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andino",false,"https:\u002F\u002Fcdn.griinstitute.org\u002Fuploads\u002Fhubnews\u002Fapps-colombia-peru-pipeline-proyectos-estructuradores-marcos-regulatorios.webp","2026-02-24T00:00:00.000Z",1134,"2026-03-17T20:14:15.000Z",[1457,1469,1480],{"id":1458,"newsId":1447,"languageId":47,"title":1459,"subtitle":1460,"content":1461,"summary":1462,"takeaways":1463,"seoTagConversionId":8,"seoTag":8,"seoTitle":1464,"seoKeywords":1465,"seoDescription":1466,"seoAbstract":8,"seoImage":1467,"createdAt":1455,"updatedAt":8,"language":1468},3363,"PPPs in Colombia and Peru: pipeline of over US$ 12 billion defines the Andean structuring map","Peru accelerates with 80 initiatives backed by ProInversión while Colombia prioritizes execution of existing projects and adjusts macroeconomic expectations.","\u003Ch2>Peru concentrates a PPP pipeline of US$ 12 billion with 80 initiatives in its portfolio\u003C\u002Fh2>\n\u003Cp>The Andean public-private partnership market is experiencing a moment of stark contrast. Peru has accumulated an estimated pipeline of US$ 12 billion spread across 80 initiatives, according to figures from ProInversión and BNamericas, positioning itself as the regional engine for infrastructure structuring under PPP frameworks. Colombia, on the other hand, is focusing its efforts on the continuity of previously awarded projects, without a comparable active pipeline of new tenders for the next cycle.\u003C\u002Fp>\n\u003Cp>This divergence creates a scenario where structurers, financial advisors, and investment funds are recalibrating their strategies to capture opportunities across geographies with distinct regulatory frameworks and unequal fiscal horizons. The GRI Institute has identified this dynamic as one of the central discussion topics among infrastructure leaders in Latin America.\u003C\u002Fp>\n\u003Ch2>How does the new PPP law transform ProInversión's role in Peru?\u003C\u002Fh2>\n\u003Cp>The new PPP Law in Peru represents a structural shift in the governance of the country's infrastructure projects. The regulation expressly incorporates ProInversión as a public entity with project ownership rights, granting it the authority to formulate initiatives under the PPP model, develop technical studies, and sign contracts directly.\u003C\u002Fp>\n\u003Cp>This institutional empowerment has immediate practical consequences. ProInversión ceases to be a mere facilitator of promotional processes and becomes an active agent with the capacity to originate, structure, and close projects. The agency already demonstrated its operational capacity by awarding 16 PPP and Asset Projects for the highest amount recorded in the last decade, according to data published by the entity itself in December 2025.\u003C\u002Fp>\n\u003Cp>The regulatory impact translates into execution speed. With ProInversión enabled to lead the complete structuring chain, project maturation timelines tend to compress, which is attractive for structurers and funds seeking predictability in award schedules.\u003C\u002Fp>\n\u003Cp>The target is ambitious: ProInversión aims to award 56 projects under the PPP model worth US$ 12 billion during 2026, according to information reported by BNamericas. If materialized, it would be the largest award cycle in the recent history of Peruvian infrastructure.\u003C\u002Fp>\n\u003Cp>Players involved in fund structuring and concessions in Peru, such as José Miguel Rawlins, recognized for his track record in creating real estate and infrastructure investment vehicles through L2B Invest and Banchile, and José Luis Mogollón, with a background in sustainability management in concessions such as IIRSA Sur, operate in an ecosystem that the new regulation considerably expands. The depth of the Peruvian pipeline generates opportunities both in financial structuring and in the technical and legal advisory of transport, energy, and digital infrastructure projects.\u003C\u002Fp>\n\u003Ch2>What factors explain the slowdown in Colombia's PPP pipeline?\u003C\u002Fh2>\n\u003Cp>The Colombian landscape presents a different logic. The National Development Plan 2022-2026 sets the government's infrastructure objectives, but specialized legal reports indicate that the administration has prioritized the continuity and execution of existing projects over the structuring of an active pipeline of new PPPs.