(OSDSHOGHODFLXGDGDQtDHQHODXJH\GHFDGHQFLDGHODVFLXGDGHV_$VRFLDFLyQ,QWHUQDFLRQDOSDUDOD*REHUQDQ]DOD&LXGDGDQtD\OD(PSUHVD

,QLFLR
$LJRE
'RFXPHQWRV5HFRPHQGDGRV
5HYLVWD*REHUQDQ]D
3UR\HFWRV
&RQWDFWR

0HQX

$VRFLDFLyQ,QWHUQDFLRQDOSDUDOD*REHUQDQ]DOD&LXGDGDQtD\OD(PSUHVD

(QPHPRULD-RDQ3UDWV
3URJUDPDGHIRUPDFLyQ

1DYLJDWLRQ
MXQLR6LQFDWHJRUtD1RFRPPHQWV

$XWRUHV-RVHS0DULD3DVFXDO(VWHYH\-~OLD3DVFXDO*XLWHUDV

$QWHHOSHVLPLVPRGHODLQWHOLJHQFLDRSWLPLVPRGHODYROXQWDG$QWRQLR*UDPVFL

(QHODUWtFXORDQWHULRUPRVWUDPRVODLPSRUWDQFLDGHOVLVWHPDGHSHUFHSFLyQ\UHDFFLyQGHODFLXGDGDQtD
635&FRPRXQDGHODVGLPHQVLRQHVFODYHVSDUDODJREHUQDQ]DGHPRFUiWLFDGHODFLXGDG\HQHVSHFLDO
SDUDLQYROXFUDUDODFLXGDGDQtDHQHOKDFHUFLXGDG<FRPRpVWHSURPXHYHTXHVHDFWLYHOD
SDUWLFLSDFLyQDFWLYDGHORVFLXGDGDQRVRVXGHVYLQFXODFLyQFRQODPDUFKDGHODFLXGDG\FyPRGLFKDV
SDUWLFLSDFLyQGHVYLQFXODFLyQH[SOLFDQUHVSHFWLYDPHQWHHODXJH\ODGHFDGHQFLDGHFLXGDGHVFRQFUHWDV
TXHVHWRPDURQFRPRHMHPSORVLOXVWUDWLYRV7DPELpQPRVWUDPRVFyPRORVJRELHUQRVORFDOHVFRQXQD
SROtWLFDVHVSHFtILFDVEDVDGDVHQODJREHUQDQ]DGHPRFUiWLFDLPSXOVDURQHOGHVDUUROORGHVXVFLXGDGHV
D~QHQODVSHRUHVFRQGLFLRQHVGHOPHGLRXUEDQR\GHVXHQWRUQRSROtWLFR\VRFLDO

(QHVWHDUWtFXORQRVFHQWUDPRVHQDSOLFDUODVWHVLVDQWHULRUPHQWHVRVWHQLGDVSDUDLQGLFDUXQDHVWUDWHJLD
SDUDTXHORVJRELHUQRVORFDOHVSXHGDQDIURQWDUFRQPD\RUp[LWRODVLWXDFLyQGHFULVLV

 /RVWUHVHMHVGHLQWHUYHQFLyQSDUDDERUGDUODFULVLVGHVGHORORFDO

/DUHIOH[LyQVREUHODFDSDFLGDGGHLQFLGLU\IRUWDOHFHUGHVGHHOJRELHUQRORFDOHOFRPSURPLVRHQWUHORV
DFWRUHV\ODLPSOLFDFLyQGHODFLXGDGDQtDFRPRSULQFLSDOIXHU]DJHQHUDGRUDGHGHVDUUROORDGTXLHUHXQD
LPSRUWDQFLDUHQRYDGDHQHOFRQWH[WRDFWXDO

KWWSZZZDLJRERUJHOSDSHOGHODFLXGDGDQLDHQHODXJH\GHFDGHQFLDGHODVFLXGDGHV 
 (OSDSHOGHODFLXGDGDQtDHQHODXJH\GHFDGHQFLDGHODVFLXGDGHV_$VRFLDFLyQ,QWHUQDFLRQDOSDUDOD*REHUQDQ]DOD&LXGDGDQtD\OD(PSUHVD

/DFULVLVHFRQyPLFDTXHHVWDDFRQWHFLHQGRHQHOPXQGRGHVGHHODxRDXQTXHVXVLQGLFDGRUHV
LQLFLDOHVDUUDQTXHQHQYHUDQRGHOHQ((88VHGHEHVHJ~QXQDPSOLRFRQVHQVRDODTXLHEUDGHO
VLVWHPDILQDQFLHURLQWHUQDFLRQDO\DOHVWDOOLGRGHODEXUEXMDHFRQyPLFDGHOVHFWRULQPRELOLDULR\HVWD
SURGXFLHQGRDSDUWHGHXQDFULVLVEDQFDULD\EXUViWLOXQDUHFHVLyQJOREDO\HQSDUWLFXODUGHOFRPHUFLR
PXQGLDOXQDJUDQSpUGLGDGHSXHVWRVGHWUDEDMRXQFUHFLPLHQWRGHIOXMRVGHFDSLWDOHVKDFtDRULHQWH\XQ
FUHFLPLHQWRGHODGHXGDS~EOLFDPXQGLDO

(VXQDFULVLVH[WHUQDDODGLQiPLFDGHQRSRFDVFLXGDGHVSHURGHODPDQHUDFRPRVHDERUGHQGHVGHOD
FLXGDGORVUHWRVVREUHHOVLVWHPDSURGXFWLYRVRFLDOWHFQROyJLFR\HQHUJpWLFRGHSHQGHUiQQRVyORORV
LPSDFWRVHFRQyPLFRV\VRFLDOHVTXHSURGXFLUiODFULVLVVLQRHOWLSRGHGHVDUUROORXUEDQRTXHHPHUJHUi
FRQSRVWHULRULGDGDODPLVPD

(QQXHVWUDRSLQLyQODPDQHUDGHDIURQWDUODFULVLVGHEHLQWHJUDUWUHVHMHVGHLQWHUYHQFLyQ

 3URWHFFLyQ/DWRPDGHGHFLVLRQHVSDUDDIURQWDUORVHIHFWRVPiVLPSRUWDQWHVGHODFULVLV\VX
LPSDFWRHQORVVHFWRUHVPiVYXOQHUDEOHVHQFRKHUHQFLDFRQODHVWUDWHJLDGHGHVDUUROORIXWXURGHOD
FLXGDGSURPRFLyQ
 3URPRFLyQ/RVFRQWHQLGRVHFRQyPLFRVVRFLDOHVWHFQROyJLFRV\HQHUJpWLFRVGHODVHVWUDWHJLDV\
SROtWLFDVTXHVHDGRSWHQSDUDDIURQWDUODFULVLVHQODSHUVSHFWLYDGHOGHVDUUROORHVWUDWpJLFRSRVWHULRU
 3HUFHSFLyQ/DVHVWUDWHJLDVGHSDUWLFLSDFLyQHGXFDWLYDV\GHFRPXQLFDFLyQSDUDLQWHQVLILFDUHO
FRPSURPLVRGHORVDFWRUHV\ODFLXGDGDQtDFRQUHVSHFWRDODFLXGDGHQXQDVLWXDFLyQGHPD\RU
YXOQHUDELOLGDG\GHVYLQFXODFLyQGHODVHVIHUDVGHWUDEDMRUHQWDYLYLHQGDVDOXGHGXFDFLyQSDUD
DPSOLRVVHFWRUHVGHODFLXGDGDQtD\TXHVHWUDGXFHQHQODSHUFHSFLyQSRUSDUWHGHODFLXGDGDQtDGH
VHQVDFLRQHVDPHQD]DQWHVGHFHSFLRQDQWHVRGHLPSRWHQFLDSDUDHVWRVLPSRUWDQWHVVHFWRUHVGHOD
FLXGDG

