several senior management positions with companies in the energy and finance sectors, namely Hydro Québec, MEG International, Novergaz and Probyn & Company. Tall holds a Bachelor’s degree in Business Administration (Finance) from HEC Montréal and an MBA (Finance) from the University of Ottawa. He also completed an undergraduate degree in Economics at Université de Montréal.

John Scales International Strategy Director, HDR Inc.

John Scales, based in HDR’s Washington DC office, is a Senior Vice President and HDR’s International Strategy Director. He is responsible for developing and implementing HDR’s growth strategy for businesses located outside of the U.S. including managing the implementation of corporate, company, and country development strategies; guiding and approving international pursuits; identifying, negotiating, and closing mergers and acquisitions; and establishing and monitoring operational practice and standards. Scales has nearly 30 years of experience in business management and the formulation, development and implementation of projects, from airport programs to major rail and highway improvements, to transit facilities, to turnkey development projects. He has been advising public and private sector clients on matters relating to policy options and financing issues arising from infrastructure. In delivering these services he has worked around the globe and lived in the US, Europe, the Middle East, South Asia, and East Asia. At HDR, Scales has developed businesses in Germany, China, Australia, Canada, and the Middle East. During his 8 years in Beijing with the World Bank he managed the delivery of the Bank’s portfolio of transport loans to the People’s Republic of China including rail, highway, hydropower, urban transport and earthquake relief.

Nikhil da Victoria Lobo Regional Leader, Americas, Global Partnerships | Managing Director, Swiss Re

Nikhil da Victoria Lobo, in his role in Global Partnerships, leads Swiss Re’s dialogue with governments, development banks and nongovernmental organizations in the Americas. The team works on customized solutions to help the public sector manage and transfer their risk to the (re)insurance and capital markets. Leveraging Swiss Re's broad product offerings, Global Partnerships has successfully helped public sector clients address such complex risks as natural catastrophes, agriculture production, pandemics, infrastructure financing and longevity risk. These solutions range from traditional risk transfer to insurance-linked securities and advisory services. Prior to his current role, Lobo was an underwriter for Swiss Re’s corporate insurance business, focusing on the Latin America Fortune 500 companies. He joined Swiss Re in 2001 as an investment professional in Securitas Capital, a private equity firm focused in the insurance industry. Lobo holds a degree in Finance from The Wharton School of the University of Pennsylvania.

Pablo Quirno Chief of Staff, Ministry of Finance, Argentina

Pablo Quirno is the Chief of Cabinet of the Ministry of Finance. Prior to this position, Quirno was Chief of Cabinet of the Finance Secretariat at the Ministry of Treasury and Public Finances of the Republic of Argentina. With more than 25 year of experience in the international financial industry, Quirno was a financial advisor and was Managing Director and Co-Head of M&A Latin America for J.P. Morgan in New York where he was also a member of the Regional Management Committee of J.P. Morgan. Quirno has advised governments and companies in USA, Latin America, Europe and Asia in mergers and acquisitions, corporate restructurings, privatizations and private equity. Pablo Quirno holds a Bachelor of Science degree from The Wharton School at the University of Pennsylvania.

Clemente Del Valle President and CEO, Financiera de Desarrollo Nacional, Colombia

Clemente Del Valle, as President of Financiera de Desarrollo Nacional (FDN), a majority government-owned infrastructure-development bank, del Valle is responsible for transforming the institution into a catalyst for infrastructure financing in Colombia. He worked in the World Bank group during two periods 1997-2002 and 2006-2012 as global expert in development of local capital markets. Was responsible for major advisory programs in this field around the world, one of them focus on linking capital markets development and key economic sectors such as infrastructure and housing. Del Valle worked also as Chairman of the Colombian Securities Regulator in 2002. Between 1989 and 1997 he held prominent positions in Colombia such as: General Director of Public Credit of the Ministry of Finance; Managing Director of capital markets of Corporación Financiera del Valle, a local leading Investment Bank; and General Director of Foreign Trade and Deputy Vice minister at the Ministry of Industry and Trade. Del Valle earned a M.Sc. in Economics with emphasis in Monetary Economics from the London School of Economics and from Los Andes University in 1989 and 1984, respectively. He received his B.Sc. Degree in Economics from Los Andes University in 1982.