\u003C\u002Fp>\n\u003Cp>This orientation responds to multiple factors. Colombia's macroeconomic environment imposes significant constraints. According to Munir Jalil, chief economist for the Andean region at BTG Pactual, Colombia's GDP growth is being revised downward with a projection of 2.1% for the 2026-2027 period, conditioned by persistent inflation and restrictive interest rates. These variables reduce the government's fiscal margin to assume future commitment obligations and increase the cost of capital for private structurers.\u003C\u002Fp>\n\u003Cp>Jalil's analysis is particularly relevant because macroeconomic projections directly dictate the financial viability of PPPs. A high-rate environment raises long-term financing costs, compresses expected returns, and reduces institutional investors' appetite for capital commitments with horizons exceeding 20 years, which are characteristic of infrastructure concessions.\u003C\u002Fp>\n\u003Cp>Nevertheless, Colombia maintains activity in specific high-relevance projects. The National Infrastructure Agency closed the bid submission period for the La Dorada-Chiriguaná railway PPP, according to information published by Cuatrecasas in November 2024. This railway project constitutes one of the most visible initiatives in the Colombian transport sector and reflects that, although the volume of new tenders has moderated, strategic projects remain on track.\u003C\u002Fp>\n\u003Ch2>Transport infrastructure: the projects defining the agenda\u003C\u002Fh2>\n\u003Cp>The transport sector concentrates the largest-scale initiatives in both countries. In Colombia, Tomás Elejalde, general manager of the Medellín Metro, leads the structuring and contingency management of key projects such as the Tren del Río and Line A, as reported by El Colombiano in October 2025. These urban railway infrastructure projects represent long-term bets that combine public financing, complex technical structuring, and PPP components at different stages of their development.\u003C\u002Fp>\n\u003Cp>Elejalde's profile illustrates a recurring figure in the Andean market: the public-technical manager operating at the intersection of project engineering and financial structuring. His role at the Medellín Metro positions him as a central interlocutor for investors and structurers evaluating opportunities in the Antioquia railway corridor.\u003C\u002Fp>\n\u003Cp>In Peru, ProInversión's pipeline encompasses transport, energy, and digital infrastructure projects, although the specific sectoral distribution of the 80 initiatives has not been publicly detailed in its entirety. The diversification of the Peruvian portfolio offers multiple entry points for structurers with differentiated sectoral specialization.\u003C\u002Fp>\n\u003Ch2>Comparative regulatory frameworks: predictability versus fiscal prudence\u003C\u002Fh2>\n\u003Cp>The comparison between the regulatory frameworks of Peru and Colombia reveals two philosophies of public infrastructure management. Peru bets on institutional acceleration, equipping ProInversión with legal tools to act as project owner and executor. Colombia opts for fiscal prudence, prioritizing the completion of existing commitments in a restrictive macroeconomic environment.\u003C\u002Fp>\n\u003Cp>Both strategies have merits and risks. The aggressiveness of the Peruvian pipeline demands institutional capacity to simultaneously manage dozens of complex processes without compromising structuring quality. Colombian caution protects fiscal sustainability but may generate infrastructure gaps if the pause in new awards extends beyond the current economic cycle.\u003C\u002Fp>\n\u003Cp>For structurers and advisors operating in the Andean region, the contrast generates a dynamic of complementarity. Technical and legal teams with the capacity to operate in both jurisdictions can diversify their mandate portfolios, capturing volume in Peru and technical depth in the specific projects that Colombia keeps active.\u003C\u002Fp>\n\u003Ch2>Outlook for private capital in Andean infrastructure\u003C\u002Fh2>\n\u003Cp>The volume of the Peruvian pipeline, exceeding US$ 10 billion, constitutes an unmistakable signal for institutional capital seeking exposure to Latin American infrastructure. Investment funds, development banks, and specialized financial advisors find in Peru a market with sufficient scale to justify the mobilization of dedicated teams.\u003C\u002Fp>\n\u003Cp>Colombia, for its part, offers selective opportunities in projects of high technical and financial complexity, where competition for mandates tends to be lower and barriers to entry higher. The La Dorada-Chiriguaná railway PPP and the Medellín Metro projects exemplify this profile.