$KRUDELHQHVWHSODQWHDPLHQWRFHQWUDGRVREUHHOSDSHOGHOJRELHUQRORFDOHQODFLXGDGHV
GHVDIRUWXQDGDPHQWHPLQRULWDULR/DPD\RUtDGHODVUHFRPHQGDFLRQHVVHFHQWUDQHQODVSROtWLFDVTXH
GHEHQKDFHUORVD\XQWDPLHQWRVSDUDUHGXFLUVXVJDVWRVHLQFUHPHQWDUORVLQJUHVRVDVtFRPRHO
DSURYHFKDPLHQWRGHODFULVLVSDUDUHGXFLUHVWUXFWXUDVDGPLQLVWUDWLYDVHLQFUHPHQWDUODSURGXFWLYLGDGGH
VXVVHUYLFLRV\IDYRUHFHUODFRRSHUDFLyQS~EOLFD\SULYDGDHQODSURGXFFLyQGHELHQHV\VHUYLFLRV
ILQDQFLDGRVFRQIRQGRVS~EOLFRV6LQPHQRVSUHFLDUHQDEVROXWRHVWDSHUVSHFWLYD\KDFLHQGRQXHVWUDVHQ
QRSRFRVFDVRVVXVDFHUWDGDVUHFRPHQGDFLRQHVHVWDSHUVSHFWLYDFRQFLEHD~QDORVD\XQWDPLHQWRVFRPR
SURYHHGRUHV\JHVWRUHVGHVHUYLFLR\HOLPSDFWRVREUHODFLXGDGVHHQWLHQGHFRPRFRQVHFXHQFLDGHOD
DFFLyQGHHVWRVVHUYLFLRV

6LXQDFRVDHVWDGHMDQGRPX\FODURHVWDFULVLVHVHOKHFKR\DDQWLFLSDGRGHVGHKDFHYDULRVDxRVSRU
$(5<&HQWUHRWURVTXHQRH[LVWHQQLH[LVWLUiQUHFXUVRVS~EOLFRVVXILFLHQWHVSDUDGDUUHVSXHVWDVDORV
FUHFLHQWHVUHWRV\FRPSOHMDVQHFHVLGDGHVTXHVHSODQWHDQDODFLXGDGDQtD8QJRELHUQRORFDOTXHQRVH
SODQWHHTXHGDUGHVOHJLWLPDGRSRUTXHGDUVHFHQWUDGRHQVXVFRPSHWHQFLDV\UHFXUVRVTXHFDGDYH]VHUiQ
SURSRUFLRQDOPHQWHLQIHULRUHVDORVGHVDItRVVRFLDOHVGHEHUiDVXPLUXQSDSHOSURPRWRU\GLQDPL]DGRUGHO
FRQMXQWRVRFLDOSDUDTXHFROHFWLYDPHQWHVHSXHGDQDVXPLUHVWRVUHWRV

(QHVWDSHUVSHFWLYDH[LVWHXQFDGDYH]PiVDPSOLRFRQVHQVRHQUHFRQRFHUODQHFHVLGDGGHGHILQLU\
OLGHUDUGHVGHORVJRELHUQRVORFDOHVODUHVSXHVWDGHODFLXGDGIUHQWHDODFULVLV8QDUHVSXHVWDTXHGHEH
VXVWHQWDUVHHQODRULHQWDFLyQGHODVSROtWLFDVHFRQyPLFDVVRFLDOHV\WHFQROyJLFDVQHFHVDULDVSDUDDERUGDU
ODVFRQVHFXHQFLDVGHVXLPSDFWRHQHOFRUWRSOD]R\DOPLVPRWLHPSRJDUDQWL]DUHOGHVDUUROORHQHO
HVFHQDULRSRVWFULVLV$KRUDELHQHVWDVHVWUDWHJLDVORFDOHVVyORVHUHILHUHQDODDFWXDFLyQHQHOPHGLR
XUEDQRVRQHVWUDWHJLDVGHLQWHUYHQFLyQHQODFRQGLFLRQHVHQODVTXHVHGHVDUUROODODH[LVWHQFLDGHOD
FLXGDGDQtDSHURD~QQRVHWLHQHHQFXHQWDHOSDSHOTXHMXHJDODFLXGDGDQtD\VXSRWHQFLDOSDUD
WUDQVIRUPDUODV(VGHFLUVHSODQWHDDERUGDUODFULVLVGHVGHODSHUVSHFWLYDSURWHFFLyQ\SURPRFLyQSHURQR
KWWSZZZDLJRERUJHOSDSHOGHODFLXGDGDQLDHQHODXJH\GHFDGHQFLDGHODVFLXGDGHV 
 (OSDSHOGHODFLXGDGDQtDHQHODXJH\GHFDGHQFLDGHODVFLXGDGHV_$VRFLDFLyQ,QWHUQDFLRQDOSDUDOD*REHUQDQ]DOD&LXGDGDQtD\OD(PSUHVD

GHVGHODSHUFHSFLyQ

$VtSRUHMHPSORHQXQH[FHOHQWHWUDEDMRODUHGPXQGLDOGH&LXGDGHV\*RELHUQRV/RFDOHV8QLGRV
&*/8H[SRQHHOUHVXOWDGRGHXQDHQFXHVWDDORVJRELHUQRVORFDOHVGHWRGRVORVFRQWLQHQWHVGHODV
PHGLGDVVREUHODVLQLFLDWLYDVWRPDGDVSDUDKDFHUIUHQWHDODFULVLV(OUHVXOWDGRHVXQDPSOLRDEDQLFRGH
PHGLGDVGHWRGRWLSRVLQGXGDFRQGLFLRQDGDVSRUODVLWXDFLyQHFRQyPLFD\VRFLDOGHODFLXGDG\HOQLYHO
GHFRPSHWHQFLDVGHORVD\XQWDPLHQWRV/DVSULQFLSDOHVPHGLGDVPiVFRPXQHVWRPDGDVSRUORVJRELHUQRV
ORFDOHVDQLYHOPXQGLDOVHDJUXSDQHQFXDWURiPELWRV

3REODFLyQ\HOPHUFDGRODERUDO/DVPHGLGDVWRPDGDVVRQ,QYHUVLyQHQPDQRGHREUDFRUWHVR
FRQJHODFLyQGHLPSXHVWRVLQLFLDWLYDVVRFLDOHVDSR\RDSHUVRQDVYXOQHUDEOHV
&DSDFLGDGGHUHFXSHUDFLyQHFRQyPLFD$SR\RDODVS\PHVUHGXFFLyQGHLPSXHVWRV\SURPRFLyQ
GHOWXULVPR
&DOLGDGGHOOXJDU3UHVWDPRVDODLQYHUVLyQILQDQFLDPLHQWRDODLQQRYDFLyQ\DVRFLDFLyQS~EOLFR
SULYDGD
(VWUDWHJLDDODUJRSOD]R5HYLVLyQGHODHVWUDWHJLD3URPRFLyQGHODLQQRYDFLyQLQYHUVLyQHQHO
VHFWRUYHUGHHLQIUDHVWUXFWXUDVSRVLFLRQDPLHQWRGLVWLQWLYR
*REHUQDQ]D$OLQHDPLHQWRFRQHOJRELHUQRUHJLRQDO\QDFLRQDODMXVWHVSUHVXSXHVWDULRVDKRUURGH
FRVWHV

3HURHQWUHGLFKDVPHGLGDVODPD\RUtDGHSURWHFFLyQQRVHLGHQWLILFDQ\QLVLTXLHUDIRUPDSDUWHGHOD
HQFXHVWDODVLQLFLDWLYDVORFDOHVHQUHODFLyQDODPHMRU\PD\RUFRPSUHQVLyQGHODFULVLVSRUSDUWHGHOD
FLXGDGDQtDQLVREUHFRPRDOFDQ]DUXQPD\RUFRPSURPLVRFRQHOODHQHVWDVVLWXDFLRQHV