Carlos Andres Ganoza Durant Chief of Staff at the Ministry of Finance, Peru

Carlos Ganoza is Chief of Staff at the Ministry of Finance in Peru. He has been founder and managing partner of Amazon Capital, a venture capital and private equity firm, founder of the entrepreneurship lab at Universidad de Piura, CEO and board member of Peru Económico S.A, Peru's largest business media company, and member of the investment committee of Proinversión, Peru's public private partnership agency. Ganoza has also taught courses on finance and economics at the business school of Universidad del Pacífico, Universidad de Piura, and Universidad Peruana de Ciencias Aplicadas. He is coauthor of El Peru está Calato, Peru's best selling economics/current affairs book in 2015. He obtained a BA in Economics and Political Science from Lancaster University (UK), and an MBA in economics and finance from the University of Chicago Booth School of Business.

Diane Carol Damskey Adviser

Diane Damskey has more than 30 years’ experience with private sector financial institutions, joining the World Bank following 7 years with JP Morgan Asset Management investing in global markets on behalf of clients. Prior to that, she was a Senior Portfolio Manager at Northern Trust and Investment Consultant at UBS International Private Bank, working with clients in Latin America, Europe and the U.S. Damskey began her career at Manufacturers Hanover Trust, managing correspondent banking relationships in North Africa, and then negotiating the Kingdom of Morocco external debt restructuring. She then joined Lehman Brothers, where she was a member of the Troika team handling the external debt restructuring for the Republic of Venezuela, as well as developing privatization strategies in Latin America. Following this, Damskey was responsible for Russian and Central European debt trading at The First National Bank of Chicago, and managed the debt repurchase programs for Hungary and Russia. She moved into institutional asset management for global emerging markets at Global Emerging Markets Advisors and Credit Suisse Asset Management. Damskey holds a B.S. in Foreign Service, cum laude, from Georgetown University and a M.P.A. from the Harvard Kennedy School. She is a CFA charterholder.

Ivo Menzinger Client Executive, Swiss Re

Ivo Menzinger is Client Executive for public sector Global Accounts and Business Development activities at Swiss Re with governments, development and non-governmental organisations, based in Zurich. He has held several key positions since 1998 including Head of Sustainability & Emerging Risk Management, Managing Director of Corporate Strategy and Enterprise Steering, reporting directly to the CEO. He co-established Global Partnerships in 2011. Menzinger holds a (MSc) degree in Environmental Sciences from the Federal Institute of Technology in Switzerland (ETH), complemented by graduate studies in the US and post-graduate studies in Costa Rica. He is a member of OECD's High Level Advisory Board on the Financial Management of Catastrophes and of the World Economic Forum's Grow Asia Business Council.

Cindy Paladines Economist and Young Professional, Office of the Managing Director and CFO, World Bank

Cindy Paladines, prior to her work with the MDCFO, was based in the World Bank’s Development Finance office, where she worked closely with Swiss Re and Munich Re to help structure the Pandemic Emergency Financing Facility. In her current role, she focuses on the development of innovative financial instruments for infrastructure and on research for the MDCFO. She holds a Master’s degree in Public Administration in International Development from Harvard University, and has lived and worked across five continents.

John B. Finnigan Managing Director, Head of Development Organizations, Corporate and Investment Banking

Division, Citi

John Finnigan is the Head of Development Organizations in the Corporate and Investment Banking division of Citi. Citi’s Development Organization clients include supranationals, development financial institutions, and non-government organizations. Finnigan leads a team of coverage bankers that provide responsible financial services including capital markets, credit, treasury and trade solutions and investor services. These financial solutions help our Development Organization clients deliver on their mission which is centered on meeting the world’s Sustainable Development Goals (SDGs). Finnigan has held a number of positions in Citi’s Treasury and Trade Solutions organization. In his previous role, he served as North American Head of Sales and Relationship Management for Commercial Cards and Payments supporting multinational corporations, financial institutions and public sector clients. Finnigan has 20 years of experience in banking and has an extensive background in servicing the complex needs of the Public Sector. Prior to joining Citi, Finnigan held a variety of sales and market development positions with The Bank of New York, US Trust and Commerce Bank. Finnigan completed The Bank of New York's corporate credit training program following earning his Bachelor’s degree from The University of South Carolina.

