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Infrastructure projects not moving fast enough to meet AFP investment needs (Peru)
2011-02-25

Infrastructure projects in Peru are not coming to fruition fast enough to satisfy the investment needs of the country's private sector pension fund managers (AFPs), the Asociación de AFP's institutional consultant Fernando Muñoz Nájar told BNamericas.

AFP representatives had previously expressed hope that infrastructure developments would give them a place to invest rapidly growing contributions from members, as the domestic financial markets are still too underdeveloped.

In 2010, AFPs invested 100mn soles (US$35.9mn) in the Huascacocha water project, and said later that they were hoping to invest an additional US$500mn in domestic infrastructure projects

"The maturation of those projects is very slow," Muñoz said. "We should have, in one year, 20 or 30 projects, and we have barely two or three."

Muñoz said the failure of local infrastructure projects to provide a steady source of investment opportunities is one of the reasons the industry is pushing for an increase in the cap on investments abroad, which is currently at 30% of their total assets under management.

A bill before the country's legislature would increase that cap to 50%. Muñoz said a vote on the bill might even take place before presidential elections this April.

"Peru is a country that is making lots of progress and growing, and that needs a lot of infrastructure development," Muñoz said. "We AFPs are making an effort to push these infrastructure projects forward in order to invest, but they are not moving quickly, so there's nowhere to put the money."


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