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Transcript of Financing Infrastructure Development 2015-2019spbtpp.ru/wp-content/uploads/2018/05/PINA.pdfNational...
REPUBLIK
INDONESIA
1
Financing Infrastructure Development 2015-2019
Increasing the significant role of SOE & Private Sector through PPP and PINA Schemes
Private Participati
on:
US$ 131.1Bn
(36.5%)
Total Value of
Investment Required
in Infrastructure*2015-
2019:
US$
359.2Bn (IDR
4,796.2Tn)
SOE :
US$ 79.8Bn
(22.2%)
Government Budget:
US$ 148.2Bn
(41.3%)
Investment Value
(Sources)
Source: BAPPENAS Internal Analysis
Weighted Average Cost of Capital (WACC)
• Social security;
• Education security;
• Health security.
• Drinking water material;
• Mass public transportation.
• Toll roads; • Ports.
Investment that does not possess direct investment feedback to the object.
Investment which is economically viable but less financially viable hence needing additional Government support.
Investment which is economically and financially viable but seen as less attractive or risky hence Government intervention is needed.
Investment which is more attractive hence the Government’s role in regulating and promoting is minimized.
• Electricity;
• Airports; • Gas pipe.
Definition
Example
Source of Funding
Category
Public Investment: Provision of Public Facilities
IRR low high
Government funding (APBN & APBD)
Government funding + commercial funding
Commercial funding promoted by the Government
Commercial funding
PINA
Social Investment PPP Special Commercial
Investment General Commercial
Investment
*) 1 : Calculation based on infrastructure investment (required) to be a middle income country by 2025. Source: Bappenas- JICA, 2014: Background Study for RPJMN 2015-2019, Analyst team of Ministry of National Development Planning (BAPPENAS) RPJMN: National Medium-Term Development Planning
PPP
REPUBLIK
INDONESIA
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Indonesian Government Facilities in PPP Scheme
GCA
PPP Project Special Purpose
Company
Equity Sponso
r
Financi
er
DEBT EQUITY
USER
Infrastructure services PPP
CONTRACT
User Fee Availability Payment
• Project Development Fund.
• Viability Gap Fund.
• Government Guarantee by IIGF.
• Infrastructure Financing and Fund by (PT. SMI and IIF).
GOVERNMENT FACILITIES
• Tariff (User fee). • Availability Payment. • Other Legal Forms.
COST RECOVERY SCHEME
REPUBLIK
INDONESIA
19 Sectors Covered for PPP in Indonesia
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CONNECTIVITY Road Toll Roads Toll Bridges Roads
URBAN INFRASTRUCTUR
E
SOCIAL INFRASTRUCTUR
E
Transportation Seaports Airports Railways Road
transportation Electricity Power plants Transmission
Energy
conservation Street lighting
Telecommunic
ation &
Informatics Fiber optics E-government Satellite
Water supply
Waste
management
system Water
resources &
irrigation
Localized
waste water
management
Centralized
waste water
management
Public housing
Urban facility Traditional
market
Tourism
Education
facilities
Sports, art &
culture
facilities
Health
Zone/ Estates
Penitentiary
Oil, Gas, and
Renewable
energy
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INDONESIA
1. Yogya - Bawen Toll Road
2. Surakarta Street Lighting
3. Multifunction Satellite
4. National Integrated Welfare System
5. Indonesia National Cancer Center Dharmais Hospital
6. Nusakambangan Industrial Correctional Facility
7. Correctional Facility Relocation (Ciangir)
1. Semarang – Demak Toll Road
2. Surabaya - Madura Toll Bridge
3. Medan Municipal Transport (LRT)
4. Pekanbaru Regional Water Supply
5. University of Sam Ratulangi Teaching Hospital
6. Sidoarjo General Hospital
7. Pirngadi Hospital
1. Manado - Bitung Toll Road
2. Balikpapan -Samarinda Toll Road
3. Pandaan - Malang Toll Road
4. Batang - Semarang Toll Road
5. Serpong - Balaraja Toll Road
6. Umbulan Water Supply
7. Central Java Power Plant
8. West Palapa Ring 9. Central Palapa Ring 10. East Palapa Ring
Preliminary study
Outline Business Case (OBC)
Final Business Case (FBC)
PQ Request for
Proposal Bid Award PPP
Agreement Signing
Financial Close
Tender Preparation
1. Serang -Panimbang Toll Road (Government side 33 km)
2. West Semarang Water Supply
4
PPP Project Pipeline
11 projects
1. Jakarta -Cikampek South Toll Road
2. Probowangi Toll Road
3. Cisumdawu Toll Road
4. Serang -Panimbang Toll Road (PPP 51 km)
5. Bandar Lampung Water Supply
6. Nambo Regional Waste Management
TOTAL: US$ 4.1 billion TOTAL: US$ 4.2 billion TOTAL: US$ 7.8
billion
PLANN
ING
PREPARATION TRANSACTION
CONSTRUCTION
.
