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Andes",false,"https:\u002F\u002Fcdn.griinstitute.org\u002Fuploads\u002Fhubnews\u002Fradar-inversion-estructuradores-infraestructura-andes-2025.webp","2026-03-09T00:00:00.000Z",882,"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},3667,"Investment radar: the structurers competing for the Andean infrastructure pipeline","Munir Jalil, Roberto Moreno Mejía, and the key profiles shaping the next generation of infrastructure projects in Colombia, Peru, and Chile.","\u003Cp>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.\u003C\u002Fp>\n\u003Ch2>Munir Jalil: the macro reading that conditions structuring\u003C\u002Fh2>\n\u003Cp>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.\u003C\u002Fp>\n\u003Cp>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. \u003Cstrong>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.\u003C\u002Fstrong>\u003C\u002Fp>\n\u003Cp>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.\u003C\u002Fp>\n\u003Ch2>Roberto Moreno Mejía: urban renewal as strategic infrastructure\u003C\u002Fh2>\n\u003Cp>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.\u003C\u002Fp>\n\u003Cp>\u003Cstrong>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.\u003C\u002Fstrong> 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.\u003C\u002Fp>\n\u003Cp>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.\u003C\u002Fp>\n\u003Ch2>What capacity does Colombia have to finance its infrastructure gap?\u003C\u002Fh2>\n\u003Cp>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.\u003C\u002Fp>\n\u003Cp>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. \u003Cstrong>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.\u003C\u002Fstrong>\u003C\u002Fp>\n\u003Cp>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.\u003C\u002Fp>\n\u003Ch2>How is the PPP pipeline taking shape in Peru and Chile?\u003C\u002Fh2>\n\u003Cp>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.\u003C\u002Fp>\n\u003Cp>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.\u003C\u002Fp>\n\u003Cp>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.\u003C\u002Fp>\n\u003Ch2>Building foundations: the logic of emerging structurers\u003C\u002Fh2>\n\u003Cp>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.\u003C\u002Fp>\n\u003Cp>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.\u003C\u002Fp>\n\u003Cp>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.\u003C\u002Fp>\n\u003Ch2>Regional perspective: a cycle that demands precision\u003C\u002Fh2>\n\u003Cp>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.\u003C\u002Fp>\n\u003Cp>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.\u003C\u002Fp>","The Andean region is undergoing an ambitious infrastructure structuring cycle, driven by reforms such as the Deregulatory Shock 2.0 in Peru, the Green Cities Law in Colombia, and Chile's concession maturity. Key professionals like Munir Jalil, in macroeconomic analysis, and Roberto Moreno Mejía, in urban development, determine which projects advance. Fiscal constraints—such as Colombia's 0.8% of GDP cap on future budget commitments—require financing innovation. Competitive differentiation depends on integrating macro analysis, regulatory expertise, and financial models adapted to restrictive environments.","\u003Cul>\n\u003Cli>ProInversión plans to award 80 infrastructure projects in Peru between 2025-2026, while Chile advances 15 strategic projects.\u003C\u002Fli>\n\u003Cli>Colombia's 0.8% of GDP cap on future PPP commitments constrains the pipeline, requiring innovation in blended financing and toll securitization.\u003C\u002Fli>\n\u003Cli>Munir Jalil (BTG Pactual) shapes regional structuring by interpreting monetary cycles affecting long-term concession viability.\u003C\u002Fli>\n\u003Cli>Roberto Moreno Mejía (Amarilo) positions urban renewal as strategic infrastructure through megaprojects like Lagos de Torca.