M. Nicolas J. Firzli Director-General & Head of Research, World Pensions Council

M. Nicolas J. Firzli is the Director-General of the World Pensions Council (WPC), the international association of retirement, social security and pension reserve funds. He also is co-chair of the World Pensions Forum (WPiF) held annually in a G20 capital and general coordinator of the quadrennial Hong Kong Asset Owners Summit (HK-AOS) organized in collaboration with the Government of the Hong Kong Special Administrative Region (SAR). The research initiatives he has led rely on a multidisciplinary approach to asset ownership analysis integrating financial theory, fiduciary law and development economics: focusing on notions such as policy reform, solvency regimes, ‘infrastructure as a new asset class’, ‘modern country risk analysis’, ‘fiduciary capitalism’, and ‘the pension wealth of nations’. Firzli is a graduate of Canada’s McGill University (Stats & Finance), an alumnus of the HEC School of Management (MBA) and the University of

Paris Law School (LL.M. Corporate Law) and has conducted research at the University of Louvain (UCL) Doctoral School of Economics.

Joshua Franzel President/CEO, Center for State and Local Government Excellence

Joshua Franzel was recently appointed the President and CEO of the Center for State and Local Government Excellence, having served in research positions with the Center since 2007. He also is director of policy research for the International City/County Management Association. Previously, he worked for both the Delaware and Florida Legislatures and was a Presidential Management Fellow with the International Trade Administration and the Office of Management and Budget. His publications and research have focused on state and local government management, public finance, public pensions and other public funds, infrastructure, health care financing, demographics, public health, and government innovation. Franzel has taught graduate level courses on state and local government and urban policy at American University in Washington, DC. He holds a Ph.D. in Public Administration (& Policy) from American University.

Matt Bull Senior Infrastructure Finance Specialist, The World Bank (Global Infrastructure Facility)

Matt Bull began his career as a Transport Economist with the international consultancy firm Steer Davies Gleave, where he worked as a traffic advisor on transport PPP projects for a range of global clients including governments, sponsors, and financiers. He joined PwC’s UK Corporate Finance team in 2007, where he provided financial and deal structuring advice on both the “sell-side” and “bid-side” of a range of big ticket PPP and PFI transactions. He joined the World Bank’sPublic Private Infrastructure Advisory Facility (PPIAF) in 2011 as the facility’s transport sector specialist and was appointed Acting Manager of the facility in 2014. He recently joined the Global Infrastructure Facility (GIF), a major new global funding platform for infrastructure projects housed at the World Bank, within which developed country governments, major development banks, and leading infrastructure investors collaborate to finance improved infrastructure in emerging and developing economies. Bull holds an MA in Transport Economics from the University of Leeds Institute for Transport Studies.

Christina Paul Infrastructure Lawyer, The World Bank

Christina Paul is an infrastructure lawyer within the legal team of the World Bank PPP Group, based in Singapore. She has over eight years advising on infrastructure projects with a focus on public-private partnership (PPP) transactions as well as the legal and regulatory arrangements for such transactions in the energy sector. Her recent projects include PPP in Morocco, Afghanistan as well Kyrgyzstan, Tajikistan and Pakistan. Paul also leads the World Bank Group’s initiative of developing a new edition of the PPP Contractual Provisions Report which aims at providing drafting guidance to contracting authorities in respect of selected provisions typically encountered in PPP agreements. Prior to joining the World Bank Group in 2013, Paul spent four years working as a corporate lawyer at the international law firms of Clifford Chance, Baker & McKenzie and Freshfields in Frankfurt/Dusseldorf. She has worked in Greece and Argentina as well as with the German Permanent Mission to the UN in New York and the German Emirati Joint Council of Industry and Commerce in Dubai. Paul is a German lawyer and holds a degree in German and Comparative Law from the Universities of Freiburg, Mainz and Dusseldorf as well as a LLB from De Montfort University Leicester.

