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Message from our CEO, Cesar Cañedo-Argüelles
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Significant challenges face the world economy in the short and medium term. A slowdown, accompanied by high inflation, makes using countercyclical policies
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policies and/or fiscal measures almost impossible. The latest data from the OECD in September shows modest global economic growth of around 3% in 2022 and 2.2% in 2023, down from 2.8% a few months ago.
High energy and food prices are closely linked to the inflation figure. It combines the effects of the war in Europe with the supply chain disruption that we carry over from the impact of the pandemic. We must strengthen global coordination to
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increase the supply of commodities, accelerate the energy transition to low-carbon energy sources, and introduce measures to reduce energy consumption.
A World Bank study said, "To achieve low inflation rates, monetary stability, and faster growth, policymakers could shift the focus from reducing consumption to increasing output. Policies should aim to generate additional investment and improve productivity and capital allocation, which are critical for growth and poverty reduction."
Therefore, we need more investment in logistics, technology, energy transition, and increased productivity. In short, more investment in infrastructure! Through CIFI's experience and knowledge, the good news is that we can affirm that responsible investment in infrastructure is good. It is a resilient investment, especially in high inflation and rising rates.
Infrastructure investments come from sectors focused on essential services and their valuations, as well as their cash generation, and are linked to specific defense mechanisms, such as:
i) 10 to 20-year contracts that readjust their price in line with changes in inflation;
ii) long-term debt with Project Finance models that regulate certain leverage covenants and debt service coverage tend to release surplus cash as a dividend to shareholders or early prepayment of debt.
This is why responsible infrastructure investments have historically performed well in inflationary environments like the one we find ourselves in today.
Consistent with this context and with our business philosophy, this last quarter, we are focused on closing several projects in sectors such as power generation, energy efficiency, and tourism in Chile, Mexico, Dominican Republic, and other Caribbean countries.
I want to end this reflection by mentioning new professionals starting to work with us. Some of them come from other countries. They all come with academic training and professional experience in different areas. Their integration will bring cultural diversity and represent an excellent opportunity to strengthen our business vision with a new generation.
Adding the capacity and vitality of young talents helps us continue to grow as an organization. The change, revision, and strengthening of our organizational culture will help us become a company that consolidates and promotes our social and public impact in addition to creating economic value.
We welcome Maria Alejandra Castro, Joel Sanchez, and Christopher Krause without further ado.
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The leading players of your investment by Neila Urriola Sarmiento Treasury Director - CIFI
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When faced with an investment opportunity, we are dealing with an event that can mark a turning point in our business and even our lives. A turn in which we will need expert support and direction. At CIFI, we bring together a group of experts in different departments who are the leading players and our clients in each project.
Neila Urriola Sarmiento, CIFI's Treasury Director, tells us about the essential functions of the Finance department to ensure that "the
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Experience that broadens horizons
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The expertise and opinion of our executives continue to be sought after at major regional financial events. Each time one of our experts participates as a panelist in these forums, it represents that CIFI's track record of driving sustainable infrastructure is making a difference.
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7th Latin American Ports Forum
Nicolás Giancola, Origination Manager at CIFI, participated as a panelist in the 7th Latin American Ports Forum. The event, held in Panama from September 7 to 8, 2022, was attended by more than 40 international exhibitors who addressed the most relevant issues
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for the sector's future, together with the main port stakeholders in the region.
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Connectivity, competitiveness, and positive impact on local economies are some advantages Nicolás Giancola knows how to identify in sustainable infrastructure projects. Our Business Origination Manager
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shared his experience at the 6th Caribbean Infrastructure Forum (CARIF). His participation broadened the perspective of more than 250 investors who gathered in Miami on September 19 and 20 to generate ideas, originate projects, and obtain financing.
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VII Corporate Governance Congress
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On September 27th, the Institute of Corporate Governance of Panama held its VII Corporate Governance Congress. The theme discussed this year was "Trends and Innovation." Our ESG Director, Carla Chizmar, shared that CIFI has experience in twenty years of financing, developing, and operating sustainable energy and infrastructure projects.
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Our Origination team attended ENERGYEAR in Santo Domingo, Dominican Republic, on October 19 and 20. Participating in this forum allows government representatives and executives from leading regional companies to discuss challenges and investment opportunities in Latin America and Europe.
Augusto Beruti, CIFI's Origination
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Officer, addressed "The role of financing for the development of the renewable sector in the Caribbean," an activity in which the company has more than 20 years of experience.