\u003C\u002Fli>\n\u003Cli>The new generation of structurers prioritizes regulatory predictability, local currency financing, and sustainability from the design phase.\u003C\u002Fli>\n\u003C\u002Ful>\n","Andean infrastructure structurers 2025","ronald tenorio franco, roberto moreno mejía, munir jalil, building foundations, Andean infrastructure, PPP Peru, Chile concessions, infrastructure pipeline","Investment radar on Munir Jalil, Roberto Moreno Mejía, and the structurers defining the infrastructure pipeline in Colombia, Peru, and Chile. Data from ProInversión, ANIF, and MOP on PPPs and concessions 2025-2026.","https:\u002F\u002Fcdn.griinstitute.org\u002Fuploads\u002Fhubnews\u002Fradar-inversion-estructuradores-infraestructura-andes-2025-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},3668,"Radar de investimento: os estruturadores que disputam o pipeline de infraestrutura nos Andes","Munir Jalil, Roberto Moreno Mejía e os perfis-chave que definem a próxima geração de projetos de infraestrutura na Colômbia, Peru e Chile.","\u003Cp>A ProInversión prevê adjudicar uma carteira de 80 projetos de infraestrutura por meio de parcerias público-privadas (PPPs) e outros mecanismos entre 2025 e 2026. O número sintetiza o momento que a região andina atravessa: um ciclo de estruturação ambicioso, sustentado por reformas regulatórias, novos instrumentos de financiamento e um grupo reduzido de profissionais cujas decisões determinam quais projetos avançam e quais ficam estagnados. Este radar do GRI Institute mapeia os atores e as variáveis que configuram esse pipeline.\u003C\u002Fp>\n\u003Ch2>Munir Jalil: a leitura macro que condiciona a estruturação\u003C\u002Fh2>\n\u003Cp>Qualquer projeto de infraestrutura de longo prazo na região andina depende, antes de sua engenharia, da trajetória das taxas de juros e do ambiente macroeconômico. Munir Jalil, economista-chefe para a Região Andina no BTG Pactual, consolidou-se como uma das vozes mais influentes nessa análise. Segundo o BTG Pactual e a Valora Analitik, Jalil lidera a interpretação dos ciclos monetários que impactam diretamente a viabilidade financeira de concessões e PPPs na Colômbia, Peru e Chile.\u003C\u002Fp>\n\u003Cp>A relevância de sua posição reside em um fato estrutural: os modelos financeiros de projetos concessionados são extremamente sensíveis ao custo do capital. Em economias onde os bancos centrais mantiveram políticas restritivas para conter a inflação, cada ponto-base na taxa de referência altera os fluxos descontados de uma concessão rodoviária ou energética de 20 ou 30 anos. \u003Cstrong>Jalil opera na interseção exata entre a análise macroeconômica e a tomada de decisões de investimento em infraestrutura, o que o torna uma referência obrigatória para estruturadores financeiros na região andina.\u003C\u002Fstrong>\u003C\u002Fp>\n\u003Cp>Para os membros do GRI Institute que participam de rodadas de estruturação, o acompanhamento das projeções do BTG Pactual sobre taxas na Colômbia e no Peru constitui um insumo crítico. A capacidade de antecipar janelas de financiamento favoráveis pode definir a diferença entre um projeto adjudicado e um que permanece em fase de estudos.\u003C\u002Fp>\n\u003Ch2>Roberto Moreno Mejía: renovação urbana como infraestrutura estratégica\u003C\u002Fh2>\n\u003Cp>Roberto Moreno Mejía, presidente e fundador da construtora Amarilo, representa o outro extremo do espectro: o desenvolvimento privado que transforma solo urbano em infraestrutura habitável. Segundo a Caracol Radio (dezembro de 2025), Moreno Mejía lidera megaprojetos de renovação urbana em Bogotá, entre os quais se destacam Lagos de Torca e Quora, duas intervenções de escala metropolitana que combinam habitação, equipamentos públicos e conectividade.\u003C\u002Fp>\n\u003Cp>\u003Cstrong>A trajetória da Amarilo sob a liderança de Moreno Mejía ilustra como a renovação urbana se tornou um veículo de infraestrutura tão relevante quanto as concessões rodoviárias ou os parques de geração.