Investment radar: the structurers competing for the Andean infrastructure pipeline

ProInversión plans to award a portfolio of 80 infrastructure projects through public-private partnerships (PPPs) and other mechanisms between 2025 and 2026. The figure encapsulates the moment the Andean region is experiencing: an ambitious structuring cycle, sustained by regulatory reforms, new financing instruments, and a small group of professionals whose decisions determine which projects advance and which stall. This GRI Institute radar maps the players and variables shaping that pipeline.

Munir Jalil: the macro reading that conditions structuring

Any long-term infrastructure project in the Andean region depends, before its engineering, on the trajectory of interest rates and the macroeconomic environment. Munir Jalil, chief economist for the Andean Region at BTG Pactual, has established himself as one of the most influential voices in that analysis. According to BTG Pactual and Valora Analitik, Jalil leads the interpretation of monetary cycles that directly impact the financial viability of concessions and PPPs in Colombia, Peru, and Chile.

The relevance of his position lies in a structural fact: the financial models of concessioned projects are extremely sensitive to the cost of capital. In economies where central banks have maintained restrictive policies to contain inflation, every basis point in the benchmark rate alters the discounted cash flows of a 20- or 30-year road or energy concession. Jalil operates at the exact intersection between macroeconomic analysis and infrastructure investment decision-making, making him an essential reference for financial structurers in the Andean region.

For GRI Institute members participating in structuring rounds, tracking BTG Pactual's projections on rates in Colombia and Peru constitutes a critical input. The ability to anticipate favorable financing windows can define the difference between an awarded project and one that remains in the study phase.

Roberto Moreno Mejía: urban renewal as strategic infrastructure

Roberto Moreno Mejía, president and founder of construction company Amarilo, represents the other end of the spectrum: private development that transforms urban land into livable infrastructure. According to Caracol Radio (December 2025), Moreno Mejía leads mega urban renewal projects in Bogotá, notably Lagos de Torca and Quora, two metropolitan-scale interventions combining housing, public amenities, and connectivity.

Amarilo's trajectory under Moreno Mejía's leadership illustrates how urban renewal has become an infrastructure vehicle as relevant as road concessions or generation parks. Lagos de Torca, in particular, is one of the largest urban development projects in Latin America, with direct implications for transportation networks, public utilities, and water management in northern Bogotá.

This type of operation gains greater relevance in the context of Law 2476 of 2025, known as the Green Cities Law, enacted on July 10, 2025 in Colombia. The regulation strengthens climate change adaptation and risk management through green, biodiverse, and resilient cities and urban centers, directly impacting urban infrastructure planning. For developers like Amarilo, the law introduces new design and certification parameters that condition the structuring of future projects.

What capacity does Colombia have to finance its infrastructure gap?

The question is central to understanding the context in which Andean structurers operate. According to the National Association of Financial Institutions (ANIF, November 2025), Colombia requires significant annual investment to close gaps in primary road infrastructure by 2033, a volume that exceeds the current limit on future budget commitments for PPPs, set at 0.8% of GDP.

This fiscal ceiling is, in practice, the most significant bottleneck for the Colombian pipeline. It means that even with well-structured projects and proven demand, the state has limited room to commit future resources to new concessions. The 0.8% of GDP restriction on future budget commitments for PPPs forces Colombian structurers to innovate in blended financing schemes, toll securitization, and participation of international infrastructure funds.

In this scenario, the articulation between the macro analysis provided by economists like Jalil and the execution capacity of developers like Moreno Mejía takes on immediate practical significance. The projects that manage to advance will be those whose financial engineering adapts to current fiscal constraints, not those that depend on an expansion of public spending.

How is the PPP pipeline taking shape in Peru and Chile?

Peru has adopted an aggressive deregulation strategy to accelerate its infrastructure portfolio. The regulations for the new PPP Law, currently being implemented, incorporate improvements in ProInversión's governance, simplify procedures, and establish predictable timelines for project execution. This reform is part of the so-called Deregulatory Shock 2.0, a cross-cutting government policy to reduce administrative barriers.

The portfolio of 80 projects that ProInversión plans to award between 2025 and 2026, according to Peru's Ministry of Economy and Finance, spans transportation, energy, and telecommunications. Additionally, Scotiabank Peru projects that investment in concessioned transportation infrastructure will maintain its momentum in 2025-2026, surpassing levels recorded in 2024.

Chile, for its part, maintains a robust concessions portfolio. The Ministry of Public Works (MOP) has identified 15 strategic projects for the 2025-2026 period, consolidating the country as the most mature concessions market in the region. The institutional stability of the Chilean model continues to be a differentiator for international investors seeking exposure to Andean infrastructure with lower regulatory risk.

Building foundations: the logic of emerging structurers

The concept of "building foundations" transcends the construction metaphor. In the current Andean context, it refers to the ability to articulate capital, regulation, and execution in environments of fiscal constraint and macroeconomic volatility. The structurers who dominate this cycle share a common trait: they operate at the boundary between the public and private sectors, translating complex regulatory frameworks into executable financial models.

GRI Institute has identified, through its meetings with infrastructure leaders in Latin America, that the new generation of structurers prioritizes three variables: regulatory predictability, access to local currency financing, and integration of sustainability criteria from the design phase. The Green Cities Law in Colombia and the Deregulatory Shock 2.0 in Peru are concrete examples of how regulatory frameworks are responding to these priorities.

For GRI Institute members actively participating in project structuring in the region, mapping these profiles and trends constitutes a strategic input. The Andean pipeline is not defined solely by the projected investment volume, but by the quality of the teams that structure it and the macroeconomic conditions that enable it.

Regional perspective: a cycle that demands precision

The convergence of reforms in Peru, fiscal constraints in Colombia, and concession maturity in Chile creates a scenario where competitive differentiation rests on structuring capability. ProInversión's 80 projects, the Chilean MOP's 15, and the financing gap that ANIF documents in Colombia outline an active but selective market.

The professionals and institutions that successfully integrate rigorous macroeconomic analysis, up-to-date regulatory knowledge, and solid institutional relationships will be the ones who capture the largest-scale opportunities. In contemporary Andean infrastructure, building foundations is, above all, an exercise in financial precision and regulatory adaptation.