(OWHPDHVGHXQJUDQLQWHUpVSDUDORVJRELHUQRVORFDOHVUHODFLRQDOHVSXHVWRTXHHVWDQLPSRUWDQWH
FRQRFHUFRPRDIHFWDODFULVLVDODFLXGDGDQtDFRPRODUHDFFLyQGHODPLVPDDQWHODVQXHYDVVLWXDFLRQHV\
GHPDQHUDHVSHFLDOORVSULQFLSDOHVDFWRUHVHFRQyPLFRV\VRFLDOHV

/DSHUFHSFLyQFLXGDGDQDGHODFULVLV\VXVFRQVHFXHQFLDV

/DSHUFHSFLyQFLXGDGDQDGHXQDVLWXDFLyQGHFULVLVHFRQyPLFDLPSOLFDHQOtQHDVJHQHUDOHV\SDUD
DPSOLRVVHFWRUHVGHODFLXGDGDQtDWUHVWLSRVGHUHSUHVHQWDFLRQHVVLJQLILFDWLYDV

 8QDVHQVDFLyQGHDPHQD]DGHIXWXURLQFLHUWRLQVHJXUR
 8QVHQWLPLHQWRGHGHFHSFLyQ
 8QVHQWLPLHQWRGHLPSRWHQFLD\UDELDVLKDQVXIULGRODVFRQVHFXHQFLDVGHODFULVLV

$QWHHVWDVUHSUHVHQWDFLRQHVDPHQD]DQWHVGHFHSFLRQDQWHVRGHLPSRWHQFLDDQWHODFULVLVODVUHDFFLRQHV
GHODFLXGDGDQtDPiVFRPXQHVTXHVHRSRQHQDXQFRPSRUWDPLHQWRFUHDWLYR\DGDSWDWLYRSRVLWLYRDQWH
ORVUHWRVVRQ

/RVTXHVHVLHQWHQLQVHJXURVODPD\RUtDWLHQHODWHQGHQFLDGHHYLWDULPSOLFDUVHHQFXDOTXLHU
HPSUHVDRDFFLyQGHELGRDGLFKDLQVHJXULGDGDQWHHOIXWXUR\GHOHJDQODVROXFLyQHQORVGHPiV\
HQSDUWLFXODUHQHOSURSLRJRELHUQR
/RVTXHVHVLHQWHQGHFHSFLRQDGRVKDFtDVLPLVPRVKDFtDORVRWURVRKDFtDODVRFLHGDGHQJHQHUDO
FRPRFRQVHFXHQFLDGHKDEHUVXIULGRODVFRQVHFXHQFLDVGHODFULVLVDVXPHQXQDSRVLFLyQGHYLFWLPD
GHODVFLUFXQVWDQFLDV\VHODPHQWDQRTXHMDQSHURQRVHLPSOLFDQQLUHVSRQVDELOL]DQHQODUHVSXHVWD
DGLFKDVFLUFXQVWDQFLDV(QHVWHFDVRDOLJXDOTXHHODQWHULRUHVXQDFLXGDGDQtDTXHUHQXQFLDDQWHOR
TXHVHOHSURSRQH
(QORVFDVRVHQTXHVHVXIUHGHXQDVHQVDFLyQGHLPSRWHQFLDDPHQXGRHVYLYLGDFRPRLQMXVWD\
H[LJHQDWUDYpVGHXQDDFWLWXGGHKRVWLOLGDG\UHFKD]RKDFtDORVJRELHUQRVLQPHGLDWH]DODVROXFLyQ

KWWSZZZDLJRERUJHOSDSHOGHODFLXGDGDQLDHQHODXJH\GHFDGHQFLDGHODVFLXGDGHV 
 (OSDSHOGHODFLXGDGDQtDHQHODXJH\GHFDGHQFLDGHODVFLXGDGHV_$VRFLDFLyQ,QWHUQDFLRQDOSDUDOD*REHUQDQ]DOD&LXGDGDQtD\OD(PSUHVD

GHORVSUREOHPDV

(VWDVVRQDFWLWXGHVGHVDFWLYDGRUDVGHOSDSHOGHODFLXGDGDQtDHQJHQHUDO\GHORVSULQFLSDOHVDFWRUHV
HFRQyPLFRV\VRFLDOHVVLQGXGDDJUDYDQODVLWXDFLyQGHFULVLV\UHWDUGDQODVDOLGDGHGLFKDVLWXDFLyQ

(VWDVHPRFLRQHV\VHQWLPLHQWRVFLXGDGDQRVVHxDODGRVHVWiQHQODEDVHGHODVGRVVDOLGDVQHJDWLYDVDODV
FULVLVGHODVLQVWLWXFLRQHVLGHQWLILFDGDVSRUHOJUDQHFRQRPLVWDNH\QHVLDQR$OEHUW2+LUVFKPDQ/D
SULPHUDGHQRPLQDGD6DOLGDGHVFULEHODVLWXDFLyQGHKXtGDHYDVLyQDEDQGRQRHQTXHVHFLHUUDQODV
HPSUHVDVORVFRPHUFLRVODIXJDGHFDSLWDOHVODHYDVLyQGHLPSXHVWRVHWF/D6DOLGDVHEDVDHQORV
VHQWLPLHQWRVGHGHFHSFLyQHLPSRWHQFLD/DRWUDDOWHUQDWLYDQHJDWLYDVHxDODGDSRU+LUVFKPDQ9R]VH
UHILHUHDODUHLYLQGLFDFLyQS~EOLFD\ODFRQIOLFWLYLGDGVRFLDOHVGHFLUODSURWHVWDDLUDGD\ODH[LJHQFLDGH
UHVSRQVDELOLGDGHVDWHUFHURV/D9R]VHIXQGDPHQWDHQHOVHQWLPLHQWRGHUHFKD]R\HQDOJXQDPHGLGD
WDPELpQHQHOGHLPSRWHQFLD

$PHQXGRHYLGHQWHPHQWHVLQVDEHUORORVJRELHUQRVORFDOHVDFW~DQWUDQVPLWLHQGRPHQVDMHVTXHDJUDYDQ
ODGHVFRQILDQ]D\ODGHVDFWLYDFLyQFLXGDGDQD\UHIXHU]DQODVUHVSXHVWDVQHJDWLYDVDQWHODFULVLV(QWUH
HVWDVDFWLWXGHVILJXUDQFRPRPiVIUHFXHQWHVODVVLJXLHQWHV