\u003C\u002Fstrong> Lagos de Torca, em particular, é um dos maiores projetos de desenvolvimento urbano da América Latina, com implicações diretas sobre redes de transporte, serviços públicos e gestão hídrica no norte de Bogotá.\u003C\u002Fp>\n\u003Cp>Esse tipo de operação ganha maior relevância no contexto da Lei 2476 de 2025, conhecida como Lei de Cidades Verdes, promulgada em 10 de julho de 2025 na Colômbia. A norma fortalece a adaptação às mudanças climáticas e a gestão de riscos por meio de cidades e centros urbanos verdes, biodiversos e resilientes, impactando diretamente o planejamento de infraestrutura urbana. Para desenvolvedores como a Amarilo, a lei introduz novos parâmetros de design e certificação que condicionam a estruturação de projetos futuros.\u003C\u002Fp>\n\u003Ch2>Qual é a capacidade da Colômbia para financiar sua lacuna de infraestrutura?\u003C\u002Fh2>\n\u003Cp>A pergunta é central para entender o contexto em que operam os estruturadores andinos. Segundo a Associação Nacional de Instituições Financeiras (ANIF, novembro de 2025), a Colômbia requer um investimento anual significativo para fechar as lacunas em infraestrutura rodoviária primária até 2033, um volume que supera o limite atual de vigências futuras para PPPs, fixado em 0,8% do PIB.\u003C\u002Fp>\n\u003Cp>Esse teto fiscal é, na prática, o gargalo mais relevante para o pipeline colombiano. Significa que mesmo com projetos bem estruturados e demanda comprovada, o Estado tem uma margem limitada para comprometer recursos futuros em novas concessões. \u003Cstrong>A restrição de 0,8% do PIB em vigências futuras para PPPs obriga os estruturadores colombianos a inovar em esquemas de financiamento misto, securitização de pedágios e participação de fundos de infraestrutura internacionais.\u003C\u002Fstrong>\u003C\u002Fp>\n\u003Cp>Nesse cenário, a articulação entre a análise macro fornecida por economistas como Jalil e a capacidade de execução de desenvolvedores como Moreno Mejía ganha um sentido prático imediato. Os projetos que conseguirem avançar serão aqueles cuja engenharia financeira se adapte às restrições fiscais vigentes, não os que dependam de uma expansão do gasto público.\u003C\u002Fp>\n\u003Ch2>Como se configura o pipeline de PPPs no Peru e no Chile?\u003C\u002Fh2>\n\u003Cp>O Peru adotou uma estratégia agressiva de desregulamentação para acelerar sua carteira de infraestrutura. O regulamento da nova Lei de PPPs, atualmente em processo de implementação, incorpora melhorias na governança da ProInversión, simplifica trâmites e estabelece prazos previsíveis na execução de projetos. Essa reforma se enquadra no denominado Shock Desregulatório 2.0, uma política transversal do governo peruano para reduzir barreiras administrativas.\u003C\u002Fp>\n\u003Cp>A carteira de 80 projetos que a ProInversión prevê adjudicar entre 2025 e 2026, segundo o Ministério da Economia e Finanças do Peru, abrange transporte, energia e telecomunicações. Adicionalmente, o Scotiabank Peru projeta que o investimento em infraestrutura concessionada de transporte manterá seu dinamismo em 2025-2026, superando os níveis registrados em 2024.\u003C\u002Fp>\n\u003Cp>O Chile, por sua vez, mantém uma carteira robusta de concessões. O Ministério de Obras Públicas (MOP) identificou 15 projetos estratégicos para o período 2025-2026, consolidando o país como o mercado de concessões mais maduro da região. A estabilidade institucional do modelo chileno segue sendo um diferencial para investidores internacionais que buscam exposição a infraestrutura andina com menor risco regulatório.\u003C\u002Fp>\n\u003Ch2>Criar alicerces: a lógica dos estruturadores emergentes\u003C\u002Fh2>\n\u003Cp>O conceito de \"criar alicerces\" transcende a metáfora construtiva. No contexto andino atual, refere-se à capacidade de articular capital, regulação e execução em ambientes de restrição fiscal e volatilidade macroeconômica. Os estruturadores que dominam este ciclo compartilham um traço comum: operam na fronteira entre o setor público e o privado, traduzindo marcos regulatórios complexos em modelos financeiros executáveis.