A s u n c i ό n , d i c i e m b r e d e 2 0 0 2

Anuncio
0LQLVWHULRGH(GXFDFLyQ\&XOWXUD
9LFHPLQLVWHULRGH(GXFDFLyQ
$ V X Q F L y Q G L F L H P E U H G H -XVWLILFDFLyQ
+HPRV RSWDGR SRU GHQRPLQDU ³fDQGXWt´ DO 3ODQ 1DFLRQDO GH
(GXFDFLyQSDUD7RGRVSRU HOSURIXQGRVLJQLILFDGRTXH
HQFLHUUD HVWD ULFD DUWHVDQtD SDUDJXD\D TXH JR]D GH SUHVWLJLR
DGPLUDFLyQ \ UHFRQRFLPLHQWR WDQWR HQ QXHVWUR SDtV FRPR HQ HO
H[WUDQMHUR FRQVWLWX\pQGRVH HQ XQ HOHPHQWR UHSUHVHQWDWLYR GH OD
SDUDJXD\LGDG
/D HODERUDFLyQ GHO fDQGXWt UHIOHMD HO WUDEDMR SDFLHQWH
SHUVHYHUDQWH \ GHGLFDGR GH ODV HQWUHJDGDV PDQRV GH ORV DUWHVDQRV
SDUDJXD\RVTXHFRQHVIXHU]RYDQWHMLHQGRHOHQWUDPDGRGHHVDILQD
SLH]D
$Vt WDPELpQ HO 3ODQ 1DFLRQDO GH (GXFDFLyQ SDUD 7RGRV
H[SUHVD HO WUDEDMR PDGXUR LQWHOLJHQWH \ HO HVIXHU]R GHO SODQWHO
GLUHFWLYR\WpFQLFRGHO0LQLVWHULRGH(GXFDFLyQ\&XOWXUDTXHMXQWR
D ORV GLIHUHQWHV UHSUHVHQWDQWHV GH ORV JRELHUQRV GHSDUWDPHQWDOHV \
ODV RUJDQL]DFLRQHV GH OD VRFLHGDG FLYLO KDQ ORJUDGR HO FRQVHQVR \
DSR\RGHORVGLYHUVRVVHFWRUHVLPSXOVDGRVSRUHOGHVHRGHEULQGDU
XQPHMRUIXWXURHGXFDWLYRSDUDHOSDtV
(VWHGRFXPHQWRORJUDHQWUHWHMHU FRPRFRQKLORVGHGLIHUHQWHV
FRORUHV REMHWLYRV QDFLRQDOHV H LQWHUQDFLRQDOHV D QLYHO HGXFDWLYR
VLHQGRDVtHOIUXWRGHXQWUDEDMRSDFLHQWH\ODERULRVRTXHSODVPDHO
VXHxR \ OD HVSHUDQ]D GH FRQVWUXLU MXQWRV XQ PDxDQD PHMRU FRQ
HGXFDFLyQ GH FDOLGDG SDUD ORV QLxRV QLxDV MyYHQHV \ DGXOWRV GH
QXHVWURSDtV
3/$1('8&$&,21$/f$1'87Ë
3ODQ(GXFDFLRQDOfDQGXWL
3RUXQDHGXFDFLyQSDUDWRGRVF RQFDOLGDG\HTXLGDG
%ODQFD2YHODUGH'XDUWH
0LQLVWUD
5DPyQ)HUQDQGR&RGDV
9LFHPLQLVWUR
5D~O$JXLOHUD0pQGH]
&RRUGLQDGRU1DFLRQDO
(GXFDFLyQSDUD7RGRV
3ODQ(GXFDFLRQDOfDQGXWL
3RUXQDHGXFDFLyQSDUDWRGRVF RQFDOLGDG\HTXLGDG
(TXLSR&RQVXOWLYR
9LFWRULQD(VStQRODGH5XL]'tD] 'LUHFWRUD*HQHUDO GH(GXFDFLyQ,QLFLDO\(VFRODU%iVLFD