1HJDUODFULVLV\VXVHIHFWRVRQRUHFRQHFHUODFRQFODULGDGHQWRGDVVXVGLPHQVLRQHV(VXQD
DFWLWXGPX\FRP~QHQWUHORVJRELHUQRVHQORVLQLFLRVGHODFULVLVSRUTXHSLHQVDQHQVXSRVLEOH
UHVSRQVDELOLGDGHQODPLVPD(VXQDDFWLWXGLQDGHFXDGDSRUTXHODPDWHULDSULPDGHODSHUFHSFLyQ
VRQORVGDWRVTXHSURSRUFLRQDQORVVHQWLGRV\ODUHDOLGDGGHOGHFUHFLPLHQWRGHODUHQWDHODXPHQWR
GHOSDURODTXLHEUDGHHPSUHVDVHWFHVXQGDWRTXHVHUiPiVSURQWRRPiVWDUGHFRPSOHWDPHQWH
UHFRQRFLGR\DOVHUORVHTXHEUDUiODFRQILDQ]DHQHOJRELHUQRRELHQDXPHQWDUiODGHVFRQILDQ]D\
HOUHFKD]R6HLPSLGHDGHPiVODWRPDGHPHGLGDVSDUDKDFHUIUHQWHDODVLWXDFLyQ\TXHSXHGHQ
WHUPLQDUFRQODUHFHVLyQGHODGHPDQGD
(YLWDUHOWHPD\GHOHJDUODVROXFLyQHQDFWRUHVH[WHULRUHVDODFLXGDGLQGLFDQGRTXHODFLXGDGSRFR
SXHGHKDFHU(VWDFRPXQLFDFLyQLQWURGXFHHOIDWDOLVPRHLQKLEHODDFFLyQ(VWDDFWLWXGWLHQH
JUDQGHVFRQVHFXHQFLDVKDFtDHOIXWXURSRUTXHLPSLGHVHQWDUODVEDVHVGHXQQXHYRWLSRGH
GHVDUUROORHQODFLXGDG
+DEODUFRQWLQXDPHQWHGHODVLWXDFLyQGHFULVLV\YXOQHUDELOLGDGWDPELpQHVFRQWUDSURGXFHQWH\HQ
HVSHFLDOVLVHFDUHFHGHXQSUR\HFWRFRQFUHWRSDUDDIURQWDUOD\VLVHKDEODPXFKRGHODJUDYHGDG
GHODVLWXDFLyQFRPRMXVWLILFDFLyQDSUREOHPiWLFDVHFRQyPLFDV\VRFLDOHVGHODFLXGDGSDUD
MXVWLILFDUPHGLGDVSRFRSRSXODUHVFRPRVXELGDVGHLPSXHVWRV\WDULIDVRUHFRUWHVHQORVJDVWRV
VRFLDOHV(VWRLPSDFWDHQHO635GHODFLXGDGDQtDJHQHUDQGRD~QPiVLQVHJXULGDG

/DVUHVSXHVWDVFRPXQLFDWLYDVGHORVJRELHUQRVORFDOHVPiVLGyQHDVSDUDDPSOLDUHOQLYHOSHUFHSWLYR\
SRVLELOLWDUHOPD\RUFRPSURPLVRSRVLEOHFRQODFLXGDGGHSHQGHUiQGHOWLSRGHVLVWHPDSHUFHSWLYR
UHDFWLYRSUHGRPLQDQWHHQODFLXGDGFRQILJXUDGRDSDUWLUGHODVLQWHUDFFLRQHVHQWUHORV6LVWHPDVGH
3HUFHSFLyQ\5HDFFLyQGHOD&LXGDGDQtD635&GHORVGLVWLQWRVJUXSRVVRFLDOHVHQODFLXGDG
$GHODQWDPRVQRREVWDQWHXQDVHULHUHFRPHQGDFLRQHVJHQHUDOHVSDUDTXHORVJRELHUQRVORFDOHVSXHGDQ
DIURQWDUODFULVLVFRQODPi[LPDLQYROXFUDFLyQGHODFLXGDGDQtD

,GHQWLILFDUFRQREMHWLYLGDG\FODULGDGODVLWXDFLyQGHODFLXGDG$PHQXGRQRHVIiFLOUHFRQRFHUOD
SHURVLQGXGDVLVRPRVFRQVFLHQWHVGHHOODVHSXHGHJHVWLRQDUPHMRU(VFODYHUHFRQRFHUWDQWRODV
GHELOLGDGHV\SHOLJURVFRPRODVIRUWDOH]DV\RSRUWXQLGDGHVGHODVTXHVHGLVSRQHSDUDUHVXUJLUGHOD
VLWXDFLyQGHVIDYRUDEOH
5HFRQRFHUHO635&SUHGRPLQDQWHODVHPRFLRQHV\VHQWLPLHQWRVPD\RULWDULRV3RUHMHPSORODV
LQVHJXULGDGHV\SRVLEOHVVLWXDFLRQHVGHGHFHSFLyQTXHDFRQWHFHQHQODFLXGDG\DIHFWDQDDPSOLRV
KWWSZZZDLJRERUJHOSDSHOGHODFLXGDGDQLDHQHODXJH\GHFDGHQFLDGHODVFLXGDGHV 
 (OSDSHOGHODFLXGDGDQtDHQHODXJH\GHFDGHQFLDGHODVFLXGDGHV_$VRFLDFLyQ,QWHUQDFLRQDOSDUDOD*REHUQDQ]DOD&LXGDGDQtD\OD(PSUHVD

VHFWRUHVGHODFLXGDGDQtD5HFRQRFHUORVSUREOHPDVQRHVVLJQRGHGHELOLGDGVLQRODFRQGLFLyQGH
SRGHUORVUHVROYHU(OSULPHUSDVRSDUDSRGHUFRQYHUWLUQXHVWURVOtPLWHVHQUHFXUVRVHVVLHQGR
FRQVFLHQWHVGHQXHVWUDVYXOQHUDELOLGDGHV'HEHGHWHQHUVHHQFXHQWDTXHODFLXGDGDQtDVHIRUWDOHFH
FXDQGRDIURQWDVXVPLHGRVHLQVHJXULGDGHV\VHGHELOLWDFXiQGRTXLHUHHYLWDUORVSRUTXHDQWHVR
GHVSXpVVHGDFXHQWDGHTXHHVLPSRVLEOHGHTXHGHVDSDUH]FDQDOSHUVLVWLUODVFRQGLFLRQHVH[WHUQDV
TXHORVJHQHUDQ/DVLWXDFLyQGHLQVHJXULGDGRPLHGRGHEHVHUUHIHULGRFODUDPHQWHDXQREMHWRR
VLWXDFLyQFRQFUHWD\SUHFLVDGHORFRQWUDULRVHFRQYLHUWHHQDQJXVWLD\HVGHPX\GLItFLOJHVWLyQ
$SHODUDODPHPRULDGHODFLXGDG0RVWUDQGRVLHVSRVLEOHVLWXDFLRQHVD~QSHRUHVHQTXHODFLXGDG
VDOLyDGHODQWHFRQODFRODERUDFLyQFLXGDGDQD(VWRJHQHUDFRQILDQ]DHQODVSRVLELOLGDGHVGHOD
DFFLyQGHODSURSLDFLXGDG
$FWLYDUORVIDFWRUHVGHUHVLOLHQFLDFLXGDGDQD\ODGLVSRVLFLyQGHXQSUR\HFWRHVWUDWpJLFRFODUR\
HQUDL]DGRHQODVLWXDFLyQGHODFLXGDGVRQVLQGXGDFRPRYHUHPRVVHJXLGDPHQWHORVSULQFLSDOHV
HOHPHQWRVSDUDORJUDUXQDWUDQVIRUPDFLyQGHODFLXGDG

3RUORTXHKHPRVVHxDODGRSRGHPRVFRPSUREDUXQDYH]PiVTXHODLQIRUPDFLyQPiVREMHWLYDYHUD]\
FRPSUHQVLYDSDUDFRQODFLXGDGDQtDHVODTXHPHMRUHVUHVXOWDGRVGDHQWpUPLQRVGHGHVDUUROORXUEDQR\
GHFRPSURPLVRFLXGDGDQR/DUHVSRQVDELOLGDGVRFLDOGHODFLXGDGDQtDGLItFLOPHQWHHVFRPSDWLEOHVLQXQD
DFWLWXGGHKRQHVWLGDGGHOJRELHUQRRVLQXQDFRPXQLFDFLyQFODUD\YHUD]SHURDODYH]PRWLYDGRUDGHO
FRPSURPLVRVRFLDO

