INFRASTRUCTURE FUND UP TO USD 9,000 MILLION (EUR 9,900 MILLION)
The Chilean government presents a Project of state company with potential national infrastructure fund.
This state company, which will have independent corporate governance, will be 99% owned by the State and 1% by Corfo. It will be governed by rules of open corporations, under the supervision of the Superintendence of Securities and Insurance. The President of the Republic, Michelle Bachelet announced on June 27th, 2016 the postponed Infrastructure Fund, at a time in which the government wants to fortify the economy.
In a ceremony at the Palace of La Moneda, the President stressed that this initiative "obviously must be in the highest level and must move at the speed that the country needs, with planning and according to the strategic needs of our economy." Its objective is the construction, extension, repair, maintenance, operation, development, financing and investment in infrastructure projects, including their attached services.
This fund will be 99% owned by the state and 1% by Corfo, whereas the sharesofthis company will be inalienable. Ministers of Finance and Public Works will be the representatives of the Treasury in the shareholders' meeting.
The head of State will appoint the board: two of them proposed by MOP and the three remaining from proposals for each position by the Senior Public Management Council shortlists. They may not be proposed ministers, undersecretaries, heads, parliamentarians; political, labour or trade union leaders; mayors or candidates for elected office, among others.The Public Works Minister, Alberto Undurraga, explained later that the Fund would have an amount of US $ 9,000 million to develop the projects.
"This is the most important initiative of public-private partnership since the concession system was established. What we are doing is creating an infrastructure fund, which is financed in a rather innovative way, considering the future value that the State will have in concessions", said the secretary of the State.
"The truth is that the final figures are going to be determined by the market, because the markets will determine how valuable are the future values, but early estimations show a figure of around nine billion dollars. Anyway this income will be gradual”, he stressed.
Finally, this company will be governed by the rules of open corporations and will be subjected to supervision by the Superintendence of Securities and Insurance (SVS) and the Comptroller General of the Republic, so the company should be a solvent company and with a positive private profitability.
UNIVERSIDAD DEL DESARROLLO VENTURES CALLS FOR ENTREPRENEURS IN THE HEALTH CARE FIELD.
The UDD begins the application process of nacional and international projects for entrepreneurs in the health care field.
The accelerator of the Universidad del Desarrollo will finance up to EUR 77,000 developers using innovation to solve problems in this field in the country.
From Monday, June 20th until August 11th will be open the application to be part of the 5th generation of Startup Health 2016 of the Universidad del Desarrollo Ventures (UDD Ventures), which will allocate up to EUR 77,000 in funding to entrepreneurial projects in early stages, that solve real problems in the health care field.
"Health care is a field in which there is not much innovation and where wehavea large outstanding debt, as acountry. That is the reason why for us, as accelerator, the field is a priority, something that sets us apart from other accelerators and incubators," said Julio Correa, acting executive director of UDD Ventures.
The initiatives that apply must have at least a validated prototype and be able to demonstrate their business commercially within 6-12 months.
Once this requirement is fulfilled, the winning projects -could be up to five- would fund development and marketing activities. Also, an acceleration program that considers different pulse tools, consulting, mentoring, networking and a constant support for entrepreneurs.
Support for applicants
As a way to innovate in its support to applicants and stakeholders, UDD Ventures will give informative talks in Santiago, Viña del Mar and Concepción.
"The goal is to familiarize entrepreneurs with the contest and that they may find direct answers to all their doubts about the form and the basis of the call," said Correa.
UDD Ventures has been accelerating high-impact projects for four years in the health care field, through Corfo financing, mentoring, networks and different levels of training. In total, the team has evaluated more than 280 projects in this area. In 2015, the Health Startup contest received 56 applications, of which 78% were projects led by men, 72% were from the Metropolitan Region, followed by V and VIII region, with 9% each.
The main concentration of projects was in the areas of rehabilitation, dentistry and attarel manufacturing, with 12.5% each. The average age of participants was 39 years old.