$GHODGH&DUSLR 'LUHFWRUDGHOD'LUHFFLyQGH(GXFDFLyQ,QLFLDO
0DUtD/X]0LUDQGDGH%HQtWH] 'LUHFWRUD*HQHUDOGH(GXFDFLyQ0HGLD\7pFQLFD
$OELQR2UWL]0XWWL'LUHFWRUGH(GXFDFLyQ0HGLD'LYHUVLILFDGD
(YD'LDQD&KDSDUUR'LUHFWRUDGH(GXFDFLyQ7pFQLFD
%HUQDUGR(QFLVR 'LUHFFLyQ*HQHUDOGH(GXFDFLyQ3HUPDQHQWH
+pFWRU5RMDV 'LUHFFLyQ*HQHUDOGH(GXFDFLyQ6XSHULRU
*UDFLHOD5RPiQ 'LUHFFLyQGH)RUPDFLyQ'RFHQWH
(OL]DEHWK*DUFtDGH*DUFtD 'LUHFFLyQ*HQHUDOGH,QVWLWXWRV 6XSHULRUHVGH(GXFDFLyQ
$QD6HOYD5ROyQ 'LUHFFLyQ*HQHUDOGH'HVDUUROOR(GXFDWLYR
$XUD9DOOHMRV&DWDOGL 'LUHFFLyQ*HQHUDOGH&HQWURV'HSDUWDPHQWDOHV
(YD)OHLWDVGH9LULJLOL 'LUHFFLyQGH3ODQLILFDFLyQ(VWDGtVWLFDH,QIRUPDFLyQ
(TXLSR7pFQLFRGH&RRUGLQDFLyQ
'LUHFFLyQGH3ODQLILFDFLyQ (VWDGtVWLFDH,QIRUPDFLyQ'SWRGH$QiOLVLVGH3ROtWLFDV
*HUGD3DODFLRVGH$VWD -HID
0DUtD0DJGDOHQD$JXLODU0RUtQLJR 7pFQLFD
(TXLSR7pFQLFRGH$SR\RGH'LUHFFLRQHV
'LUHFFLyQGH3ODQLILFDFLyQ (VWDGtVWLFDH,QIRUPDFLyQ
0LUQD9HUD-HID'SWRGH$QiOLVLV\(VWXGLRV
+LOGD*RQ]iOH] 'SWRGH(VWDGtVWLFD\6HUYLFLRVGH,QIRUPDFLyQ
&HOHVWH0DQFXHOOR 'SWRGH,QIRUPiWLFD
(OL]DEHWK&iFHUHVGH5RGDV 'SWRGH3UR\HFWRV
'LUHFFLyQGH(GXFDFLyQ,QLFLDO
1RU\V&XELOOD
'LUHFFLyQGH(GXFDFLyQ(VFRODU%iVLFD
1LGLD3HxD
'LUHFFLyQ*HQHUDOGH(GXFDFLyQ0HGLD\7pFQLFD
*UDFLHOD(VFREDU%HQtWH]
'LUHFFLyQGH)RUPDFLyQ'RFHQWH
(OL]DEHWK9HOi]TXH]GH&XHQFD
2OJD*D\RVRGH&DUULOOR
'LUHFFLyQ*HQHUDOGH(GXFDFLyQ3HUPDQHQWH
0DUtD/RUHQ]D'XDUWH(FKHYHUUtD
&DUROLQD$UU~D=iUDWH
'LUHFFLyQ*HQHUDOGH'HVDUUROOR(GXFDWLYR
'LDQD'H*LiFRPLGH6LOYD
=XOPD%HQtWH]GH9LOODPD\RU
'LUHFFLyQ*HQHUDOGH&HQWURV'HSDUWDPHQWDOHV
&DUOD*DUFHWH
3ODQ(GXFDFLRQDOfDQGXWL
3RUXQDHGXFDFLyQSDUDWRGRVF RQFDOLGDG\HTXLGDG
ËQGLFH
, 3UHVHQWDFLyQ
,, &DStWXOR&RQWH[WR6RFLRGHP RJUiILFR\(FRQyPLFR
$ &RQWH[WR6RFLRGHPRJUiILFR
