Within the XXXIX Annual Meeting of the Governors Assembly of the the Inter-American Development Bank ("IADB") which took place in Cartagena, Colombia between March 16 and 18 of 1998, the IADB issued a report on infrastructure finance transactions, mainly in emerging markets.

This classification by the IADB of the most significant and representative finance transactions of 1997 include three Colombian projects.

The projects of the Chivor hydroelectric power plant privatization, the Rio Bogota wastewater treatment plant and the TermoEmcali power plant, among those deals that have a demonstration effect of current trends and of the confidence of investors in such finance structures.

These projects, in which our firm participated as prospect counsel, are considered trend-setting since: (i) in the case of Chivor, it was one of the first project-financed merchant power plants in Latin America; (ii) in the case of the Rio Bogota, it was the first guarantee ever issued by a multilateral institution, as the IADB, to a private project without government counter guarantee; and (iii) in the case of TermoEmcali , pre-construction financing was raised via Colombia's first project finance bond to be issued without a sovereign guarantee or bilateral or multilateral participation.

Prepared by GONZALO ALVAREZ M . from Gomez Pinzon & Asociados, Bogota, Colombia.

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