\u003C\u002Fp>\n\u003Cp>Sector leaders participating in GRI Institute meetings have noted that the ability to navigate distinct regulatory frameworks within the same region has become a decisive competitive advantage. Jurisdictional specialization, combined with deep knowledge of institutional actors in each country, defines who captures the most relevant structuring mandates.\u003C\u002Fp>\n\u003Cp>The Andean PPP market is not read as a homogeneous block. It is read project by project, regulation by regulation, and structurer by structurer. That granularity is precisely what makes it one of the most dynamic segments of Latin American infrastructure.\u003C\u002Fp>","The Andean PPP market presents a stark contrast: Peru concentrates a US$ 12 billion pipeline across 80 initiatives driven by ProInversión, which under the new PPP Law assumes authority as project owner and executor, targeting 56 project awards in 2026. Colombia, constrained by projected 2.1% growth and restrictive rates, prioritizes continuity of existing projects like the La Dorada-Chiriguaná railway PPP and the Medellín Metro. This divergence forces structurers and investors to recalibrate strategies.","\u003Cul>\n\u003Cli>Peru accumulates a US$ 12 billion PPP pipeline with 80 initiatives, positioning itself as the regional structuring engine.\u003C\u002Fli>\n\u003Cli>ProInversión assumes project ownership role under the new PPP Law, targeting 56 project awards in 2026.\u003C\u002Fli>\n\u003Cli>Colombia prioritizes execution of existing projects, with no comparable active pipeline of new tenders.\u003C\u002Fli>\n\u003Cli>Colombia's macroeconomic environment (2.1% GDP, high rates) constrains fiscal margin for new PPPs.\u003C\u002Fli>\n\u003Cli>The contrast generates complementarity: volume in Peru and selective high-complexity projects in Colombia.\u003C\u002Fli>\n\u003C\u002Ful>\n","PPPs Colombia and Peru: US$ 12 billion pipeline","jose miguel rawlins, tomas elejalde, jose luis mogollon, munir jalil, ronald tenorio franco, PPPs Peru, PPPs Colombia, ProInversión, Andean infrastructure, public-private partnerships","Comparative analysis of PPP regulatory frameworks in Colombia and Peru. Peru accelerates with 80 projects worth US$ 12 billion via ProInversión while Colombia prioritizes execution of existing works. Key structurers and 2026 outlook.","https:\u002F\u002Fcdn.griinstitute.org\u002Fuploads\u002Fhubnews\u002Fapps-colombia-peru-pipeline-proyectos-estructuradores-marcos-regulatorios-seo.jpg",{"code":13},{"id":1470,"newsId":1447,"languageId":25,"title":1471,"subtitle":1472,"content":1473,"summary":1474,"takeaways":1475,"seoTagConversionId":8,"seoTag":8,"seoTitle":1476,"seoKeywords":1477,"seoDescription":1478,"seoAbstract":8,"seoImage":1467,"createdAt":1455,"updatedAt":8,"language":1479},3364,"PPPs na Colômbia e no Peru: pipeline de mais de US$ 12 bilhões define o mapa de estruturação andino","Peru acelera com 80 iniciativas respaldadas pela ProInversión enquanto Colômbia prioriza execução de projetos existentes e ajusta expectativas macroeconômicas.","\u003Ch2>Peru concentra pipeline de PPPs de US$ 12 bilhões com 80 iniciativas em carteira\u003C\u002Fh2>\n\u003Cp>O mercado andino de parcerias público-privadas atravessa um momento de forte contraste. O Peru acumula um pipeline estimado em US$ 12 bilhões distribuído em 80 iniciativas, segundo dados da ProInversión e BNamericas, e se posiciona como o motor regional de estruturação de infraestrutura sob esquemas de PPP. A Colômbia, por outro lado, concentra esforços na continuidade de projetos previamente adjudicados, sem um pipeline ativo comparável de novas licitações para o próximo ciclo.\u003C\u002Fp>\n\u003Cp>Essa divergência configura um cenário onde estruturadores, assessores financeiros e fundos de investimento recalibram suas estratégias para capturar oportunidades em geografias com marcos regulatórios distintos e horizontes fiscais desiguais. O GRI Institute identificou essa dinâmica como um dos temas centrais de discussão entre os líderes de infraestrutura na América Latina.\u003C\u002Fp>\n\u003Ch2>Como a nova lei de PPPs transforma o papel da ProInversión no Peru?\u003C\u002Fh2>\n\u003Cp>A nova Lei de PPPs no Peru representa uma mudança estrutural na governança dos projetos de infraestrutura do país. A norma incorpora expressamente a ProInversión como entidade pública titular de projetos, outorgando-lhe faculdades para formular iniciativas na modalidade PPP, elaborar estudos técnicos e assinar contratos de maneira direta.