% &RQWH[WR(FRQyPLFR
,,, &DStWXOR%UHYHFDUDFWHUL]DFLyQGHO6LVWHPD(GXFDWLYR1DFLRQDO
$ 'HVFULSFLyQJOREDOGHOVLVWHPDHGXFDWLYR
% (VWUXFWXUDGHOVLVWHPDHGXFDWLYR
& 6LWXDFLyQDFWXDO\WHQGHQFLDV
' 'HVFULSFLyQGHORVSULQFLSDOHV,QGLFDGRUHV1DFLRQDOHVGH(GXFDFLyQSDUD
7RGRV(37
( 3ULQFLSDOHVGHVDItRVGHOD(GXFDFLyQ3DUDJXD\D
,9 &DStWXOR(VWUXFWXUDGHO3ODQ
D ,QGLFDGRUHV
E 9LVLyQ\0LVLyQ
F 2EMHWLYRVQDFLRQDOHV
G 0HWDV
H (VWUDWHJLDV
I )RUWDOH]DV\GHELOLGDGHV
J 9LDELOLGDG
K )LQDQFLDPLHQWR
9 $QH[RV
L 3ODQHV(VWUDWpJLFRV
L 3DUDJXD\
LL 3ODQGH(GXFDFLyQ,QLFLDO
LLL 3ODQ(VWUDWpJLFRGHOD(GXFDFLyQ0HGLD
M 3UR\HFFLRQHVGHPDWUtFXODSRUQLYHOHVHGXFDWLYRV
3ODQ(GXFDFLRQDOfDQGXWL
3RUXQDHGXFDFLyQSDUDWRGRVF RQFDOLGDG\HTXLGDG
, 3UHVHQWDFLyQ
(O FRPSURPLVR PXQGLDO FRQ OD HGXFDFLyQ XQLYHUVDO VXUJ H HQ UHXQLRQHV LQWHUQDFLRQDOHV \
UHJLRQDOHV HQ SROtWLFDV QDFLRQDOHV \ HQ SURJUDPDVORFDOHV 'HVGH OD &RQIHUHQFLD 0XQGLDO VREUH
(GXFDFLyQ SDUD 7RGRV FHOHEUDGD HQ -RPWLHQ 7DLODQGLD HQ HQ OD TXH VH KDQ HVWDEOHFLGR
VHLVPHWDVIXQGDPHQWDOHV\XQSODQ GHDFFLyQODFRPXQLGDGLQWHUQDFLRQDOWXYRXQQXHYRFRQFHSWR
GH HGXFDFLyQ /RV RUJDQLVPRV LQWHUQDFLRQDOHV 81(6&2 2UJDQL]DFLyQ GH ODV 1DFLRQHV 8QLGDV
SDUD OD (GXFDFLyQ OD &LHQFLD \ OD &XOWXUD 81,&() )RQGR GH ODV 1DFLRQHV 8QLGDV SDUD OD
,QIDQFLD 318' 3URJUDPD GH ODV 1DFLRQHV 8QLGDV SDUD HO 'HVDUUROOR )18$3 )RQGR GH
3REODFLyQ GH ODV 1DFLRQHV 8QLGDV \ HO %DQFR 0XQGLDO DOLDGRV FRQ RUJDQLVPRV ELODWHUDOHV \ OD
VRFLHGDGFLYLOLQLFLDQODFDPSDxD³(GXFDFLyQSDUD7RGRVHQHODxR´81,&()
/RVHQXQFLDGRVHQWRUQRDODHGXFDFLyQTXHULJHQOD(GXFDFLyQSDUD7RGRVVRQ(ODSUHQGL]DMHHV
SHUPDQHQWHD ORODUJR GHODYLGD ORVFXLGDGRVTXH VHEULQGHQ DO QLxRHQ OD SULPHUDLQIDQFLDVRQ
GHFLVLYRVSDUDXQEXHQUHQGLPLHQWRHVFRODUODHGXFDFLyQEiVLFDG HEHVHUSULRULWDULDDOLJXDOTXH