\u003C\u002Fp>\n\u003Cp>O GRI Institute identificou, por meio de seus encontros com líderes de infraestrutura na América Latina, que a nova geração de estruturadores prioriza três variáveis: a previsibilidade regulatória, o acesso a financiamento em moeda local e a integração de critérios de sustentabilidade desde a fase de projeto. A Lei de Cidades Verdes na Colômbia e o Shock Desregulatório 2.0 no Peru são exemplos concretos de como os marcos normativos estão respondendo a essas prioridades.\u003C\u002Fp>\n\u003Cp>Para os membros do GRI Institute que participam ativamente na estruturação de projetos na região, o mapeamento desses perfis e tendências constitui um insumo estratégico. O pipeline andino não se define apenas pelo volume de investimento previsto, mas pela qualidade das equipes que o estruturam e pelas condições macroeconômicas que o viabilizam.\u003C\u002Fp>\n\u003Ch2>Perspectiva regional: um ciclo que exige precisão\u003C\u002Fh2>\n\u003Cp>A convergência de reformas no Peru, restrições fiscais na Colômbia e maturidade concessionária no Chile configura um cenário onde a diferenciação competitiva recai sobre a capacidade de estruturação. Os 80 projetos da ProInversión, os 15 do MOP chileno e a lacuna de financiamento que a ANIF documenta na Colômbia delineiam um mercado ativo, porém seletivo.\u003C\u002Fp>\n\u003Cp>Os profissionais e instituições que conseguirem integrar análise macroeconômica rigorosa, conhecimento regulatório atualizado e relações institucionais sólidas serão os que capturarão as oportunidades de maior escala. Na infraestrutura andina contemporânea, criar alicerces é, acima de tudo, um exercício de precisão financeira e adaptação regulatória.\u003C\u002Fp>","A região andina atravessa um ciclo ambicioso de estruturação de infraestrutura, impulsionado por reformas como o Shock Desregulatório 2.0 no Peru, a Lei de Cidades Verdes na Colômbia e a maturidade concessionária do Chile. Profissionais-chave como Munir Jalil, na análise macroeconômica, e Roberto Moreno Mejía, no desenvolvimento urbano, definem quais projetos avançam. Restrições fiscais — como o teto de 0,8% do PIB em vigências futuras colombianas — obrigam a inovar em esquemas financeiros. A diferenciação competitiva recai sobre a capacidade de integrar análise macro, conhecimento regulatório e modelos financeiros adaptados.","\u003Cul>\n\u003Cli>A ProInversión prevê adjudicar 80 projetos de infraestrutura no Peru entre 2025-2026, enquanto o Chile impulsiona 15 projetos estratégicos.\u003C\u002Fli>\n\u003Cli>O teto de 0,8% do PIB em vigências futuras para PPPs limita o pipeline colombiano e exige inovação em financiamento misto e securitização.\u003C\u002Fli>\n\u003Cli>Munir Jalil (BTG Pactual) influencia a estruturação regional ao interpretar ciclos monetários que afetam a viabilidade de concessões de longo prazo.\u003C\u002Fli>\n\u003Cli>Roberto Moreno Mejía (Amarilo) posiciona a renovação urbana como infraestrutura estratégica com megaprojetos como Lagos de Torca.\u003C\u002Fli>\n\u003Cli>A nova geração de estruturadores prioriza previsibilidade regulatória, financiamento em moeda local e sustentabilidade desde o projeto.