\u003C\u002Fp>\n\u003Cp>Esse empoderamento institucional tem consequências práticas imediatas. A ProInversión deixa de ser uma mera facilitadora de processos promocionais para se tornar um agente ativo com capacidade de originar, estruturar e fechar projetos. A agência já demonstrou sua capacidade operacional ao adjudicar 16 projetos de PPP e Projetos em Ativos pelo montante mais alto registrado na última década, segundo dados publicados pela própria entidade em dezembro de 2025.\u003C\u002Fp>\n\u003Cp>O impacto regulatório se traduz em velocidade de execução. Com a ProInversión habilitada para liderar a cadeia completa de estruturação, os prazos de maturação de projetos tendem a se comprimir, o que é atraente para estruturadores e fundos que buscam previsibilidade nos calendários de adjudicação.\u003C\u002Fp>\n\u003Cp>A meta é ambiciosa: a ProInversión pretende adjudicar 56 projetos sob o modelo PPP por US$ 12 bilhões durante 2026, de acordo com informações reportadas pela BNamericas. Caso se concretize, seria o ciclo de adjudicações mais volumoso na história recente da infraestrutura peruana.\u003C\u002Fp>\n\u003Cp>Atores vinculados à estruturação de fundos e concessões no Peru, como José Miguel Rawlins, reconhecido por sua trajetória na criação de veículos de investimento imobiliário e infraestrutura por meio da L2B Invest e Banchile, e José Luis Mogollón, com antecedentes em gerência de sustentabilidade em concessões como a IIRSA Sur, operam em um ecossistema que a nova regulação amplia consideravelmente. A profundidade do pipeline peruano gera oportunidades tanto na estruturação financeira quanto na assessoria técnica e jurídica de projetos de transporte, energia e infraestrutura digital.\u003C\u002Fp>\n\u003Ch2>Quais fatores explicam a desaceleração do pipeline de PPPs na Colômbia?\u003C\u002Fh2>\n\u003Cp>O panorama colombiano apresenta uma lógica diferente. O Plano Nacional de Desenvolvimento 2022-2026 fixa os objetivos de infraestrutura do governo, mas reportes jurídicos especializados indicam que a administração priorizou a continuidade e execução de projetos existentes em detrimento da estruturação de um pipeline ativo de novas PPPs.\u003C\u002Fp>\n\u003Cp>Essa orientação responde a múltiplos fatores. O ambiente macroeconômico colombiano impõe restrições significativas. Segundo Munir Jalil, economista-chefe para a região Andina do BTG Pactual, o crescimento do PIB da Colômbia se ajusta para baixo com uma projeção de 2,1% para o período 2026-2027, condicionado por inflação persistente e taxas de juros restritivas. Essas variáveis reduzem a margem fiscal do governo para assumir compromissos de vigências futuras e encarecem o custo de capital para os estruturadores privados.\u003C\u002Fp>\n\u003Cp>A análise de Jalil é particularmente relevante porque as projeções macroeconômicas ditam diretamente a viabilidade financeira das PPPs. Um ambiente de taxas altas eleva os custos de financiamento de longo prazo, comprime os retornos esperados e reduz o apetite de investidores institucionais por compromissos de capital com horizontes superiores a 20 anos, que são característicos das concessões de infraestrutura.\u003C\u002Fp>\n\u003Cp>No entanto, a Colômbia mantém atividade em projetos específicos de alta relevância. A Agência Nacional de Infraestrutura encerrou o período de recebimento de ofertas para a PPP ferroviária La Dorada-Chiriguaná, segundo informação publicada pela Cuatrecasas em novembro de 2024. Esse projeto ferroviário constitui uma das iniciativas mais visíveis do setor de transporte colombiano e reflete que, embora o volume de novas licitações tenha se moderado, os projetos estratégicos mantêm seu curso.\u003C\u002Fp>\n\u003Ch2>Infraestrutura de transporte: os projetos que definem a agenda\u003C\u002Fh2>\n\u003Cp>O setor de transporte concentra as iniciativas de maior envergadura em ambos os países. Na Colômbia, Tomás Elejalde, gerente do Metrô de Medellín, lidera a estruturação e gestão de contingências de projetos-chave como o Tren del Río e a Linha A, conforme reportou o El Colombiano em outubro de 2025. Esses projetos de infraestrutura ferroviária urbana representam apostas de longo prazo que combinam financiamento público, estruturação técnica complexa e componentes de PPP em distintas fases de seu desenvolvimento.\u003C\u002Fp>\n\u003Cp>A figura de Elejalde ilustra um perfil recorrente no mercado andino: o gestor público-técnico que opera na interseção entre a engenharia de projetos e a estruturação financeira. Seu papel no Metrô de Medellín o posiciona como um interlocutor central para os investidores e estruturadores que avaliam oportunidades no corredor ferroviário antioqueño.