OD HGXFDFLyQ GH ODV QLxDV HV QHFHVDULR HVWDEOHFHU DOLDQ]DV HQWUH ORV JRELHUQRV 21* \ ODV
RUJDQL]DFLRQHVGHODVRFLHGDGFLYLO
*DUDQWL]DUHOEXHQHVWDGRGHVDOXGGHORVQLxRV\QLxDVODIRUPDFLyQGHORVGRFHQWHV\XQHQ WRUQR
VDOXGDEOH \ VHJXUR TXH SURWHMD ORV GHUHFKRV GH OD LQIDQFLD VRQ UHTXLVLWRV QHFHVDULRV SDUD XQD
HGXFDFLyQGHFDOLGDGpVWDGHEHVHUGHVDUUROODGDHQXQDPELHQWHIDYRUDEOH\SURSLFLRHQHOPDUFR
GHODIDPLOLDODFRPXQLGDGODHVFXHOD\HOOXJDUGHWUDED MRHOGHUHFKRGHDFFHVRDORVPHGLRVGH
FRPXQLFDFLyQ S~EOLFRV TXH SXHGDQ WUDQVPLWLU LQIRUPDFLyQ \ PHQVDMHV LPSRUWDQWHV HQ WRUQR D OD
SD]ODUHVROXFLyQGHFRQIOLFWRVORVYDORUHVODGLYHUVLyQODYLGDVDQD\ODSURSLDYDOtD
3DUD$PpULFD/DWLQD \HO&DULEH-RPWLHQUDWLILFD \SURIXQGL]DORVREMHWLYRVGHO3UR\HFWR3ULQFLSDO
GH(GXFDFLyQ33(TXH\DRULHQWDEDQODVSROtWLFDVHGXFDWLYDVGHODUHJLyQGHVGH\FRQXQ
KRUL]RQWHKDVWDHOXQLYHUVDOL]DUODHQVHxDQ]DEiVLFDVXSHUDUHODQDOIDEHWLVPR\P HMRUDUOD
FDOLGDG\ODHILFLHQFLDGHORVVLVWHPDVHGXFDWLYRV
(O ³3ODQ 1DFLRQDO (GXFDFLyQ SDUD 7RGRV ´ HQ HO PDUFR GH ODV FRQYHQFLRQHV
LQWHUQDFLRQDOHV HV HO UHVXOWDGR GHO HVIXHU]R GHO SODQWHO GLUHFWLYR \ WpFQLFR GHO 0LQLVWHULR GH
(GXFDFLyQ \ &XOWXUD TXLHQHV FRQ OD SDUWLFLSDFLyQ GH UHSUHVHQWDQWHV GH ORV JRELHUQRV
GHSDUWDPHQWDOHV\ODVRUJDQL]DFLRQHVGHODVRFLHGDGFLYLOKDQORJUDGRHOFRQVHQVR\HODSR\RGH
ORVGLYHUVRVVHFWRUHVSDUDSODVPDUHQHVWHGRFXPHQWRORVREMHWLYRVQDFLRQDOHVTXHVHFRQVW LWX\HQ
HQHOKRUL]RQWHKDFLDHOFXDOOD5HIRUPD(GXFDWLYDGHEHRULHQWDUVH
6LELHQFRQODLPSOHPHQWDFLyQGHOD5HIRUPD(GXFDWLYDHQQXHVWURSDtVVHKDQWHQLGRLPSRUWDQWHV
ORJURV HQ FXDQWR D OD FREHUWXUD HQ ORV SULPHURV DxRV GH OD HGXFDFLyQ D~Q TXHGDQ SHQ GLHQWHV
PHMRUDUODFDOLGDGODUHWHQFLyQHOUHQGLPLHQWR\ORVQLYHOHVGHORJURHQWRGRVORVQLYHOHVDGHPiV
GLVPLQXLU HO Q~PHUR GH DQDOIDEHWRV \ DWHQGHU ODV QHFHVLGDGHV GH DSUHQGL]DMH GH OD SREODFLyQ