(OGHVDUUROORXUEDQR$FWLYDUODUHVLOLHQFLDFLXGDGDQDXQSUR\HFWRHVWUDWpJLFR

(OWpUPLQRUHVLOLHQFLDVLELHQWLHQHHORULJHQHQODItVLFD\HVXQDSURSLHGDGRSXHVWDDODIUDJLOLGDGHV
GHFLUFXDQWRPHQRUHVODIUDJLOLGDGGHXQPDWHULDODQWHORVFKRTXHVPHMRUHVVXUHVLOLHQFLD(OWpUPLQRVH
HPSH]yDXWLOL]DUIUHFXHQWHPHQWHDSDUWLUGHORVDxRVHQHOFDPSRGHODSVLFRORJtD\FRQFUHWDPHQWHHQ
HOHVWXGLRGHODPDUJLQDFLyQLQIDQWLO/DILQDOLGDGGHODVLQYHVWLJDFLRQHVVREUHUHVLOLHQFLDHUDFRPSUHQGHU
HLGHQWLILFDUORVIDFWRUHVSRUORVTXHXQRVQLxRVVRPHWLGRVDVLWXDFLRQHVVRFLDOHVPX\DGYHUVDVKDEtDQ
ORJUDGRDIURQWDUODVFRQp[LWR\HQFDPELRRWURVODPD\RUtDKDEtDFDtGRHQVLWXDFLRQHVGHPDUJLQDFLyQR
H[FOXVLyQVRFLDO(+*URWEHUJGLUHFWRUDGHXQLPSRUWDQWHHVWXGLRLQWHUQDFLRQDOVREUHUHVLOLHQFLDGHILQLy
HVWHFRQFHSWRFRPRODFDSDFLGDGKXPDQDSDUDHQIUHQWDUVREUHSRQHUVH\VHUIRUWDOHFLGRRWUDQVIRUPDGR
SRUH[SHULHQFLDVHQODDGYHUVLGDG

(Op[LWRGHOFRQFHSWR\ODQXHYDSHUVSHFWLYDTXHGDDODVLQYHVWLJDFLRQHVHQGLIHUHQWHViPELWRVKDKHFKR
TXHHOWpUPLQRVHDSOLFDUDDODVRVWHQLELOLGDGDPELHQWDODOPXQGRHPSUHVDULDODODVDOXG\WDPELpQHQHO
iPELWRGHODVFLXGDGHV3HURFRPRRFXUUHFRQWDQWRVFRQFHSWRVDOSRQHUVHGHPRGD\QRHVWDUSUHFHGLGRV
GHXQDGHILQLFLyQFRQFHSWXDOSUHFLVDVHKDQPDOYHUVDGR\VHKDFRQIXQGLGRHOWpUPLQRGHUHVLOLHQFLDFRQ
UHVLVWHQFLDRELHQFRPRSUHYHQFLyQ\DVHDHQHOiPELWRGHODVDOXGGHODVRVWHQLELOLGDGDPELHQWDORGH
ODDGYHUVLGDGHPSUHVDULDO\XUEDQD(VGHFLUVHKDPDOYHUVDGRSRUTXHVHKDQFRQIXQGLGRORVIDFWRUHV
UHVLOLHQWHVFRQORVSUHYHQWLYRVRGHSURWHFFLyQORVFXiOHVVRQWDQWRRPiVLPSRUWDQWHVSHURHVWiFODUR
TXHQRVRQORVPLVPRV'DGDODLPSRUWDQFLD\ODQRYHGDGGHHQIRTXHTXHDSRUWDHOWpUPLQRUHVLOLHQFLD
QRVHSXHGHVLQRUHGHILQLUOR\DSOLFDUORFRPRHVGHELGRDODLQYHVWLJDFLyQHQFLHQFLDVQDWXUDOHV\
VRFLDOHV

(QXQHVWXGLREULOODQWHGHUHVLOLHQFLDVREUHQLxRV\DGROHVFHQWHVHQVLWXDFLyQGHPDUJLQDOLGDGGH%
&\UXOPLNWLWXODGRORVSDWLWRVIHRVHQDOXVLyQDOFXHQWRGH+&$QGHUVHQHQTXHHOSDWLWRPiVIHRVH
FRQYLHUWHHQHOPiVEHOORGHORVFLVQHVVHVHxDODQKDFLHQGRUHIHUHQFLDDORVQLxRVUHVLOLHQWHVWUHV
HOHPHQWRVTXHFDSWDURQQXHVWUDDWHQFLyQ

 6LHPSUHKD\DGDSWDFLyQDOWUDXPDVRFLDORSVLFROyJLFRORTXHHQXQFDVRSXHGHVHUEUXWDO\OHV
PDUJLQDUiFDGDYH]PiV\HQRWURVSXHGHVHUEHQHILFLRVDHQWpUPLQRVVRFLDOHV\GHIRUWDOHFLPLHQWR
GHVXVFDSDFLGDGHVKXPDQDV
KWWSZZZDLJRERUJHOSDSHOGHODFLXGDGDQLDHQHODXJH\GHFDGHQFLDGHODVFLXGDGHV 
 (OSDSHOGHODFLXGDGDQtDHQHODXJH\GHFDGHQFLDGHODVFLXGDGHV_$VRFLDFLyQ,QWHUQDFLRQDOSDUDOD*REHUQDQ]DOD&LXGDGDQtD\OD(PSUHVD

 /DDGDSWDFLyQEHQHILFLRVDKDGHSHQGLGRGHODUHSUHVHQWDFLyQTXHVHKDKHFKRODSHUVRQDGHVt
PLVPD\GHODVSRVLELOLGDGHVGHWUDQVIRUPDUODVLWXDFLyQQRHVODGHVJUDFLDODTXHVHYXHOYH
DJUDGDEOH(VODUHSUHVHQWDFLyQGHODGHVJUDFLDODTXHGHPXHVWUDHOGRPLQLRGHOWUDXPD\VX
GLVWDQFLDPLHQWRHQWDQWRTXHREUDVRFLDOPHQWHHVWLPXODQWH
 /DWUDQVIRUPDFLyQVLJQLILFDXQDDFWXDFLyQGLULJLGDWDQWRVREUHHOPHGLRFRPRVREUHOD
UHSUHVHQWDFLyQ$ODFWXDUVREUHORUHDOWDQWRFRPRVREUHODUHSUHVHQWDFLyQVHFRQVLJXHPRGLILFDU
ODVGRVFRQPRFLRQHVTXHSURYRFDQHOWUDXPD+D\TXHFRPSUHQGHUGHXQDGHWHUPLQDGDPDQHUD
\DFWXDUSDUDGHVHQFDGHQDUXQSURFHVRGHUHVLOLHQFLD

7DPELpQSXGLPRVFRPSUREDUTXHORVIDFWRUHVUHVLOLHQWHVTXHLQFLGtDQHQXQDUHSUHVHQWDFLyQGHOD
VLWXDFLyQTXHIDYRUHFtDVXDGDSWDFLyQSRVLWLYDHUDQORVPLVPRVHQ&\UXQOLN\*URWHEHUJSHURWDPELpQHQ
RWURVDXWRUHVTXHKDEtDQHVWXGLDGRHOWHPDHQSURIXQGLGDG$0HOLOOR(16XDUH]2MHGDHQWUHRWURV

3RQXHVWUDSDUWHDQDOL]DPRVGRVFLXGDGHVFODUDPHQWHUHVLOLHQWHV%RJRWD\0HGHOOtQ

HQ&RORPELDHVGHFLUTXHKDEtDQSURJUHVDGRQRWDEOHPHQWHHQpSRFDVGHJUDQDGYHUVLGDGHQTXHOD
PD\RUtDGHODVFLXGDGHVGHO3DtVHQWUHHOODV&DOt\&DUWDJHQDGH,QGLDVKDEtDQVXIULGRXQJUDQUHWURFHVR
2EVHUYDPRVTXHDPEDVHQHOSHULRGRGHPD\RUSURVSHULGDGKDEtDQDFWXDGRSULRULWDULDPHQWHHQOD
FLXGDGDQtD%RJRWiFRQXQSUR\HFWRGHFXOWXUDFLXGDGDQD\0HGHOOtQFRQXQSUR\HFWRHGXFDWLYR
&RPSDUDPRVORVIDFWRUHVGHUHVLOLHQFLDHQFRQWUDGRVFRQORVPHQVDMHVFRPXQLFDWLYRVGHODV$OFDOGtDVH
LGHQWLILFDPRVTXHHQ%RJRWi\0HGHOOtQVHKDEtDQWUDQVPLWLGRORVVLJXLHQWHVPHQVDMHV\DFWLWXGHV
FRPXQHVTXHFRQVLGHUDPRVHVHQFLDOHVSDUDGHVSOHJDUHQODVFLXGDGHVODUHVLOLHQFLDFLXGDGDQDIUHQWHDOD
FULVLV