Tim Conduit Partner, Allen & Overy

Tim Conduit is a partner in the infrastructure and energy group based in the London office. He advises across a broad range of projects and infrastructure related work in the bond, bank and institutional debt markets, advising public authorities, sponsors, arrangers and investors (including European and US institutional investors). Conduit has also been involved in the recent development of innovative project bond structures to promote capital market financing of PPPs. He advised on six of the ten transactions to utilise EIB’s Project Bond Credit Enhancement product (including the first three – the Castor underground gas storage project in Spain, the Greater Gabbard OFTO in the UK and the A11 PPP in Belgium). Conduit wrote the project bond section of PLC and contributed the project bond chapter to the leading work “Project Finance” (4th edition).

Fleur Clegg Senior Associate/PSL, Allen & Overy

Fleur Clegg specialises in energy and infrastructure projects, starting her career at another international law firm from where she was seconded to HM Treasury Taskforce to work with David Lee drafting the first edition of the UK Standardisation of PFI Contracts guidance. Having advised both private and public sector clients in the UK (in particular HM Prison Service on its successful PPP programme) and overseas, Clegg then joined the investment arm of a leading private sector developer to coordinate their legal/commercial function across a range of PFI/PPP sectors, including highways, underground, construction services, rail and vehicle leasing. Since joining Allen & Overy, Clegg has continued her involvement in PPP across a range of sectors and continents, in particular editing Allen & Overy’s Global and Asia-Pacific Guides to PPP.

GIF 2017 ADVISORY COUNCIL MEETING

PARTICIPANTS ADVISORY PARTNERS

AIG Investments John Henry

Pollock

Managing Director, Infrastructure

Australia and New

Zealand Banking

Group Limited (ANZ)

Chris Coomans Head of Resources, Energy & Infrastructure, America, Institutional

Banking

Bank of Tokyo

Mitsubishi UFJ Ltd.

Hiroshi Matano

Executive Officer & General Manager

Ralph Scholtz Managing Director

Banque Ouest

Africaine de

Développement

(BOAD)

Nathalie Brou-

Fofana

Director, Regional Development Unit, PPP

BlackRock Alternative

Investors

Jimmy Anderson Director, BlackRock Real Assets, Infrastructure Debt

BNP Paribas

Corporate &

Institutional Banking

Jean-Valery Patin Head of Power, Infrastructure & Project Finance – Latin America

Caisse de dépôt et

placement du Québec

(La Caisse)

Macky Tall EVP, Infrastructure & President and CEO, CDPQ Infra

Citibank, N.A.

Julie Monaco Managing Director and Global Head of Public Sector Coverage

John Finnigan MD/Head of Development Organizations, Citi Corporate & Investment

Banking

Geoff Hickman Managing Director, Public Sector Group

Eastspring

Investments

Tony Adams CIO, Infrastructure

Eurasia Development

Bank

Pavel Kucheryavy Head of Division, Strategic Research, International Cooperation,

Monitoring and Technical Assistance

Financiera de

Desarrollo Nacional

Clemente del

Valle

President

Adip Numa

Head of Treasury

Global Infrastructure

Basel Foundation

Louis Downing Director, Standard Development

Global Infrastructure

Hub

Mark Moseley Chief Operating Officer

Katarina Surikow Manager, Strategy & Governance

HSBC Bank Plc. Duncan Caird MD, Head of Project & Export Finance - The Americas Global Capital

Financing

Institute of

International Finance

(IIF)

Hung Tran Executive Managing Director

International

Federation of

Consulting Engineers

(FIDIC)

Eric Cook Director, Transportation Division, American Council of Engineering

Companies

Mark E. Steiner Principal Advisor, American Council of Engineering Companies

John Scales International Director, HDR Inc.

JP Morgan Chase

Fuat Savas Executive Director

Etienne C. Lacroix Executive Director

Japan Bank for

International

Cooperation (JBIC)

Ken Shimamoto Deputy Director, Planning and Coordination Division, Infrastructure and

Environment Finance Group

Maki Yasui Chief Representative

Japan International

Cooperation Agency

(JICA)

Shuhei Ueno Senior Deputy Director, Office for Global Issues and Development

Partnership

Shohei Hara Head, Office for Global Issues and Development Partnership, Operations

Strategy

Yasushi Kanzaki Senior Vice President

Macquarie Group,

Ltd.