YXOQHUDEOHQLxRV\QLxDVPXMHUHVLQGtJHQDVSHUVRQD VFRQQHFHVLGDGHVHGXFDWLYDVHVSHFLDOHV
HVSHFLDOPHQWHGHODViUHDVUXUDOHV
+DQWUDQVFXUULGRDxRVGHVGHHOLQLFLRGHODLPSOHPHQWDFLyQHQDXODGHOD5HIRUPD(GXFDWLYDVLQ
HPEDUJR D~Q VRQ PXFKRV ORV GHVDItRV TXH GHEHQ HQIUHQWDUVH SHUR HOOR QR VHUi S RVLEOH VLQ OD
YROXQWDG SROtWLFD \ HO SHUPDQHQWH DSR\R \ SDUWLFLSDFLyQ GH OD VRFLHGDG FLYLO 8QD VRFLHGDG
GHPRFUiWLFD UHTXLHUH TXH OD HGXFDFLyQ IDFLOLWH OD LQWHJUDFLyQ VRFLDO \ FXOWXUDO FRQWULEX\D D OD
IRUPDFLyQGHFDSLWDOKXPDQR\SURPXHYDHOGHVDUUROORV RVWHQLEOH\HOFUHFLPLHQWRHFRQyPLFRGHO
SDtV
5D~O$JXLOHUD0pQGH]
&RRUGLQDGRU1DFLRQDO
(GXFDFLyQSDUD7RGRV
3ODQ(GXFDFLRQDOfDQGXWL
3RUXQDHGXFDFLyQSDUDWRGRVF RQFDOLGDG\HTXLGDG
$EUHYLDWXUDVXWLOL]DGDV
$(&,
$JHQFLD(VSDxRODGH&RRSHUDFLyQ,QWHUQDFLRQDO
%0
%DQFR0XQGLDO
%,'
&,$&
&5$
'(-$
((%
(,
(,+
(0
(15(3'
(3
'*((&
,(&
,)'
,36
,6(
0(&
0-7
2*
2,7
21*
3(,
318'
363
5(0
55++
6,(&
6,3(&
61(3(
6133
7,&
%DQFR,QWHUDPHULFDQRGH'HVDUUROOR
&HQWURV,QWHJUDGRVGH$FFLyQ&RPXQLWDULD
&HQWURVGH5HFXUVRVGH$SUHQGL]DMH
'LUHFFLyQGH(GXFDFLyQGH-yYHQHV\$GXOWRV
(GXFDFLyQ(VFRODU%iVLFD
(GXFDFLyQ,QLFLDO
(QFXHVWD,QWHJUDGDGH+RJDUHV
(GXFDFLyQ0HGLD
(VWUDWHJLD1DFLRQDOGH5HGXFFLyQGHOD3REUH]D\OD'HVLJXDOGDG
(GXFDFLyQ3HUPDQHQWH
'LUHFFLyQ*HQHUDOGH(VWDGtVWLFD(QFXHVWDV\&HQVRV
,QIRUPDFLyQ(GXFDFLyQ\&RPXQLFDFLyQ
,QVWLWXWRGH)RUPDFLyQ'RFHQWH
,QVWLWXWRGH3UHYLVLyQ6RFLDO
,QVWLWXWR6XSHULRUGH(GXFDFLyQ
0LQLVWHULRGH(GXFDFLyQ\&XOWXUD
0LQLVWHULRGH-XVWLFLD\7UDEDMR
2UJDQLVPRV*XEHUQDPHQWDOHV
2UJDQL]DFLyQ,QWHUQDFLRQDOSDUDHO7UDEDMR
2UJDQLVPRV1R*XEHUQDPHQWDOHV
3UR\HFWRV(GXFDWLYRV,QVWLWXFLRQDOHV
3URJUDPDGHODV1DFLRQHV8QLGDVSDUDHO'HVDUUROOR
3UR\HFWRV6RFLRFRPXQLWDULRV\3URGXFWLYRV
5HIRUPDGHOD(GXFDFLyQ0HGLD
5HFXUVRV+XPDQRV
