Financial Discipline Law for States and Municipalities in Mexico

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1 Financial Discipline Law for States and Municipalities in Mexico Board of Directors Meeting Hermosillo, Sonora June 15, 2017

2 Background The new law sets specific rules and principles to enhance the sustainability of public finances of states, municipalities and their public agencies (the Public Entities ). The law obligates Public Entities to contract financial obligations under best market conditions possible through a competitive process. This process: (i) requires banks and other financial institutions to submit firm, irrevocable financing proposals, including terms and conditions; and (ii) is subject to a strict timetable. In light of these changes, BECC/NADB must consider adjusting their certification and financing approval process to preserve access to NADB financing for Mexican border communities.

3 Specific Requirements of the Law All financing, except certain short-term financing, must be approved by a two-thirds vote of the members present in the State Congress. Public Entities must carry out a competitive process among several financial institutions, with proposals due no more than 30 days after the request for proposals is published. Financial institutions must submit qualified proposals : Firm and irrevocable, with all required internal approvals, and not subject to any additional conditions. Valid for a period of at least 60 days from the date of submittal. Compliant with all term and conditions of the competitive process. Public Entities must select the proposal that offers the best market conditions (i.e., lowest financial cost, including fees and expenses). 3

4 Impact of Law on BECC-NADB Process Case of the State of Nuevo Leon The State of Nuevo Leon invited NADB to participate in a competitive process. Total debt amount bid out: MX$7,664 million Productive public investment: MX$3,435 million Refinancing and debt restructuring: MX$4,229 million 12 Days 03/22/17 03/31/17 04/03/17 Invitation Proposal Submission & Opening Award Date 4

5 Impact of Law on BECC-NADB Process Case of the State of Nuevo Leon NADB proposal: Amount: MX$800 million Uses: Productive public investment comprising paving, roadway improvements and related works, such as water and sewer lines and other urban works in the metropolitan area of Monterrey. All investments were: (i) eligible under NADB s mandate; and (ii) had to be certified by NADB Board. Financing was subject to Board approval of the projects to be financed. Results of competitive process: NADB s proposal was rejected because it was not a firm bid, as required under Section II, (1), of the General Contract Conditions. 5

6 Conflicts between Law & BECC/NADB process Under current BECC/NADB process, the minimum time required to obtain certification and financing approval for a project with a well-defined scope and benefits is 88 days: 28 days for document preparation and internal approvals 30 days for public comment 30 days for Board consideration and approval Under new law, irrevocable financial proposals with full internal approvals must be submitted no more than 30 days after the request for proposals is published. 6

7 Proposed Adjustments to BECC/NADB Process Under a revised certification and financing approval process, Board would be expected to review the basic project information and provide approval on a programmatic basis within a maximum period of 15 days. Verification of certification criteria would continue through the contract execution phase up until the time of the first disbursement and for subsequent disbursements for components that have not yet met certification criteria. In the event the certification criteria (condition precedent for disbursement) were unfulfilled, loan funds would not be disbursed. 7

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