9DORUDFLyQGHOFLXGDGDQR\ODLPSRUWDQFLDGHVXFRPSURPLVRHQHOKDFHUFLXGDG(QOD
SURGXFFLyQ\HOXVRGHOHVSDFLRS~EOLFRHQODPRYLOLGDGHQODFRQYLYHQFLD\VROLGDULGDG
$XWRQRPtD\FRQILDQ]DHQODVSRVLELOLGDGHVFROHFWLYDV\GHFDGDSHUVRQD(OJRELHUQRGDORV
PHGLRVSDUDTXHHOFLXGDGDQRHMHU]DVXVGHUHFKRV\GHVDUUROOHVXVSURSLRVSUR\HFWRV/DV
UHDOL]DFLyQGHORVSUR\HFWRVGHOJRELHUQRQRVHSUHVHQWDQFRPRPXHVWUDGHVXEXHQKDFHU\
FDSDFLGDGGHJHVWLyQVLQRFRPRPHGLRSDUDTXHODFLXGDGDQtDKDJDFLXGDG
$XWRHVWLPDSDUDFRQODFLXGDG\FRQODFLXGDGDQtD6HPXHVWUDODLPSRUWDQFLDGHODFLXGDGVXV
SRVLELOLGDGHV\VXVRSRUWXQLGDGHV(OUHFRQRFLPLHQWRSUHVHQWHRSDVDGRSHURTXHSXHGHYROYHU\
HOSURWDJRQLVPRFLXGDGDQR\QRGHJRELHUQRV\OtGHUHVHQODVPiVUHFRQRFLGDVHWDSDVGHODFLXGDG
6HJXULGDGHQHODYDQFHGHODFLXGDGHQXQIXWXURLQPHGLDWRPHGLDQWHXQDFLXGDGDQtDSURWDJRQLVWD
\FRPSURPHWLGD\YDORUDFLyQGHORVDYDQFHVTXHVHGDQHQEDVHDOFRPSURPLVRFLXGDGDQR\DOD
DSURSLDFLyQFLXGDGDQDGHORVHVSDFLRV\ELHQHVS~EOLFRVGHODFLXGDG

(VWRVPHQVDMHVUHVLOLHQWHVVyORDFW~DQHQODFLXGDGDQtDVLHOJRELHUQRTXHORVHPLWHFRPRKHPRV
FRPHQWDGRWLHQHXQDFODUDOHJLWLPLGDGSRUSDUWHGHODFLXGDGDQtD\XQFODURUHFRQRFLPLHQWRGHVX
KRQHVWLGDGFRPRRFXUULyFRQORVJRELHUQRVGHODVFLXGDGHVVHxDODGDV3RURWUDSDUWHVHSXHGHFRQVWDWDUOD
VHPHMDQ]DHQWUHORVIDFWRUHVGHUHVLOLHQFLD\ORVHOHPHQWRVFXOWXUDOHVGHODFLXGDGDQtDTXHSHUPLWLHURQD
ODVFLXGDGHVGDUXQLPSRUWDQWHVDOWRHQVXGHVDUUROORTXHVHxDODPRVHQHODUWtFXORDQWHULRU

$KRUDELHQSDUDWUDQVIRUPDUODOXFKDFRQWUDODFULVLVHQXQDHVWUDWHJLDSDUDHQFDPLQDUODFLXGDGHQOD
PRGHUQL]DFLyQVRFLDO\SURGXFWLYD\VHQWDUODVEDVHVGHXQGHVDUUROORVRVWHQLGR\VRVWHQLEOHHVSUHFLVR
GRWDUDODFLXGDGGHXQSUR\HFWRHVWUDWpJLFRYLDEOHSDUDHQFDPLQDUODDFFLyQUHVLOLHQWHGHODFLXGDGDQtD
8QSUR\HFWRHVWUDWpJLFRTXHWHQJDODVVLJXLHQWHVFDUDFWHUtVWLFDV

4XHODHVWUDWHJLDVHDFRPSDUWLGDHQWUHORVSULQFLSDOHVDFWRUHV\VHFWRUHVGHODFLXGDGDQtD\GHEH
FRQWDUFRQHOFRPSURPLVRGHDFFLyQSDUDDFWXDUHQIXQFLyQGHORVHMHVHVWUDWpJLFRV\FULWHULRVGH
DFWXDFLyQ\GHVDUUROODUORVSUR\HFWRVFODYH(VFODYHLQFRUSRUDUFRQRFLPLHQWRVREUHODFLXGDG\VXV
UHWRVDWRGRVORVVHFWRUHV\DVHJXUDUODIOH[LELOLGDGODFUHDWLYLGDG\ODLQFOXVLyQGHWRGRWLSRGH
KWWSZZZDLJRERUJHOSDSHOGHODFLXGDGDQLDHQHODXJH\GHFDGHQFLDGHODVFLXGDGHV 
 (OSDSHOGHODFLXGDGDQtDHQHODXJH\GHFDGHQFLDGHODVFLXGDGHV_$VRFLDFLyQ,QWHUQDFLRQDOSDUDOD*REHUQDQ]DOD&LXGDGDQtD\OD(PSUHVD

LGHDV
4XHODHVWUDWHJLDUHVSRQGDDODVQHFHVLGDGHV\UHWRVGHODFLXGDGDQtD\GHEHFRQWDUFRQVXVRSRUWH
VRFLDOSDUDORTXHHVQHFHVDULRTXHHOSURFHVRGHHODERUDFLyQVHKD\DDVHQWDGRHQXQDDPSOLD
SDUWLFLSDFLyQFLXGDGDQD
(QHOSURFHVRGHHODERUDFLyQHVWUDWpJLFDVHGHEHQJHQHUDUQXHYDVUHGHVVRFLDOHV\IRUWDOHFHUORV
YtQFXORVVRFLDOHVH[LVWHQWHV
(OOLGHUD]JRSDUDODDUWLFXODFLyQGHOSUR\HFWRHVWUDWpJLFRFRPSDUWLGRGHEHVHUGHOD\XQWDPLHQWRHQ
WDQWRUHSUHVHQWDQWHGHPRFUiWLFRGHODFLXGDGDQtD\SRUWDQWRFRQODOHJLWLPLGDGFRQDUWLFXODUXQ
SUR\HFWRHVWUDWpJLFRDSDUWLUGHORVLQWHUHVHVOHJtWLPRVGHOFRQMXQWRGHORVDFWRUHV\VHFWRUHVGHOD
FLXGDGDQtD

(QODVLWXDFLyQGHFULVLV\FRQWHQFLyQGHOJDVWRS~EOLFRHVPDVQHFHVDULRTXHQXQFD

 3ULRUL]DUPHGLDQWHHODFXHUGRHQWUHORVSULQFLSDOHVDFWRUHV\VHFWRUHVGHODFLXGDGDQtDORV
SULQFLSDOHVSUR\HFWRVFODYHVRHVWUDWpJLFRVTXHQRKD\DXQDGHFLVLyQXQLODWHUDO\GHVFRRUGLQDGD
GHOUHVWRGHORVDFWRUHVSXHVWRTXHHOORUHVWDVLQHUJLDDODVLQYHUVLRQHVHQFDSLWDOItVLFRKXPDQR\
VRFLDO
 (VWDEOHFHUODFRRSHUDFLyQSXEOLFDSULYDGD\FRQODLQLFLDWLYDFLXGDGDQDSDUDHOGHVDUUROORGH
SUR\HFWRVHQUHGTXHVXPHQUHFXUVRV\DUWLFXOHQUHVSXHVWDVPiVJOREDOHV
 )RUWDOHFHUHOFRPSURPLVRDFWLYRGHODFLXGDGDQtDSDUDTXHDVXPDSOHQDPHQWHVXV
UHVSRQVDELOLGDGHVHQHOKDFHUFLXGDG