\u003C\u002Fp>\n\u003Cp>No Peru, o pipeline da ProInversión abrange projetos de transporte, energia e infraestrutura digital, embora a distribuição setorial específica das 80 iniciativas não tenha sido detalhada publicamente em sua totalidade. A diversificação do portfólio peruano oferece múltiplos pontos de entrada para estruturadores com especialização setorial diferenciada.\u003C\u002Fp>\n\u003Ch2>Marcos regulatórios comparados: previsibilidade versus prudência fiscal\u003C\u002Fh2>\n\u003Cp>A comparação entre os marcos regulatórios do Peru e da Colômbia revela duas filosofias de gestão de infraestrutura pública. O Peru aposta na aceleração institucional, dotando a ProInversión de ferramentas legais para atuar como titular e executor de projetos. A Colômbia opta pela prudência fiscal, priorizando a conclusão de compromissos existentes em um ambiente macroeconômico restritivo.\u003C\u002Fp>\n\u003Cp>Ambas as estratégias têm méritos e riscos. A agressividade do pipeline peruano exige capacidade institucional para gerir simultaneamente dezenas de processos complexos sem comprometer a qualidade da estruturação. A cautela colombiana protege a sustentabilidade fiscal, mas pode gerar lacunas de infraestrutura se a pausa em novas adjudicações se prolongar além do ciclo econômico atual.\u003C\u002Fp>\n\u003Cp>Para os estruturadores e assessores que operam na região andina, o contraste gera uma dinâmica de complementaridade. As equipes técnicas e jurídicas com capacidade de operar em ambas as jurisdições podem diversificar suas carteiras de mandatos, capturando volume no Peru e profundidade técnica nos projetos pontuais que a Colômbia mantém ativos.\u003C\u002Fp>\n\u003Ch2>Perspectivas para o capital privado em infraestrutura andina\u003C\u002Fh2>\n\u003Cp>O volume do pipeline peruano, superior a US$ 10 bilhões, constitui um sinal inequívoco para o capital institucional que busca exposição à infraestrutura latino-americana. Os fundos de investimento, os bancos de desenvolvimento e os assessores financeiros especializados encontram no Peru um mercado com escala suficiente para justificar a mobilização de equipes dedicadas.\u003C\u002Fp>\n\u003Cp>A Colômbia, por sua vez, oferece oportunidades seletivas em projetos de alta complexidade técnica e financeira, onde a competição por mandatos tende a ser menor e as barreiras de entrada mais elevadas. A PPP ferroviária La Dorada-Chiriguaná e os projetos do Metrô de Medellín exemplificam esse perfil.\u003C\u002Fp>\n\u003Cp>Os líderes do setor que participam dos encontros do GRI Institute têm destacado que a capacidade de navegar marcos regulatórios distintos dentro de uma mesma região se tornou uma vantagem competitiva determinante. A especialização jurisdicional, combinada com o conhecimento profundo dos atores institucionais em cada país, define quem captura os mandatos de estruturação mais relevantes.\u003C\u002Fp>\n\u003Cp>O mercado andino de PPPs não se lê como um bloco homogêneo. Lê-se projeto por projeto, regulação por regulação e estruturador por estruturador. Essa granularidade é, precisamente, o que o torna um dos segmentos mais dinâmicos da infraestrutura latino-americana.\u003C\u002Fp>","O mercado andino de PPPs apresenta forte contraste: o Peru concentra um pipeline de US$ 12 bilhões em 80 iniciativas impulsionadas pela ProInversión, que sob a nova Lei de PPPs assume faculdades como titular e executor de projetos, com meta de adjudicar 56 projetos em 2026. A Colômbia, condicionada por crescimento projetado de 2,1% e taxas restritivas, prioriza a continuidade de projetos existentes como a PPP ferroviária La Dorada-Chiriguaná e o Metrô de Medellín. Essa divergência obriga estruturadores e investidores a recalibrar estratégias.","\u003Cul>\n\u003Cli>Peru acumula pipeline de PPPs de US$ 12 bilhões com 80 iniciativas, posicionando-se como motor regional de estruturação.\u003C\u002Fli>\n\u003Cli>ProInversión assume papel de titular de projetos sob a nova Lei de PPPs, com meta de adjudicar 56 projetos em 2026.\u003C\u002Fli>\n\u003Cli>Colômbia prioriza execução de projetos existentes, sem pipeline ativo comparável de novas licitações.\u003C\u002Fli>\n\u003Cli>Ambiente macroeconômico colombiano (PIB de 2,1%, taxas altas) restringe margem fiscal para novas PPPs.\u003C\u002Fli>\n\u003Cli>Contraste gera complementaridade: volume no Peru e projetos seletivos de alta complexidade na Colômbia.