\u003C\u002Fli>\n\u003C\u002Ful>\n","Estruturadores de infraestrutura nos Andes 2025","ronald tenorio franco, roberto moreno mejía, munir jalil, criar alicerces, infraestrutura andina, PPP Peru, concessões Chile, pipeline infraestrutura","Radar de investimento sobre Munir Jalil, Roberto Moreno Mejía e os estruturadores que definem o pipeline de infraestrutura na Colômbia, Peru e Chile. Dados de ProInversión, ANIF e MOP sobre PPPs e concessões 2025-2026.",{"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},3669,"Munir Jalil, Roberto Moreno Mejía y los perfiles clave que definen la próxima generación de proyectos de infraestructura en Colombia, Perú y Chile.","\u003Cp>ProInversión prevé adjudicar una cartera de 80 proyectos de infraestructura mediante asociaciones público-privadas (APP) y otros mecanismos entre 2025 y 2026. La cifra condensa el momento que atraviesa la región andina: un ciclo de estructuración ambicioso, sostenido por reformas regulatorias, nuevos instrumentos de financiamiento y un grupo reducido de profesionales cuyas decisiones determinan qué proyectos avanzan y cuáles se estancan. Este radar de GRI Institute mapea a los actores y las variables que configuran ese pipeline.\u003C\u002Fp>\n\u003Ch2>Munir Jalil: la lectura macro que condiciona la estructuración\u003C\u002Fh2>\n\u003Cp>Cualquier proyecto de infraestructura de largo plazo en la región andina depende, antes que de su ingeniería, de la trayectoria de tasas de interés y del entorno macroeconómico. Munir Jalil, economista jefe para la Región Andina en BTG Pactual, se ha consolidado como una de las voces más influyentes en ese análisis. Según BTG Pactual y Valora Analitik, Jalil lidera la interpretación de los ciclos monetarios que impactan directamente la viabilidad financiera de concesiones y APP en Colombia, Perú y Chile.\u003C\u002Fp>\n\u003Cp>La relevancia de su posición radica en un hecho estructural: los modelos financieros de proyectos concesionados son extremadamente sensibles al costo del capital. En economías donde los bancos centrales han mantenido políticas restrictivas para contener la inflación, cada punto base en la tasa de referencia altera los flujos descontados de una concesión vial o energética a 20 o 30 años. \u003Cstrong>Jalil opera en la intersección exacta entre el análisis macroeconómico y la toma de decisiones de inversión en infraestructura, lo que lo convierte en un referente obligado para estructuradores financieros en la región andina.\u003C\u002Fstrong>\u003C\u002Fp>\n\u003Cp>Para los miembros de GRI Institute que participan en rondas de estructuración, el seguimiento de las proyecciones de BTG Pactual sobre tasas en Colombia y Perú constituye un insumo crítico. La capacidad de anticipar ventanas de financiamiento favorables puede definir la diferencia entre un proyecto adjudicado y uno que permanece en fase de estudios.\u003C\u002Fp>\n\u003Ch2>Roberto Moreno Mejía: renovación urbana como infraestructura estratégica\u003C\u002Fh2>\n\u003Cp>Roberto Moreno Mejía, presidente y fundador de la constructora Amarilo, representa el otro extremo del espectro: el desarrollo privado que transforma suelo urbano en infraestructura habitable. Según Caracol Radio (diciembre 2025), Moreno Mejía lidera megaproyectos de renovación urbana en Bogotá, entre los que destacan Lagos de Torca y Quora, dos intervenciones de escala metropolitana que combinan vivienda, equipamiento público y conectividad.\u003C\u002Fp>\n\u003Cp>\u003Cstrong>La trayectoria de Amarilo bajo el liderazgo de Moreno Mejía ilustra cómo la renovación urbana se ha convertido en un vehículo de infraestructura tan relevante como las concesiones viales o los parques de generación.\u003C\u002Fstrong> Lagos de Torca, en particular, es uno de los proyectos de desarrollo urbano más grandes de América Latina, con implicaciones directas sobre redes de transporte, servicios públicos y gestión hídrica en el norte de Bogotá.\u003C\u002Fp>\n\u003Cp>Este tipo de operaciones cobra mayor relevancia en el contexto de la Ley 2476 de 2025, conocida como Ley de Ciudades Verdes, promulgada el 10 de julio de 2025 en Colombia. La norma fortalece la adaptación al cambio climático y la gestión del riesgo a través de ciudades y centros urbanos verdes, biodiversos y resilientes, lo que impacta directamente la planificación de infraestructura urbana. Para desarrolladores como Amarilo, la ley introduce nuevos parámetros de diseño y certificación que condicionan la estructuración de proyectos futuros.