6HWUDWDGHPHMRUDUODFDSDFLGDGGHRUJDQL]DFLyQ\DFFLyQFRPSDUWLGDGHODFLXGDG\JHQHUDQUHODFLRQHV
GHFRQILDQ]DHQWUHORVDFWRUHV\SRVLELOLWDQHOORJURGHXQDPHMRUVLWXDFLyQHQHOIXWXURFRQWDQGRFRQHO
FRPSURPLVR\ODFRODERUDFLyQGHOFRQMXQWRGHODFLXGDG(VGHFLUVHUHIXHU]DQORVIDFWRUHVGHUHVLOLHQFLD
GHODFLXGDGDQtDGRWiQGRODGHXQDSHUVSHFWLYDGHDFFLyQWUDQVIRUPDGRUD

/DVILQDOLGDGHVGHOSUR\HFWRHVWUDWpJLFRVRQODVGHFRQVHJXLUXQDFLXGDGTXHDYDQFHHQWpUPLQRV
FRPSDUDWLYRVFRQRWUDVFLXGDGHVGHOHQWRUQRHQORHFRQyPLFR\WHFQROyJLFRDSDUWLUGHODLQQRYDFLyQ\OD
FRKHVLyQVRFLDO\WHUULWRULDO

&DGDFLXGDGGHEHUiHQFRQWUDUODVFDUDFWHUtVWLFDVSURSLDVTXHODVLQJXODULFHQHQHOVLVWHPDGHFLXGDGHV
UHJLRQDOQDFLRQDOHLQWHUQDFLRQDOGHWDOPRGRTXHVXFRPSHWHQFLDFRPRFLXGDGVHHVWDEOH]FDSRUVX
FDSDFLGDGGHDUWLFXODUVHDODVGLVWLQWDVUHGHVGHIOXMRVHQWUHFLXGDGHV

3DUDHODERUDUXQSUR\HFWRHVWUDWpJLFRFRPSDUWLGR\HVSHFtILFRGHFLXGDGHVDFRQVHMDEOHTXHORVDFWRUHV
XUEDQRVVHLQWHUURJXHQDFHUFDGHORVDVSHFWRVFODYHVSDUDHOGHVDUUROORHVWUDWpJLFRGHODFLXGDG&XiOHV
VRQORVIDFWRUHVTXHQRVKDQOOHYDGRDVHUODFLXGDGTXHVRPRVHQSREODFLyQHFRQRPtDWHUULWRULR\
VRFLHGDG"<WRGDXQDEDWHUtDGHWHPDVDUHVSRQGHU&yPR\DWUDYpVGHTXHSUR\HFWRV\FULWHULRVGH
DFWXDFLyQSRGUHPRV

HVWDEOHFHUXQPRGHORSURGXFWLYRPiVGLYHUVLILFDGRPiVVRVWHQLEOH\JHQHUDGRUGHRFXSDFLyQGH
FDOLGDG"
IRUWDOHFHUORVVLVWHPDVGH,',HQODFLXGDG"
REWHQHUHOPi[LPRDSURYHFKDPLHQWRGHODVLQIUDHVWUXFWXUDV\VHUYLFLRVGHXQWHUULWRULR\GHVDUUROOR
GHQXHYDVLQYHUVLRQHV"
LGHQWLILFDUJHQHUDULQWHUQDPHQWH\DWUDHUWDOHQWR\IRUWDOHFHUODFUHDWLYLGDGHQWRGRHOWHUULWRULR\
HQWRGRVORVVHFWRUHVVRFLDOHV"
GRWDUQRVGHPiVPHMRUWLHPSRSDUDODFLXGDGDQtD\PHMRUGLVWULEXLGRSRUJHQHUR\SURFHGHQFLD
WHUULWRULDOVRFLDO\FXOWXUDO"
PHMRUDUHOFDSLWDOKXPDQR\GHVSOHJDUPHFDQLVPRVSDUDDVHJXUDUODIRUPDFLyQSHUPDQHQWH\DOR
KWWSZZZDLJRERUJHOSDSHOGHODFLXGDGDQLDHQHODXJH\GHFDGHQFLDGHODVFLXGDGHV 
 (OSDSHOGHODFLXGDGDQtDHQHODXJH\GHFDGHQFLDGHODVFLXGDGHV_$VRFLDFLyQ,QWHUQDFLRQDOSDUDOD*REHUQDQ]DOD&LXGDGDQtD\OD(PSUHVD

ODUJRGHWRGDODYLGDGHODSREODFLyQ"
LGHQWLILFDUODVHVWUDWHJLDVFODYHSDUDODPHMRUDGHODLQFOXVLyQVRFLDO"
HVWDEOHFHUXQXUEDQLVPRUD]RQDEOHPHQWHFRPSDFWRVRVWHQLEOH\SURGXFWLYRJHQHUDGRUGHHVSDFLRV
S~EOLFRVGHHQFXHQWUR\FRQYLYHQFLD"
IRUWDOHFHUGHODVUHGHVVRFLDOHV\FOXVWHUVHFRQyPLFRV"
GHVDUUROODUSROtWLFDVGHLQWHUpVFRP~QGHWLSRVXSUDPXQLFLSDORVLVHSUHILHUHLQWHUPXQLFLSDO"

6HWUDWDGHHVWDEOHFHUXQDHVWUDWHJLDTXHHQJOREHPHGLGDVGHSURWHFFLyQ\SURPRFLyQGHODFLXGDGSHUR
WDPELpQGHSHUFHSFLyQ8QDVHVWUDWHJLDVGHSHUFHSFLyQFLXGDGDQDFRQODILQDOLGDGGHDFWLYDUORVIDFWRUHV
UHVLOLHQWHVSDUDORJUDUXQFRPSURPLVRFtYLFRHQHOKDFHUFLXGDG(VWDVRQODVWUHV3SURWHFFLyQ
SURPRFLyQ\SHUFHSFLyQGHODVTXHSXHGHQGLVSRQHUORVJRELHUQRVORFDOHVSDUDDIURQWDUODFULVLVQRVyOR
VLQUHQXQFLDUVLQRUHIRU]DQGRVXVSRVLELOLGDGHVGHSURJUHVR\ODFDOLGDGGHVXGHPRFUDFLDHQHOIXWXUR
LQPHGLDWR

/DVXSHUDFLyQGHODFULVLVTXHHVLQWHUQDFLRQDO\QRPXQGLDODODIHFWDUVyORD1RUWHDPpULFD\(XURSDHQ

ODVFLXGDGHVGHSHQGHUiHQEXHQDPHGLGDGHOHVFHQDULRLQWHUQDFLRQDOTXHVHDFDEHLPSRQLHQGR7RGR
SDUHFHLQGLFDUTXHODFULVLVQRVHUiFRUWDSRUTXHDXQTXHVHKD\DGHWHQLGRHQEXHQDPHGLGDHOHVWDOOLGRGH
ODEXUEXMDILQDQFLHUD\ODHSLGHPLDVRFLDOGHSiQLFRFUHGLWLFLRTXHFRQOOHYy4XHGDHOLPSRUWDQWHSDJRGH
ODGHXGDS~EOLFDJHQHUDGDSRUHOIOXMRGHGLQHURS~EOLFRKDFtDHOVLVWHPDILQDQFLHURORODUHGXFFLyQGHO
JDVWRS~EOLFRHOLQFUHPHQWRLPSRVLWLYRDOTXHVHSXHGHVXPDUXQLQFUHPHQWRGHODLQIODFLyQ
FRQVHFXHQFLDGHOQDGDLPSUREDEOHLQFUHPHQWRGHOSUHFLRGHODHQHUJtDSHWUyOHRHOHFWULFLGDGJDVHWF\
GHODLQIODFLyQUHVXOWDQWHGHODDFWXDOSROtWLFDGHLQ\HFFLyQGHOLTXLGH]DORVEDQFRVWLSRVQXORVGHLQWHUpV
\IDFLOLGDGHVFUHGLWLFLDV7RGRHOORHQDXVHQFLDGHRWURVIDFWRUHVTXHHQHVWHPRPHQWRQRVHWLHQHQHQ
FXHQWDIUHQDUiODUHFXSHUDFLyQGHOFUHFLPLHQWRHFRQyPLFR\ODJHQHUDFLyQGHHPSOHR