\u003C\u002Fli>\n\u003C\u002Ful>\n","PPPs Colômbia e Peru: pipeline de US$ 12 bilhões","jose miguel rawlins, tomas elejalde, jose luis mogollon, munir jalil, ronald tenorio franco, PPPs Peru, PPPs Colômbia, ProInversión, infraestrutura andina, parcerias público-privadas","Análise comparativa dos marcos regulatórios de PPPs na Colômbia e no Peru. Peru acelera com 80 projetos por US$ 12 bilhões via ProInversión enquanto Colômbia prioriza execução de obras existentes. Estruturadores-chave e perspectivas 2026.",{"code":18},{"id":1481,"newsId":1447,"languageId":5,"title":1450,"subtitle":1482,"content":1483,"summary":1484,"takeaways":1485,"seoTagConversionId":8,"seoTag":8,"seoTitle":1486,"seoKeywords":1487,"seoDescription":1488,"seoAbstract":8,"seoImage":1467,"createdAt":1455,"updatedAt":8,"language":1489},3365,"Perú acelera con 80 iniciativas respaldadas por ProInversión mientras Colombia prioriza la ejecución de proyectos existentes y ajusta expectativas macroeconómic","\u003Ch2>Perú concentra un pipeline de APPs por US$ 12.000 millones con 80 iniciativas en cartera\u003C\u002Fh2>\n\u003Cp>El mercado andino de asociaciones público-privadas atraviesa un momento de fuerte contraste. Perú acumula un pipeline estimado en US$ 12.000 millones distribuido en 80 iniciativas, según cifras de ProInversión y BNamericas, y se posiciona como el motor regional de estructuración de infraestructura bajo esquemas APP. Colombia, en cambio, concentra esfuerzos en la continuidad de proyectos previamente adjudicados, sin un pipeline activo comparable de nuevas licitaciones para el próximo ciclo.\u003C\u002Fp>\n\u003Cp>Esta divergencia configura un escenario donde los estructuradores, asesores financieros y fondos de inversión recalibran sus estrategias para capturar oportunidades en geografías con marcos regulatorios distintos y horizontes fiscales desiguales. El GRI Institute ha identificado esta dinámica como uno de los temas centrales de discusión entre los líderes de infraestructura en América Latina.\u003C\u002Fp>\n\u003Ch2>¿Cómo transforma la nueva ley de APPs el rol de ProInversión en Perú?\u003C\u002Fh2>\n\u003Cp>La nueva Ley de APPs en Perú representa un cambio estructural en la gobernanza de los proyectos de infraestructura del país. La norma incorpora expresamente a ProInversión como entidad pública titular de proyectos, otorgándole facultades para formular iniciativas bajo modalidad APP, elaborar estudios técnicos y suscribir contratos de manera directa.\u003C\u002Fp>\n\u003Cp>Este empoderamiento institucional tiene consecuencias prácticas inmediatas. ProInversión deja de ser un mero facilitador de procesos promocionales para convertirse en un agente activo con capacidad de originar, estructurar y cerrar proyectos. La agencia ya demostró su capacidad operativa al adjudicar 16 proyectos de APP y Proyectos en Activos por el monto más alto registrado en la última década, según datos publicados por la propia entidad en diciembre de 2025.\u003C\u002Fp>\n\u003Cp>El impacto regulatorio se traduce en velocidad de ejecución. Con ProInversión habilitada para liderar la cadena completa de estructuración, los tiempos de maduración de proyectos tienden a comprimirse, lo que resulta atractivo para estructuradores y fondos que buscan previsibilidad en los calendarios de adjudicación.\u003C\u002Fp>\n\u003Cp>La meta es ambiciosa: ProInversión pretende adjudicar 56 proyectos bajo el modelo APP por US$ 12.000 millones durante 2026, de acuerdo con información reportada por BNamericas. De concretarse, sería el ciclo de adjudicaciones más voluminoso en la historia reciente de la infraestructura peruana.\u003C\u002Fp>\n\u003Cp>Actores vinculados a la estructuración de fondos y concesiones en Perú, como José Miguel Rawlins, reconocido por su trayectoria en la creación de vehículos de inversión inmobiliaria e infraestructura a través de L2B Invest y Banchile, y José Luis Mogollón, con antecedentes en gerencia de sostenibilidad en concesiones como IIRSA Sur, operan en un ecosistema que la nueva regulación amplía considerablemente. La profundidad del pipeline peruano genera oportunidades tanto en la estructuración financiera como en la asesoría técnica y legal de proyectos de transporte, energía e infraestructura digital.\u003C\u002Fp>\n\u003Ch2>¿Qué factores explican la ralentización del pipeline de APPs en Colombia?\u003C\u002Fh2>\n\u003Cp>El panorama colombiano presenta una lógica diferente. El Plan Nacional de Desarrollo 2022-2026 fija los objetivos de infraestructura del gobierno, pero reportes legales especializados indican que la administración ha priorizado la continuidad y ejecución de proyectos existentes sobre la estructuración de un pipeline activo de nuevas APPs.