\u003C\u002Fp>\n\u003Ch2>¿Qué capacidad tiene Colombia para financiar su brecha de infraestructura?\u003C\u002Fh2>\n\u003Cp>La pregunta es central para entender el contexto en el que operan los estructuradores andinos. Según la Asociación Nacional de Instituciones Financieras (ANIF, noviembre 2025), Colombia requiere una inversión anual significativa para cerrar las brechas en infraestructura vial primaria hasta 2033, un volumen que supera el límite actual de vigencias futuras para APP, fijado en el 0,8% del PIB.\u003C\u002Fp>\n\u003Cp>Este techo fiscal es, en la práctica, el cuello de botella más relevante para el pipeline colombiano. Significa que incluso con proyectos bien estructurados y demanda comprobada, el Estado tiene un margen limitado para comprometer recursos futuros en nuevas concesiones. \u003Cstrong>La restricción del 0,8% del PIB en vigencias futuras para APP obliga a los estructuradores colombianos a innovar en esquemas de financiamiento mixto, titularización de peajes y participación de fondos de infraestructura internacionales.\u003C\u002Fstrong>\u003C\u002Fp>\n\u003Cp>En este escenario, la articulación entre el análisis macro que proveen economistas como Jalil y la capacidad de ejecución de desarrolladores como Moreno Mejía cobra un sentido práctico inmediato. Los proyectos que logren avanzar serán aquellos cuya ingeniería financiera se adapte a las restricciones fiscales vigentes, no los que dependan de una expansión del gasto público.\u003C\u002Fp>\n\u003Ch2>¿Cómo se configura el pipeline de APP en Perú y Chile?\u003C\u002Fh2>\n\u003Cp>Perú ha adoptado una estrategia agresiva de desregulación para acelerar su cartera de infraestructura. El reglamento de la nueva Ley de APP, actualmente en proceso de implementación, incorpora mejoras en la gobernanza de ProInversión, simplifica trámites y establece plazos predecibles en la ejecución de proyectos. Esta reforma se enmarca en el denominado Shock Desregulatorio 2.0, una política transversal del gobierno peruano para reducir barreras administrativas.\u003C\u002Fp>\n\u003Cp>La cartera de 80 proyectos que ProInversión prevé adjudicar entre 2025 y 2026, según el Ministerio de Economía y Finanzas de Perú, abarca transporte, energía y telecomunicaciones. Adicionalmente, Scotiabank Perú proyecta que la inversión en infraestructura concesionada de transporte mantendrá su dinamismo en 2025-2026, superando los niveles reconocidos en 2024.\u003C\u002Fp>\n\u003Cp>Chile, por su parte, mantiene una cartera de concesiones robusta. El Ministerio de Obras Públicas (MOP) ha identificado 15 proyectos estratégicos para el período 2025-2026, consolidando al país como el mercado de concesiones más maduro de la región. La estabilidad institucional del modelo chileno sigue siendo un diferenciador para inversionistas internacionales que buscan exposición a infraestructura andina con menor riesgo regulatorio.\u003C\u002Fp>\n\u003Ch2>Crear cimientos: la lógica de los estructuradores emergentes\u003C\u002Fh2>\n\u003Cp>El concepto de "crear cimientos" trasciende la metáfora constructiva. En el contexto andino actual, se refiere a la capacidad de articular capital, regulación y ejecución en entornos de restricción fiscal y volatilidad macroeconómica. Los estructuradores que dominan este ciclo comparten un rasgo común: operan en la frontera entre el sector público y el privado, traduciendo marcos regulatorios complejos en modelos financieros ejecutables.\u003C\u002Fp>\n\u003Cp>GRI Institute ha identificado, a través de sus encuentros con líderes de infraestructura en América Latina, que la nueva generación de estructuradores prioriza tres variables: la previsibilidad regulatoria, el acceso a financiamiento en moneda local y la integración de criterios de sostenibilidad desde la fase de diseño. La Ley de Ciudades Verdes en Colombia y el Shock Desregulatorio 2.0 en Perú son ejemplos concretos de cómo los marcos normativos están respondiendo a estas prioridades.