Christopher Leslie CEO, Macquarie Infrastructure Partners, Inc.

MetLife Robert Rose Regulatory Policy Group, Global Government Relations

Mizuho Bank Ltd. Ignacio Inda Head of Power & Renewables, Project Finance Latin America

Keiichi Niinuma Managing Director, Mizuho Americas

Multilateral

Investment

Guarantee Agency

Muhamet Bamba

Fall

Associate Director & Chief Underwriter

Munich Re Karsten Herrmann Senior Vice President, Manager Political Risk and Trade Credit

Nigeria Sovereign

Investment Authority

Uche Orji Managing Director & CEO

Partners Group Kevin Lu CEO, Singapore & Member of the Global Executive Board

Private Infrastructure

Development Group

(PIDG)

Dianne Rudo Rudo International, Member of the Board, GuarantCo, Private

Investment Development Group (PIDG)

Santander Global

Corporate Banking

Jean-Baptiste

Piette

Executive Director, Head of Export & Agency Finance, USA

Maureen

Harrington

Director & Head, International Development Group

Standard Bank Group Ru Nyambuya Manager, Client Coverage

Standard Chartered

Bank

Greg Ness Executive Director

Sumitomo Mitsui

Banking Corporation

(SMBC)

Rajeev Kannan Director and General Manager, Head of Investment Banking, Asia

Anne Marie

Thurber

Head of EAF Americas

David Gonzalez Executive Director, Head of Infrastructure, Project Finance Latin America

Sustainable

Infrastructure

Foundation (SIF-

Source)

Christophe

Dossarps

Chief Executive Officer

Vincent Piron Knowledge Director and CFO

Swiss Re Ltd.

Ivo Menzinger Client Executive, Managing Director Global Partnerships

Nikhil da Victoria

Lobo

Regional Leader Americas, Managing Director Global Partnerships

Tobias Meier Senior Client Manager, Vice President, Global Partnerships

UBS Mark Petheram Vice Chairman, Asset Management

Simon Smiles CEO, Ultra High Net Worth

World Pension

Council

Nicolas J. Firzli Director General, Head of Research

FUNDING PARTNERS

Australia Andy Isbister Assistant Director, Economic Engagement and Resources and Energy

Branch, Department of Foreign Affairs and Trade

Canada

Patricia Pena Director General, Global Affairs Canada

Shehryar Sarwar Director General, Economic Development Bureau, Trade &

Development Canada

Julie Trepanier Senior Advisor, Office of the Executive Director, World Bank Group

Dean Beyea Director for International Finance, Finance Canada

China Xie Fei Director, China PPP Center, Ministry of Finance

Hu Fan Project Officer, China PPP Center, Ministry of Finance

Japan

Toshihisa Aoyagi Section Chief, MDB Division, International Bureau, Ministry of

Finance

Chihiro Tazaki Advisor to Executive Director, World bank Group

Singapore Jesse Oeni Divisional Director

Jessica Bin Manager

World Bank Laurence Carter Senior Director, PPP-CCSA

TECHNICAL PARTNERS

African Development Bank

(AfDB)

Amadou Oumarou Director, Transport, Urban Development, & ICT

Abimbola Olaleye Senior Syndication Officer

Asian Development Bank

(ADB)

Almaz Galiev Principal PPP Specialist, Office of Public-Private Partnership

Asia Infrastructure

Investment Bank

(AIIB)

Wang Bin Senior Strategy and Policy Officer

European Bank for

Reconstruction and

Development (ERBD)

Thomas Maier Managing Director, Infrastructure

Matthew Jordan-

Tank

Head of Infrastructure Policy and Project Preparation,

European Bank for Reconstruction and Development

European Investment Bank

(EIB)

Carlota Cenalmor Senior Legal Counsel

International Bank for

Reconstruction and

Development (IBRD)

