Under contract to the Inter-American Development bank (IDB), and the Global Environment Facility (GEF), RMA developed a blended revolving fund for commercial bank financing of local environmental projects in Jamaica. Under this program a $15.2 million local bank loan was provided to the National Water Commission (NWC) for several projects. Blended support came in the form of a special surcharge on water tariffs dedicated to a Trust for collateral and a $3 million GEF grant placed in a reserve account.
The loan financing was followed by a successful NWC bond issue with the same financial architecture and credit enhancements.
Under contract to USAID and in collaboration with the Japan Bank for International Cooperation (JBIC), RMA developed a blended water revolving fund program in the Philippines. The structure combined local bank lending with JICA sovereign loan proceeds and credit support in the form of a partial credit guarantee from the Development Credit Authority. The fund has mobilized more than US$230 million in lending for local projects.
RMA assisted the Tamil Nadu Development Fund in India with a successful privatization and follow-on bond financing. This involved the first private sector pooled financing of water projects outside the United States. As a legal and financial adviser, we structured a $22.6 million non-convertible, redeemable bond offering issued by the Tamil Nadu Development Fund in India for local infrastructure projects
The bond offering was credit enhanced by then USAID’s Development Credit Authority. This donor assistance was critical to obtaining an investment grade rating.
The BIDFacility Charter
RMA assisted the IFC in the creation of BIDFacility, an IFC-managed, multi-donor supported initiative designed to assist public entities attract private sector investments through PPPs. RMA drafted the BIDFacility Charter, engaged in market analysis, conducted a regional legal and regulatory review, and presented the proposal at a donors’ conference. The BIDFacility has raised more than $20 million in donor funds.
Under contract to the international NAMA facility, RMA developed financial mechanisms for clean energy projects in Latin America and Asia. Several of our financial mechanism proposals include:
· Lease financing for renewable energy projects in the Dominican Republic.
· Construction finance facility for clean energy feed-in-tariff projects in the Philippines.
· Subordinated and concessional loan program for biomass projects in Argentina.
· A price stability fund for waste-to-energy projects in Colombia
te-to-energy projects in Colombia.
Price stability fund for clean energy projects in Chile.
Subordinated and concessional loan pr projects in Argentina.
RMA provided assistance to the UNDP/GEF regarding the design and implementation of financing programs for renewable energy and energy efficiency projects in Croatia, Romania, Central America, Chile, Egypt, India, and Thailand.
RMA developed a Fideicomiso (Trust) program to bundle efficiency projects for financing by the North America Development Bank (NADB) through one debt instrument. We drafted transaction documents for the Fideicomiso financing