3DUDTXHVLUYHHQWRQFHVTXHODVFLXGDGHVOOHYHQDWpUPLQRXQDSROtWLFDFRPRODSROtWLFDTXHGHVGHDTXt
VHDFRQVHMDVLKD\WDQWDGHSHQGHQFLDGHOHVFHQDULRLQWHUQDFLRQDO"/DXWLOLGDGHVIXQGDPHQWDOSRUYDULDV
UD]RQHV/DFULVLVQRDIHFWDLJXDODWRGDVODVFLXGDGHV\HQHVSHFLDOHQHOELHQHVWDUVRFLDO\FXOWXUDOGHOD
FLXGDGDQtD\HOORGHSHQGHHQJUDQPHGLGDGHORTXHHVWDVKDFHQ(QVHJXQGROXJDUODUHFXSHUDFLyQQRVH
SURGXFLUiFRQODPLVPDLQWHQVLGDGHQWRGDVODVFLXGDGHVGHSHQGHUiHQEXHQDPHGLGDGHODV
WUDQVIRUPDFLRQHV\PRGHUQL]DFLyQGHOPRGHORSURGXFWLYR\VRFLDO(QWHUFHUOXJDUGLFKDPRGHUQL]DFLyQ
GHSHQGHUiHOOLGHUD]JRGHODFLXGDGHQORVVLVWHPDVGHFLXGDGHVHQORVTXHIRUPDSDUWH

(OPRGHORGHIRUWDOHFHUODUHVLOLHQFLDFLXGDGDQDSDUDGHVDUUROODUXQSUR\HFWRXUEDQRGHPRGHUQL]DFLyQ
SURGXFWLYD\VRFLDOTXHSODQWHDPRVSHUPLWLUiSUHSDUDUDODFLXGDGSDUDKDFHUODDYDQ]DUDQWHORVUHWRV
HFRQyPLFRVWHFQROyJLFRVGHFRQRFLPLHQWRGHFUHDWLYLGDGGHFRQYLYHQFLD\FRKHVLyQVRFLDOQHFHVDULRV
\FRPXQHVDFXDOTXLHUHVFHQDULRGHIXWXUR$GHPiVDWUDYpVGHHVWHPRGHORVHGHVDUUROODUDHOQXHYR
PRGRGHJREHUQDUFDSD]GHDIURQWDUORVQXHYRVGHVDItRVHQODVFLXGDGHVODJREHUQDQ]DGHPRFUiWLFD

&RPSDUWLU

&RPSDUWLU

'HMDXQFRPHQWDULR

7XGLUHFFLyQGHFRUUHRHOHFWUyQLFRQRVHUiSXEOLFDGD/RVFDPSRVQHFHVDULRVHVWiQPDUFDGRV

KWWSZZZDLJRERUJHOSDSHOGHODFLXGDGDQLDHQHODXJH\GHFDGHQFLDGHODVFLXGDGHV 
 (OSDSHOGHODFLXGDGDQtDHQHODXJH\GHFDGHQFLDGHODVFLXGDGHV_$VRFLDFLyQ,QWHUQDFLRQDOSDUDOD*REHUQDQ]DOD&LXGDGDQtD\OD(PSUHVD

1RPEUH 

&RUUHRHOHFWUyQLFR 

:HE

&RGLJRGHVHJXULGDG
  

&RPHQWDULR

3XHGHVXVDUODVVLJXLHQWHVHWLTXHWDV\DWULEXWRV+70/



3XEOLFDUFRPHQWDULR

6HDUFK

6XVFUtEDVHDQXHVWUR%ROHWtQ
1RPEUH

$SHOOLGR

,QVWLWXFLyQ

&RUUHR(OHFWUyQLFR

(QYLDUGDWRV

/LEURVUHFRPHQGDGRV

KWWSZZZDLJRERUJHOSDSHOGHODFLXGDGDQLDHQHODXJH\GHFDGHQFLDGHODVFLXGDGHV 
 (OSDSHOGHODFLXGDGDQtDHQHODXJH\GHFDGHQFLDGHODVFLXGDGHV_$VRFLDFLyQ,QWHUQDFLRQDOSDUDOD*REHUQDQ]DOD&LXGDGDQtD\OD(PSUHVD

(QWLGDGHVYLQFXODGDV

 

(QWUDGDVUHFLHQWHV

0LUDQGRHOODGRRVFXURGHODVGHPRFUDFLDV
/D1XHYD&XHVWLyQ8UEDQD
6LHWH&RQVLGHUDFLRQHVVREUHHO'HUHFKRDOD9LYLHQGDOD&LXGDG\ODV9LYLHQGDV9DFtDV
3RGHPRV+DFHUPiV\PHMRU
$QiOLVLVGHORVWLSRVGHJREHUQDQ]DHQORV3DUTXHV1DFLRQDOHV1DWXUDOHVGH&RORPELD
+D\&RQVWLWXFLyQVLQ(VWDGR6RFLDO"
0HUFRVXU\VXVSUREOHPDV

KWWSZZZDLJRERUJHOSDSHOGHODFLXGDGDQLDHQHODXJH\GHFDGHQFLDGHODVFLXGDGHV 
 (OSDSHOGHODFLXGDGDQtDHQHODXJH\GHFDGHQFLDGHODVFLXGDGHV_$VRFLDFLyQ,QWHUQDFLRQDOSDUDOD*REHUQDQ]DOD&LXGDGDQtD\OD(PSUHVD

&RQWDFWR

$,*2%HVXQD$VRFLDFLyQGHSURIHVLRQDOHVFDOLILFDGRVTXHVLQiQLPRGHOXFURVHFRPSURPHWHQ
GHVGHODDFDGHPLDODJHVWLyQS~EOLFD\GHHPSUHVDVODFLXGDGDQtDDFWLYD\ODSROtWLFDDFRDG\XYDU
DORVSURFHVRVGHLQWHUDFFLyQHQWUHORVJRELHUQRVODVRFLHGDGFLYLO\ODVHPSUHVDVSURFHVRVGHFX\D
FDOLGDGGHSHQGHODJREHUQDELOLGDGGHPRFUiWLFDGHQXHVWURWLHPSR

$VRFLDFLyQ,QWHUQDFLRQDOSDUDOD*REHUQDQ]D/D&LXGDGDQtD\OD(PSUHVD
&DOOH5RFDIRUW1D
%DUFHORQD(VSDxD
FRQWDFWR#DLJRERUJ

&RS\ULJKW$VRFLDFLyQ,QWHUQDFLRQDOSDUDOD*REHUQDQ]DOD&LXGDGDQtD\OD(PSUHVD7RGRVORV
GHUHFKRVUHVHUYDGRV

$YLVR/HJDO\3ROtWLFDGH3ULYDFLGDG
3RZHUHGE\:RUG3UHVV_7KHPH'HVLJQHGE\KWWSIWKHPHVFRP_7KDQNVWRIUHHZRUGSUHVV
WKHPHVFRP)UHH:RUG3UHVVWKHPHVJDOOHU\DQGKWWSIUHHZSWKHPHVEORJFRP

KWWSZZZDLJRERUJHOSDSHOGHODFLXGDGDQLDHQHODXJH\GHFDGHQFLDGHODVFLXGDGHV