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Message from our CEO, Cesar Cañedo- Argüelles
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The year 2021 is behind us, a year that started with lockdowns in some countries, but brought us a ray of light with the arrival of the vaccine. The arrival of the vaccine gave us a certain sense of normality and, although we were flying to leave the storm of COVID-19 behind us, we soon understood that the best thing to do was to assume our new normality: to live in times of pandemic. We had to face new challenges, adopt different routines, but always looking for opportunities to improve what already existed.
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In 2021, CIFI celebrated its 20th anniversary by living each day with intensity, particularly the last quarter. It is already a historical behavior that most of our project closings are concentrated at the end of each year, and I have always wondered why? I think that, deep down, both our clients and CIFI like the pre-Christmas adrenaline. We want to end each year having given our all and with the satisfaction of having provided solutions and new projects for Latin America and the Caribbean.
In the last quarter of the year we signed important projects. We approved loans for companies that develop solar energy projects in Chile, for a portfolio of small hydroelectric plants in Peru, for the refinancing of high-end infrastructure in the Dominican Republic, and for the refinancing and expansion of a geothermal plant in Nicaragua, to mention just a few of the achievements at the end of this period.
An important milestone was the USD 100 million program for the securitization of loan portfolio participations in El Salvador for the development of infrastructure. The creativity and financial innovation of this product was a success and established the basis for future securitizations in the region that provide profitability, diversification and good credit rating to investors.
Another innovative product of CIFI, the local currency Debt Fund established in the Dominican Republic, ended 2021 with DOP 6,183 million disbursed in projects that are supporting the productive axis, making the country one of the most dynamic economies in the region.
We must not forget the meeting in Glasgow, COP 26, in the midst of the race and the fight against climate change. CIFI is also committed to this goal and that is why we are working with great enthusiasm on our first Sustainable Debt Fund for Infrastructure projects. We look forward to presenting the details of this initiative to you in the first quarter of next year.
We will welcome 2022 with great momentum. We maintain the enthusiasm of our 20th anniversary and redouble our commitment to Latin America and the Caribbean, reaffirming the confidence we have in its people. And always proud to work with a team like the one at CIFI, a talented, committed, innovative team full of positive attitude. Together we will continue working with our vision focused on the client and the region.
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Latest financed projects,
"...pre-Christmas adrenaline...".
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In the last tranche of this year, CIFI continued financing various projects to promote responsible and sustainable growth in our region.
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Blue Mall and JW Marriott, tourism in Santo Domingo
CIFI structured a USD 66 million Senior Secured Loan for the refinancing of Blue Mall Santo Domingo and the JW Marriott Santo Domingo. Both assets of the Velutini Group are the most important high-end infrastructure and businesses in the Dominican capital and generate close to 380 direct jobs.
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Solek, photovoltaic projects in Chile
Cifi and Solek signed a USD 15.1 million credit facility to finance the construction of several PMG / PMGD photovoltaic projects in Chile. The initial disbursement of the facility will finance the Don Flavio and El Huaso solar parks in the Maule and Valparaiso regions. Each has a total installed capacity of 2.99 MWp.
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San Jacinto, a geothermal power generation project in Nicaragua
CIFI structured a loan of up to USD 110 million for the construction and operation of a 72 MW geothermal power generation facility and the financing of the construction of a new 10 MW binary plant, located in the municipality of Telica, Department of Leon, Republic of Nicaragua.
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Historic securitization in El Salvador
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CIFI became the first Panamanian company with a securitization fund in the Salvadoran securities market. This fund represents a securities placement for a total amount of USD 100 million. On December 15, 2021, the initial placement was made in the primary market of Series A for USD 25 million.
The structuring and placement of this issue is also the first credit portfolio securitization to be placed in El Salvador. This is the result of two years of evaluations and analysis where the characteristics of this financial instrument were defined and will be very attractive for investors.
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Share experience and strengthen our reputation in the global financial community.
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CIFI's unique experience and the specialized knowledge of its executives, continue to be recognized by the financial sector, proof of which is that we are actively sought after to participate in international forums and conferences where different topics of the industry are addressed. Here is a list of some of them:
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Latam Net Zero, César Cañedo-Argüelles – CEO
This was a virtual meeting that addressed the issue of sustainability with the public and private sectors of the region and served as a companion to the United Nations Climate Change Conference (COP26), which was to be the summit that would usher in the next decade of sustainable transition.
IJ Global / REFF Latam, Ramón Candia – CIO
This annual conference brings together the renewable energy finance community to highlight the most interesting opportunities and projects in the Latin American region.
IJ Global, Ricardo Rico – Head of Funds
At this conference, our compny was invited to present the Sustainable Infrastructure Debt Fund with the global financial community.
Bonds & Loans Latin America & Caribbean, Iván Núñez – Portfolio Director
This was a leading global debt event for Latin America and the Caribbean, and the best opportunity to grow business in this space. The in-person event brought together over 300 leading government officials, regulators, investors, bankers and corporations and featured more than 50 expert speakers.
Latin America Ports Forum, Antonio Araúz – Director, Structured and Corporate Finance
At the two-day conference, industry experts and colleagues from Mexico, Chile, Colombia, Peru, the United States and Central America discussed evolving port-related business opportunities in Latin America.
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With these participations, CIFI remains actualized and reaffirms its Vision of being the leader in financing energy and infrastructure projects in Latin America and the Caribbean.
For the year 2022 this is a practice that will continue and that will be reinforced, in that sense, we are able to announce that our CEO, César Cañedo-Argüelles, has been invited by FinDev Canada, to participate as a speaker in a webinar to be held in February, during Canada's International Development Week (IDW). During this webinar the topic of Sustainable Infrastructure to Combat Climate Change and Reduce Poverty will be addressed.
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At Cifi we remain committed to our Corporate Social Responsibility Program. Accordingly, we made donations that seek to alleviate social causes and provide wellbeing to those who receive them.
The first consisted in the delivery of books for the future Pacora Community Library, a project in which we are participating towards its construction and outfitting. We also donated clothes to the residents and visited the children's community kitchen, which today feeds over 70 children.
The second donation consisted of 3,000 sanitary pads for the 1st Sanitary Pad Drive, an activity organized by the Women's Office of the Mayor's Office of Panama to support girls in temporary shelters.
Empathy and solidarity are values ingrained in the DNA of the company and our employees, as part of our community.
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The year is ending, and we look forward to new challenges and opportunities. We all have wishes and projects written down, so let's fulfill them.
When the fireworks go off, let us remember our ability to fly high and shine. But, unlike fireworks, our strength is within and, in these pandemic times, we are capable of illuminating the darkness brought on by difficult times.
At 20 years old, we live with youthful energy, and the wisdom that comes from the road we have traveled.
The financial sector is one of the industries called to generate a sense of prosperity and tranquility for the world, that is why it is important that both personally and professionally, we have the vision to build a better future.
Happy holidays to all. And may 2022 be a year in which we make many dreams shine.
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