\u003C\u002Fp>\n\u003Cp>Esta orientación responde a múltiples factores. El entorno macroeconómico colombiano impone restricciones significativas. Según Munir Jalil, economista jefe para la región Andina de BTG Pactual, el crecimiento del PIB de Colombia se ajusta a la baja con una proyección de 2,1% para el periodo 2026-2027, condicionado por inflación persistente y tasas de interés restrictivas. Estas variables reducen el margen fiscal del gobierno para asumir compromisos de vigencias futuras y encarecen el costo de capital para los estructuradores privados.\u003C\u002Fp>\n\u003Cp>El análisis de Jalil resulta particularmente relevante porque las proyecciones macroeconómicas dictan directamente la viabilidad financiera de las APPs. Un entorno de tasas altas eleva los costos de financiamiento de largo plazo, comprime los retornos esperados y reduce el apetito de inversionistas institucionales por compromisos de capital con horizontes superiores a 20 años, que son característicos de las concesiones de infraestructura.\u003C\u002Fp>\n\u003Cp>No obstante, Colombia mantiene actividad en proyectos específicos de alta relevancia. La Agencia Nacional de Infraestructura cerró el periodo de recepción de ofertas para la APP férrea La Dorada-Chiriguaná, según información publicada por Cuatrecasas en noviembre de 2024. Este proyecto ferroviario constituye una de las iniciativas más visibles del sector transporte colombiano y refleja que, aunque el volumen de nuevas licitaciones se haya moderado, los proyectos estratégicos mantienen su curso.\u003C\u002Fp>\n\u003Ch2>Infraestructura de transporte: los proyectos que definen la agenda\u003C\u002Fh2>\n\u003Cp>El sector transporte concentra las iniciativas de mayor envergadura en ambos países. En Colombia, Tomás Elejalde, gerente del Metro de Medellín, lidera la estructuración y gestión de contingencias de proyectos clave como el Tren del Río y la Línea A, según reportó El Colombiano en octubre de 2025. Estos proyectos de infraestructura férrea urbana representan apuestas de largo plazo que combinan financiamiento público, estructuración técnica compleja y componentes de APP en distintas fases de su desarrollo.\u003C\u002Fp>\n\u003Cp>La figura de Elejalde ilustra un perfil recurrente en el mercado andino: el gestor público-técnico que opera en la intersección entre la ingeniería de proyectos y la estructuración financiera. Su rol en el Metro de Medellín lo posiciona como un interlocutor central para los inversionistas y estructuradores que evalúan oportunidades en el corredor férreo antioqueño.\u003C\u002Fp>\n\u003Cp>En Perú, el pipeline de ProInversión abarca proyectos de transporte, energía e infraestructura digital, aunque la distribución sectorial específica de las 80 iniciativas no ha sido detallada públicamente en su totalidad. La diversificación del portafolio peruano ofrece múltiples puntos de entrada para estructuradores con especialización sectorial diferenciada.\u003C\u002Fp>\n\u003Ch2>Marcos regulatorios comparados: previsibilidad contra prudencia fiscal\u003C\u002Fh2>\n\u003Cp>La comparación entre los marcos regulatorios de Perú y Colombia revela dos filosofías de gestión de infraestructura pública. Perú apuesta por la aceleración institucional, dotando a ProInversión de herramientas legales para actuar como titular y ejecutor de proyectos. Colombia opta por la prudencia fiscal, priorizando la culminación de compromisos existentes en un entorno macroeconómico restrictivo.\u003C\u002Fp>\n\u003Cp>Ambas estrategias tienen méritos y riesgos. La agresividad del pipeline peruano exige capacidad institucional para gestionar simultáneamente decenas de procesos complejos sin comprometer la calidad de la estructuración. La cautela colombiana protege la sostenibilidad fiscal, pero puede generar brechas de infraestructura si la pausa en nuevas adjudicaciones se prolonga más allá del ciclo económico actual.\u003C\u002Fp>\n\u003Cp>Para los estructuradores y asesores que operan en la región andina, el contraste genera una dinámica de complementariedad. Los equipos técnicos y legales con capacidad de operar en ambas jurisdicciones pueden diversificar sus carteras de mandatos, capturando volumen en Perú y profundidad técnica en los proyectos puntuales que Colombia mantiene activos.\u003C\u002Fp>\n\u003Ch2>Perspectivas para el capital privado en infraestructura andina\u003C\u002Fh2>\n\u003Cp>El volumen del pipeline peruano, superior a los US$ 10.000 millones, constituye una señal inequívoca para el capital institucional que busca exposición a infraestructura latinoamericana. Los fondos de inversión, las bancas de desarrollo y los asesores financieros especializados encuentran en Perú un mercado con escala suficiente para justificar la movilización de equipos dedicados.