\u003C\u002Fp>\n\u003Cp>Para los miembros de GRI Institute que participan activamente en la estructuración de proyectos en la región, el mapeo de estos perfiles y tendencias constituye un insumo estratégico. El pipeline andino no se define únicamente por el volumen de inversión previsto, sino por la calidad de los equipos que lo estructuran y las condiciones macroeconómicas que lo habilitan.\u003C\u002Fp>\n\u003Ch2>Perspectiva regional: un ciclo que demanda precisión\u003C\u002Fh2>\n\u003Cp>La convergencia de reformas en Perú, restricciones fiscales en Colombia y madurez concesional en Chile configura un escenario donde la diferenciación competitiva recae en la capacidad de estructuración. Los 80 proyectos de ProInversión, los 15 del MOP chileno y la brecha de financiamiento que ANIF documenta en Colombia delinean un mercado activo pero selectivo.\u003C\u002Fp>\n\u003Cp>Los profesionales e instituciones que logren integrar análisis macroeconómico riguroso, conocimiento regulatorio actualizado y relaciones institucionales sólidas serán quienes capturen las oportunidades de mayor escala. En la infraestructura andina contemporánea, crear cimientos es, ante todo, un ejercicio de precisión financiera y adaptación regulatoria.\u003C\u002Fp>\n","La región andina atraviesa un ciclo ambicioso de estructuración de infraestructura, impulsado por reformas como el Shock Desregulatorio 2.0 en Perú, la Ley de Ciudades Verdes en Colombia y la madurez concesional de Chile. Profesionales clave como Munir Jalil, desde el análisis macroeconómico, y Roberto Moreno Mejía, desde el desarrollo urbano, definen qué proyectos avanzan.\n\nSin embargo, restricciones fiscales —como el tope del 0,8% del PIB en vigencias futuras colombianas— obligan a innovar en esquemas financieros. La diferenciación competitiva recae en la capacidad de integrar análisis macro, conocimiento regulatorio y modelos financieros adaptados a entornos restrictivos.","\u003Cul>\n\u003Cli>ProInversión prevé adjudicar 80 proyectos de infraestructura en Perú entre 2025-2026, mientras Chile impulsa 15 proyectos estratégicos.\u003C\u002Fli>\n\u003Cli>El tope del 0,8% del PIB en vigencias futuras para APP limita el pipeline colombiano y obliga a innovar en financiamiento mixto y titularización.\u003C\u002Fli>\n\u003Cli>Munir Jalil (BTG Pactual) influye en la estructuración regional al interpretar ciclos monetarios que afectan la viabilidad de concesiones a largo plazo.\u003C\u002Fli>\n\u003Cli>Roberto Moreno Mejía (Amarilo) posiciona la renovación urbana como infraestructura estratégica con megaproyectos como Lagos de Torca.\u003C\u002Fli>\n\u003Cli>La nueva generación de estructuradores prioriza previsibilidad regulatoria, financiamiento en moneda local y sostenibilidad desde el diseño.\u003C\u002Fli>\n\u003C\u002Ful>\n","Estructuradores de infraestructura en los Andes 2025","ronald tenorio franco, roberto moreno mejía, munir jalil, crear cimientos","Radar de inversión sobre Munir Jalil, Roberto Moreno Mejía y los estructuradores que definen el pipeline de infraestructura en Colombia, Perú y Chile. Datos de ProInversión, ANIF y MOP sobre APP y concesiones 2025-2026.",{"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":136,"label":1051,"translations":1516},[1517,1519,1521],{"label":1051,"slug":1062,"language":1518},{"code":13},{"label":1065,"slug":1066,"language":1520},{"code":18},{"label":1069,"slug":1070,"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\u002Fradar-inversion-estructuradores-infraestructura-andes-2025","\u002Finfraestrutura\u002Fradar-inversion-estructuradores-infraestructura-andes-2025","\u002Finfraestructura\u002Fradar-inversion-estructuradores-infraestructura-andes-2025",[1544,1545,1546,1547,1548,1549],"Infra Brazil","Infra Latam","Real Estate Brazil","Real Estate Europe","Real Estate India","Real Estate Latam"]