6LVWHPDGH(VWDGtVWLFDV&RQWLQXDV
6LVWHPD,QIRUPiWLFRGH3URFHVDPLHQWRGH(VWDGtVWLFD&RQWLQXD
6LVWHPD1DFLRQDOGH(YDOXDFLyQGHO3URFHVR(GXFDWLYR
6LVWHPD1DFLRQDOGH3URPRFLyQ3URIHVLRQDO
7HFQRORJtDVGH,QIRUPDFLyQ\&RPXQLFDFLyQ
3ODQ(GXFDFLRQDOfDQGXWL
3RUXQDHGXFDFLyQSDUDWRGRVF RQFDOLGDG\HTXLGDG
8'(
8QLGDGHV'HSDUWDPHQWDOHVGH(VWDGtVWLFD
,, &$3,78/2
&217(;7262&,2'(02*5È),&2<(&21Ï0,&2
$&DUDFWHUL]DFLyQVRFLRGHPRJUiILFDGHODSREODFLyQ
/D SREODFLyQ HVWLPDGD GHO SDtV HV GH KDELWDQWHV IRUPDGD HQ SDUWHV LJXDOHV SRU
KRPEUHV\PXMHUHV(OGHODSREODFLyQSDUDJXD\DD~QHVMRYHQGHVDJUHJDGDSRUHGDGHVOD
SREODFLyQ LQIDQWLO KDVWD DxRV UHSUHVHQWD HO OD SREODFLyQ MXYHQLO DxRV OD
SREODFLyQ DGXOWD DxRV \ OD SREODFLyQ GH OD ƒ HGDG R DGXOWRV PD\RUHV DxRV \
PiVHO /DHGDGSURPHGLRGHODSREODFLyQSDUDJXD\DHVGHDxRV
/D GLVWULEXFLyQ HVSDFLDO GH O D SREODFLyQ SRU iUHD GH UHVLGHQFLD LQGLFD TXH HO GH ORV
KDELWDQWHVGHOSDtVUHVLGHHQHOiUHDX UEDQD\ODGHQVLGDGSREODFLRQDOGHOSDtVHVGHSHUVRQDV
SRUNLOyPHWURFXDGUDGR
(O LGLRPD SUHIHUHQWHPHQWH KDEODGR HQ HO SDtV HV HO JXDUDQt \D TXH HO GH ORV KDELWDQWHV
KDEODQVyORHVWHLGLRPDHOKDEODVyORHOFDVWHOODQR\HOKDEODQDPERVLGLRPDV
6HJ~QORVGDWRVFHQVDOHVODWDVDJOREDOGHIHFXQGLGDGKDGLVPLQXLGRGHXQSURPHGLRGHKLMRV
SRU PXMHU HQ HO SHULRGR FHQVDO D XQ SURPHGLR GH KLMRV HQ HO SHULRGR /D
IHFXQGLGDGHVODYDULDEOHPiVLPSRUWDQWHHQODGLQiPLFDGHPRJUiILFDSXHVHVODTXHGHWHUPLQDOD
FRPSRVLFLyQ SRU HGDG \ VH[R GH XQD SREODFLyQ $QDOL]DGD HQ HO FRQWH[WR VRFLR HFRQyPLFR \
FXOWXUDO GHO SDtV HV OD TXH FRQWULEX\H D GHWHUPLQDU OD GHPDQGD SRWHQFLDO SDUD ORV GLVWLQWRV
VHUYLFLRVHQWUHORVTXHVHHQFXHQWUDHOVHFWRUHGXFDFLyQ
*UiILFR1ƒ$
3$5$*8$<7(1'(1&,$(1/$(6758&785$
'(('$'(63(5,2'2
3REODFLyQHQPLOHV
1950
1960
1970
1980
0-14
1990
15-24
2000
2010
2020
25-64
65-79