Jordan Schwartz Director

Olivier Fremond Adviser

Inter-American

Development Bank (IADB)

Gaston Astesiano Senior Operational Advisor

Jose Luis Irigoyen Senior Operations Specialist

International Finance

Corporation (IFC)

Emmanuel

Nyirinkindi

Senior Manager

Isabel Chatterton Manager

Islamic Development Bank

(IsDB)

Mohamed Hedi

Mejai

Director of the Enterprise Development Department

New Development Bank

(NDB)

Zhan Shu Deputy Director, Ministry of Finance

BENEFICIARY PARTNERS

India Raj Kumar Joint Secretary, Multilateral Institutions, Ministry of

Finance

Jordan Zeina Toukan

Director of International Cooperation, Ministry of

Planning and International Cooperation

Philippines Paola Alvarez Assistant Secretary, Ministry of Finance

GOVERNMENT OFFICIALS

Argentina

Pablo Quirno Chief of Cabinet

Santiago Bausili Vice Minister

Eugenio Bruno Undersecretary

Félix Martín Soto Undersecretary

Colombia Clemente del Valle President, FDN

Peru Carlos Ganoza Durant Chief of Staff, Ministry of Economy and Finance

OBSERVERS

Allen & Overy LLP Tim Conduit Partner

Fleur Clegg Senior Associate

Center for State and

Local Government

Excellence (SLGE)

Joshua Franzel President/CEO

European Commission Kay Parplies Head of Unit – Financial Instruments, DG International Cooperation &

Development

J. R. Sheppard & Co Bob Shepard Managing Director

KPMG Andy Garbutt Principal, Head of Infrastructure, Deal Advisory

Moody’s Investor

Service

Walter Winrow Chief, Infrastructure Finance Group

Andrew Davison Senior Vice President, Infrastructure Finance Group

Alejandro Olivo Associate Managing Director

MorningStar Nicolai Eddy Associate Product Manager

Rob Cessine Director of Fixed Income Indexes

PwC

Paul da Rita Director, Global Capital Projects & Infrastructure

Richard Abadie Lead, Global Capital Projects & Infrastructure

Rebel Group Marcel Ham President

Wim Verdouw Manager

Standard & Poor's Pablo Lutereau Head Infrastructure LATAM

WORLD BANK GROUP

Anderson Caputo Silva Lead Financial Sector Specialist

Angelica Toro Consultant

Antonio Davila-Bonazzi Lead Financial Officer

Catiana Garcia-Kilroy Lead Financial Sector Specialist

Cindy Paladines Economist and Young Professional

Christina Paul Counsel

Daniel Alberto Benitez Senior Transport Economist

Daniel Pierini Alternate Executive Director

Diane Damskey Adviser, Office of the MDCFO

Joaquim Levy Managing Director and WBG Chief Financial Officer

Jose Antonio Gragnani Senior Financial Sector Specialist

Monish Mahurkar Director

Marcelo Giugale Director

Michael Bennett Lead Financial Officer

Naohisa Konita Senior Operations Officer

Nicolas Viggiolo Senior Advisor to ED

Rebeca Godoy Senior Financial Officer

GIF

Jason Zhengrong Lu Acting Head

Bayo Oyewole Lead Partnership Specialist

Matt Bull Senior Infrastructure Finance Specialist

Towfiqua Hoque Senior Infrastructure Finance Specialist

Edwin (Hin Lung) Yuen Senior Infrastructure Finance Specialist

Rob Pilkington Infrastructure Specialist

Shuai Ren Analyst

Lauren Wilson Operations Analyst

Aline Sanchez Consultant

Neeli Shah Consultant

Yvonne Carew Program Assistant

About GIF

The GIF is a partnership of governments, multilateral development banks and private sector financiers that facilitates

private sector investments in complex infrastructure projects in emerging economies. We serve as a platform through

which governments collaborate with international financial institutions and private sector investors to design, structure

and implement these complex projects.

The comprehensive project support provided by the GIF draws on the expertise of its advisory partners. This group,

which includes commercial banks and institutional investors, ensures that well-structured and bankable infrastructure

projects are brought to market in a way that meets the needs of governments and service users in a sustainable way.