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To always be present at events that capture the interest of our business sector, part of our Origination team will attend the LATAM Future Energy Andean Renewable Summit this October 25 and 26 in Bogota, Colombia, to be part of the high-level debate in which Latin American business people will present their vision on the region's direction in renewable energy.
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Business leader talks with Norton Rose Fulbright
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Ramón Candia's expert voice joins Sarah Devine and Rebecca Abou-Chedid in an engaging "Earth, Wind and Solar" podcast. CIFI's Chief Investment Officer talks with the
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hosts about renewable energy and financing infrastructure development in Latin America and the Caribbean. This dialogue covers topics such as the Sustainable Fund, green bonds, and future opportunities in the region.
Here is the link to listen to the full interview.
https://lnkd.in/g6CKSksU
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Green partnerships and decarbonization: impact strategies
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Financing infrastructure projects carries with it the responsibility to measure their environmental impact. CIFI pursues strong ESG guidelines and is committed to minimizing its carbon footprint. In this sense, it seeks strategic alliances to achieve an increasingly greener portfolio. In the article below, you can read the most recent environmental impact report prepared by GCPF. We invite you to read it and learn what measures to take to mitigate climate change together.
https://lnkd.in/e9vhnFpc
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What is the importance of ESG strategies? Carla Chizmar explains
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Agencia de Noticias Panamá recently interviewed Carla Chizmar, Head of Environmental, Social, and Governance. In her talk with the media, Carla explained important concepts, trends, and strategies of ESG in corporations. Her content is helpful for companies of any size.
In this link, we share the full interview. We invite you to watch it; you will undoubtedly find valuable contributions on this current and relevant topic for corporate finance and management.
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Entrevista ANP Conozca las nuevas tendencias de Gobierno Corporativo Sept 2022
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In september, we take on new strengths
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At CIFI, we believe that when experience is seasoned with novelty, the recipe for a service with vitality and new perspectives is obtained. Three new colleagues provide these ingredients. Each comes with training in different financial areas and brings the cultural background of their countries. They are united by youth, fresh ideas, passion, and professional commitment. By adding them to our team, we are confident that we can provide our clients with the mix of having a track record and seeking new paths. Let's meet them:
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Joel Sánchez
He joined the company on September 1st as a Portfolio Analyst. Joel holds a Master's degree in Finance. He has extensive experience in the banking and financial sector. He has specialized in credit assessment for both local and multinational companies. He is also certified by the Institute of
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Corporate Finance as a valuation and financial modeling analyst. Additionally, Joel is a professor of Corporate Finance at Universidad del Istmo and an entrepreneurship mentor with Bridge for Billions with the City of Knowledge.
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Christopher Krause.
Christopher has been a Senior Structuring Analyst since September 5. He holds a Bachelor's Degree in Accounting from UADE (Universidad Argentina de la Empresa). He holds a Master's Degree in Finance from Universidad del CEMA and completed an international exchange program at EBS Universität für Wirtschaft und Recht in Germany. In his professional career, he has managed investment projects structuring and negotiating Bilateral and Syndicated loans, especially in the Energy and Infrastructure
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sectors. In addition, he has experience in tax matters.
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María Alejandra Castro.
Our new Structuring Analyst joined us on September 1st. Maria Alejandra studied Industrial Engineering with an emphasis on Organizations and Finance at Universidad de Los Andes in Colombia. She has over three years of experience in financial consulting and corporate finance.
Her experience has focused on financial-accounting due diligence, financial modeling, and valuation of companies and intangible assets for different economic sectors.
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AmCham Panama recognized CIFI's work to generate growth for the country by promoting various economic sectors. It makes us proud that fellow chamber members applaud our leadership and management. At the same time, we are committed to continuing to transfer knowledge and execute best practices in each project.
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We reiterate our thanks to AmCham for this distinction. We receive it as an encouragement to all of us at CIFI and proof that good work stands out.
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October - beating cancer is everyone's fight
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Cancer is an arduous and continuous fight that requires resources and tenacity, but above all, love. In solidarity with the adversity many patients and their families go through, CIFI collaborators donated food to the Oncology Hospital. October is the month established to remind us of the importance of cancer prevention.
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Sharing knowledge also means opening doors for youth
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Supporting Junior Achievement's Our Nation Program, CIFI volunteers shared talks and activities with 60 fifth graders from the Sara Sotillo School in Panama Viejo. It was a
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rewarding week where our collaborators explained to the students how goods and services companies operate. For our team, the most valuable aspect of this initiative is to motivate and prepare young people with a broader outlook for their future employment.
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