Nuevos instrumentos para inversión en infraestructura

SINGAPUR – Los proyectos de infraestructura están entre las inversiones más productivas que puede hacer una sociedad, y tienen una relación evidente con el crecimiento económico de los países. Pero para los inversores privados no es tan sencillo. Aunque son una inversión bastante segura (con rendimientos inferiores a la media), faltan instrumentos financieros que permitan estructurarlos de modo que sean competitivos respecto de otras inversiones tradicionales, como la renta variable y la deuda.

En la reunión anual del Foro Económico Mundial en Davos, Suiza, celebrada en enero, Walter Kielholz, presidente de Swiss Re, y el ex primer ministro británico Gordon Brown pidieron la creación de una nueva clase de activos para proyectos de infraestructura (algo que también nosotros hemos hecho). En concreto, ¿qué puede hacer el mundo para canalizar hacia este tipo de proyectos el potencial del ahorro privado?

El pastel es enorme, y también lo son las oportunidades para la inversión privada. Se calcula que el valor del flujo de proyectos de infraestructura en mercados emergentes ya supera el billón de dólares, de los que probablemente 150.000 millones saldrán de fuentes privadas. En los mercados maduros, la inversión en infraestructura puede llegar a cuatro billones de dólares en 2017.

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