Fundamentals of project finance applied to private public … 11
the respective functional unit. The sources of remuneration, foreseen in the
contracts of road concessions 4G are the collections of tolls, the revenues by
commercial exploitation, the future vigencias and the differences of collection.
Administrative law applies not only concepts of the social sciences, but also of
economic science. Administrative law requires, therefore, not only to integrate
forms of private public collaboration in its dogmatics, but also to deal with models
of development and financial instruments as new tools for directing social
processes.30 These instruments, together with those regulations, personnel, budget,
organization and procedure, form a kind of regulatory structures.31 Thus, in the
debate on the reform of administrative law, "mixing of instruments" and the
postulate of administrative law as a science of management.32
B. FUTURE OF FINANCING
There are a number of challenges that are conditioned by changes in the
system environment that are likely to influence the alteration of the composition of
the project finance structure.33 To overcome them, administrative law, and
especially the public procurement system, must be prepared to develop strategies
of the economic sciences and therefore, be able to preserve the functionality of state
The challenge of PPPs in the specific case of the transport sector is that
feasibility has been given to the projects of the next decade for which $ 130.1 billion
COP is required, of which $ 30.1 billion COP is needed to leverage the debt of the
4G projects without definitive closure.35
Assuming that the banks concentrate approximately 10% of their commercial
portfolio in infrastructure projects, if the FDN participates in financing with all its
leveraged resources, it could cover approximately 56% ($ 72.8 billion COP) of
resources required to finance the program.36
30 Eberhard Schmidt-Assmann, “Cuestiones Fundamentales sobre la reforma de la Teoría
General del Derecho Administrativo”, in Javier Barnes (ed.), Innovación y reforma en el derecho
administrativo, 2 ed., Global Law Press, Madrid, 2012, p. 47 following.
31 Ibidem, p. 48. About the types of direction: Jan Philip Schaefer, Die Umgestaltung des
Verwaltungsrehts, Mohr Siebeck, Tuebingen, 2016, p. 97.
32 Eberhard Schmidt-Assmann, “Cuestiones Fundamentales sobre la reforma de la Teoría
General del Derecho Administrativo”, op. cit., p. 47.
33 Tomás Serebrisky, Ancor Suarez Alemán, Diego Margot, María Cecilia Ramirez, Financiamiento
de la infraestructura en América Latina y el Caribe: ¿Cómo, Cuanto y Quien?, Banco Interamericano de
Desarrollo, Nueva York, 2015, p. 21.
34 Jan Philip Schaefer, op. cit., p. 3.
35 FDN, Clemente del Valle, “La Financiación de las obras: Avances y retos”, op. cit.
36 Ibidem. These figures are part of a prioritization exercise with specific assumptions and
parameters based on the projection of the Intermodal Master Plan projects, whose effective
implementation depends on the political and fiscal situation.