PERU Trends and Developments Contributed by: Andrés Kuan-Veng and Luis Ernesto Marín, Rubio Leguía Normand
governmental entities to obtain financing for infrastructure development projects, backed by future tax revenues or any other stable cash flows they may receive. Securitisation Trust for the Development of Transportation and Urban Mobility in Lima and Callao In December 2023, the government issued Legislative Decree No 1613, which created the Securitisation Trust for the Development of Transportation and Urban Mobility in Lima and Callao. This regulation authorised the Urban Transportation Authority for Lima and Callao (ATU) to transfer – as trustor (originator) – liq - uid resources, assets and/or rights in fiduciary ownership to a securitisation company for the establishment of the Securitisation Trust for the Development of Transportation and Urban Mobility in Lima and Callao. The purpose of this securitisation trust is to obtain loans and financial resources for the development of transportation and urban mobil - ity infrastructure projects in Lima and Callao. According to the regulation, these projects can be executed under the modality of State-to-State Contracts or procurement systems governed by the National Supply System, the National Sys - tem for the Promotion of Private Investment, or Works for Taxes, provided they comply with the provisions of the Legislative Decree. Through this regulation, the assets contributed to the trust (payments made by ATU, revenues from future fare collections and other resources allocated to ATU) are protected, to ensure they are used exclusively for the repayment and guar - antee of securities issued by the securitisation trust. The Legislative Decree also allows the securitisation trust to contract loans and credit lines, in addition to issuing securities.
Finally, and importantly, the operations carried out by the securitisation trust fall outside the scope of the National Public Debt System and do not constitute public debt. This is because the debtor of the securities (or, where applicable, loans and credit lines) is not the public entity (ATU) but the securitisation trust. Once again, we see how a securitisation trust can be used by public entities as an efficient finan - cial tool to mobilise resources for high-impact projects, ensuring proper fund management and protecting contributed assets. This mechanism attracts private financing by disconnecting the debt incurred from the public entities’ balance sheets and channelling it directly toward specific projects, ensuring transparency and efficiency in execution. In the case of transportation and urban mobil - ity in Lima and Callao, this scheme facilitates the implementation of large infrastructure pro - jects without compromising public debt, which is particularly advantageous in a context of fis - cal constraints. In addition, the ability to issue securities, contract loans and access credit lines provides financial flexibility to the trust, allowing it to adapt to each project’s needs and market conditions. This model also encourages private sector par - ticipation by offering instruments backed by tan - gible assets and predictable revenue streams, thereby increasing investor confidence. Ulti - mately, the use of securitisation trusts in the public sector opens the door to new forms of public-private collaboration, driving the devel - opment of critical infrastructure in a sustainable and efficient manner. This strategy could set a significant precedent for future infrastructure investments in the coun -
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