Financi
al
Close
Constructi
on
Project proponent
submits
a proposal and
pre-FS
document to GCA
• Pre-FS document
evaluation to get pre-
FS approval;
• GCA gives the rights
to project proponent
to prepare FS
Business Entity
submits FS FS evaluation Procurement
PPP
Agreement
Signing
Issuing approval letter:
1. Establishing the
project as an
Unsolicited Project;
2. Establishing the
business entity as
the project initiator.
Jatiluhur Water Supply (US$ 0.1 billion)
1. Karian Water Supply
2. TOD Poris Plawad
Pri
vate
as
the
pro
ject
inn
itia
tor
(UN
SOLI
CIT
ED)
1. Krian - Legundi - Bunder - Manyar Toll Road (US$ 0.9 billion)
2. Jakarta - Cikampek Elevated II Toll Road (US$ 1.3 billion)
Go
vern
men
t as
th
e p
roje
ct in
nit
iato
r (S
OLI
CIT
ED)
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INDONESIA
5
PINA Plays a Major Role in Infrastructure Development in Indonesia
Facilitation Function
Facilitation Function Bring projects to financial close stage. Provide suggestions on project financing
structure in collaboration with PT SMI & PT IIF.
Promote projects pipeline through international roadshows and one-on-one meetings.
Pipelining Function Prepare list of projects that are ready to
be offered to investors and list of potential investors who will invest.
Provide the latest information updates of projects to investors.
Ecosystem Function Create investment ecosystem which can encourage increased investment in Indonesia: Assesment of investment regulations, policy
recommendation and relaxation. Accelerate implementation of creative financing
instruments: • Discretionary funds (RDPT Equity) Perpetuity Notes, Asset
Backed Securities, Callable Preferred Stock, Securitization and LCS.
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INDONESIA
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How PINA Facilitates Investors in Equity Financing
Enhancing the Equity Participation by Deepening Capital Markets
Direct Equity Financing Direct equity
participation in an infrastructure company (investment platform)
Equity investment Investor purchases
equity instruments issued by infrastructure company (investment platform) such as discretionary funds, perpetuity notes, and callable preferred stocks or other near-equity related instruments
deepening capital markets
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INDONESIA
PINA Projects Pipeline
7
1
3
2 PT PJB – Power Plants (2 Projects) (IDR 14.5 trillion / USD 1,071 million)
BIJB (Development Stage 2 and Aerocity – 2 Projects) (IDR 30.0 trillion / USD 2,237 million)
Waskita Toll Road – Trans Java and Non-Trans Java Toll Road (18 Projects) (IDR 135.0 trillion/ USD 10,000 million)
4
6
5 PT RAI – R-80 Airplane (IDR 21.6 trillion / USD 1,600 million)
PT PLN – Power Transmission (IDR 27.5 trillion / USD 2,040 million)
3
6
2
2 2
1
5 1 4
3 3
3
Flores Prosperindo, Ltd. – Area Development Flores Island (IDR 13.5 trillion /USD 1,000 million)
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INDONESIA
PINA encourages a better investment climate in Indonesia PINA pushes several new rules and regulations that improves
investment appetite
Regulation Advocacy
Coordinate with OJK, Indonesian Financial Services Authority, to relax the regulations & issue the new investment instrument(s);
Coordinate with IAI, Indonesian Accounting Association for aligning of financial recording rules.
Socialization & Coordination
Continues to hold PINA socialization forum with various stakeholders (PINA Day);
Coordinate with various related associations that have potential of becoming investees or investors.
Improvement of Governance &
Regulation Develop strategic plan
and good governance guidelines of PINA;
Conducting related research and studies to strengthen the functions and roles of PINA in investment funding schemes.
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INDONESIA
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Contact us
PINA Center for Private Investment Ministry of National Development Planning / BAPPENAS Jalan Taman Suropati 2, Menteng Jakarta Pusat, Indonesia 10310 Tel: +62-21-3903916 Email : [email protected]
Coordination
Facilitation
Capacity Building
Accelerating PPP Implementation
in Indonesia
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