\u003C\u002Fp>\n\u003Cp>Colombia, por su parte, ofrece oportunidades selectivas en proyectos de alta complejidad técnica y financiera, donde la competencia por mandatos tiende a ser menor y las barreras de entrada más elevadas. La APP férrea La Dorada-Chiriguaná y los proyectos del Metro de Medellín ejemplifican este perfil.\u003C\u002Fp>\n\u003Cp>Los líderes del sector que participan en los encuentros del GRI Institute han señalado que la capacidad de navegar marcos regulatorios distintos dentro de una misma región se ha convertido en una ventaja competitiva determinante. La especialización jurisdiccional, combinada con el conocimiento profundo de los actores institucionales en cada país, define quién captura los mandatos de estructuración más relevantes.\u003C\u002Fp>\n\u003Cp>El mercado andino de APPs no se lee como un bloque homogéneo. Se lee proyecto por proyecto, regulación por regulación, y estructurador por estructurador. Esa granularidad es, precisamente, lo que lo convierte en uno de los segmentos más dinámicos de la infraestructura latinoamericana.\u003C\u002Fp>\n","El mercado andino de APPs presenta un fuerte contraste: Perú concentra un pipeline de US$ 12.000 millones en 80 iniciativas impulsadas por ProInversión, que bajo la nueva Ley de APPs asume facultades como titular y ejecutor de proyectos, con la meta de adjudicar 56 proyectos en 2026. Colombia, condicionada por un crecimiento proyectado de 2,1% y tasas restrictivas, prioriza la continuidad de proyectos existentes como la APP férrea La Dorada-Chiriguaná y el Metro de Medellín.\n\nEsta divergencia obliga a estructuradores e inversionistas a recalibrar estrategias, combinando volumen en Perú con oportunidades selectivas en Colombia.","\u003Cul>\n\u003Cli>Perú acumula un pipeline de APPs de US$ 12.000 millones con 80 iniciativas, posicionándose como motor regional de estructuración.\u003C\u002Fli>\n\u003Cli>ProInversión asume rol de titular de proyectos bajo la nueva Ley de APPs, con meta de adjudicar 56 proyectos en 2026.\u003C\u002Fli>\n\u003Cli>Colombia prioriza la ejecución de proyectos existentes, sin pipeline activo comparable de nuevas licitaciones.\u003C\u002Fli>\n\u003Cli>El entorno macroeconómico colombiano (PIB de 2,1%, tasas altas) restringe el margen fiscal para nuevas APPs.\u003C\u002Fli>\n\u003Cli>El contraste genera complementariedad: volumen en Perú y proyectos selectivos de alta complejidad en Colombia.\u003C\u002Fli>\n\u003C\u002Ful>\n","APPs Colombia y Perú: pipeline US$ 12.000 millones","jose miguel rawlins, tomas elejalde, jose luis mogollon, munir jalil, ronald tenorio franco","Análisis comparativo de los marcos regulatorios de APPs en Colombia y Perú. Perú acelera con 80 proyectos por US$ 12.000 millones vía ProInversión mientras Colombia prioriza ejecución de obras existentes. Estructuradores clave y perspectivas 2026.",{"code":23},{"id":5,"color":7,"translations":1491},[1492,1494,1496],{"title":6,"slug":11,"language":1493},{"code":13},{"title":15,"slug":16,"language":1495},{"code":18},{"title":20,"slug":21,"language":1497},{"code":23},[1499,1507,1515],{"id":65,"label":1231,"translations":1500},[1501,1503,1505],{"label":1231,"slug":1242,"language":1502},{"code":13},{"label":1245,"slug":1246,"language":1504},{"code":18},{"label":1249,"slug":1250,"language":1506},{"code":23},{"id":93,"label":1253,"translations":1508},[1509,1511,1513],{"label":1253,"slug":1264,"language":1510},{"code":13},{"label":1267,"slug":1268,"language":1512},{"code":18},{"label":1271,"slug":1272,"language":1514},{"code":23},{"id":101,"label":1403,"translations":1516},[1517,1519,1521],{"label":1403,"slug":1414,"language":1518},{"code":13},{"label":1417,"slug":1418,"language":1520},{"code":18},{"label":1421,"slug":1422,"language":1522},{"code":23},[1524,1526,1528,1531,1533],{"name":82,"enName":82,"ptName":82,"iso2":1525},"AR",{"name":220,"enName":220,"ptName":220,"iso2":1527},"CL",{"name":233,"enName":233,"ptName":1529,"iso2":1530},"Colômbia","CO",{"name":567,"enName":567,"ptName":567,"iso2":1532},"MX",{"name":676,"enName":676,"ptName":676,"iso2":1534},"PE",[1536],{"name":1537,"slug":1538,"image":8,"order":115},"GRI Institute","gri-institute",{"en":1540,"pt-BR":1541,"es":1542},"\u002Finfrastructure\u002Fapps-colombia-peru-pipeline-proyectos-estructuradores-marcos-regulatorios","\u002Finfraestrutura\u002Fapps-colombia-peru-pipeline-proyectos-estructuradores-marcos-regulatorios","\u002Finfraestructura\u002Fapps-colombia-peru-pipeline-proyectos-estructuradores-marcos-regulatorios",[1544,1545,1546,1547,1548,1549],"Infra Brazil","Infra Latam","Real Estate Brazil","Real Estate Europe","Real Estate India","Real Estate Latam"]