80 y+
2030
2040
2050
/RVGDWRVH[SXHVWRVHQHVWHGRFXPHQWRFRUUHVSRQGHQSULQFLSDOPHQWHDOD³(QFXHVWD,QWHJUDGDGH+RJDUHV
(,+´ \HOGRFXPHQWR³&RQGLFLRQHVGHYLGDGHODSREODFLyQSDUDJXD\D(YLGHQFLDGHOD(,+´
GHOD'LUHFFLyQ*HQHUDOGH(VWDGtVWLFD(QFXHVWDV\&HQVRV'*((&
3ODQ(GXFDFLRQDOfDQGXWL
3RUXQDHGXFDFLyQSDUDWRGRVF RQFDOLGDG\HTXLGDG
)XHQWH 3UR\HFFLRQHV GH SREODFLyQ 'LUHFFLyQ *HQHUDO GH (VWDGtVWLFD (QFXHVWDV \
&HQVRV'*((&
/DWHQGHQFLDHQODHVWUXFWXUDSRUHGDGHVVHxDODTXHODSREODFLyQSDUDJXD\DDXPHQWDUiHQWRGRV
ORVJUXSRVGHHGDGHV\HQWRWDOOOHJDUiDDOUHGHGRUGHORVGHKDELWDQWHVDODxR
6HJ~QVHREVHUYDHQHOJUiILFRODSREODFLyQGH DxRVDXPHQWDUiKDVWDDOUHGHGRUGHODxR
\ ODGHDxRVKDVWD HO DxR DSDUWLUGHOFXDO ODWHQGHQFLD LQGLFDTXH DPERVJUXSRVGH
HGDGHVVHPDQWHQGUiQHVWDEOHVYHU*UiILFR1ƒ
/D WDVD GH FUHFLPLHQWR GHO SDtV HV GH DO DxR 8QD WHQGHQFLD LPS RUWDQWH WDPELpQ
UHJLVWUDGDHQHOSDtVHVHOSURFHVRGHXUEDQL]DFLyQORTXHLQGLFDTXHODSREODFLyQSDUDJXD\DLUi
DXPHQWDQGR HQ ODV iUHDV XUEDQDV HQ GHWULPHQWR GH ODV iUHDV UXUDOHV H LQFLGLUi HQ HO SHUILO
HFRQyPLFR \ OD IRUPDFLyQ TXH GHEHUi WHQHU OD PDQR GH REUD GLVSRQLEOH SDUD OD SURGXFFLyQ GH
ELHQHV\VHUYLFLRVYHU*UiILFR1ƒ
*UiILFR1ƒ$
)XHQWH &HQVRV1DFLRQDOHVGH3REODFLyQ\9LYLHQGDV'*((&
(GXFDFLyQ
(OSURPHGLRGHDxRVGHHVWXGLRVGHODSREODFLyQSDUDJXD\DPD\RUGHDxRVGHHGDGHV GH
DxRVFRQHVFDVDYDULDFLyQSRVLWLYDDIDYRUGHODSREODFLyQPDVFXOLQDUHVSHFWRDODIHPHQLQD(VWD
FLIUDHVVLPLODUDODUHJLVWUDGDHQODHQFXHVWDGHKRJDUHVGHTXHIXHGHDxRV
3ODQ(GXFDFLRQDOfDQGXWL
3RUXQDHGXFDFLyQSDUDWRGRVF RQFDOLGDG\HTXLGDG
*UiILFR1ƒ$
3URPHGLRGH$xRVGH(VWXGLRGHOD
3REODFLyQGHDxRV\PiVGHHGDG
)XHQWH(QFXHVWDVGH+RJDUHV'*((&
1997/98
1999
2000/01
T o tal
Urba na
R ura l
&RQVLGHUDQGR HO iUHD GH UHVLGHQFLD VH REVH UYDQ GLIHUHQFLDV VLJQLILFDWLYDV $Vt ORV KDE LWDQWHV GH
$VXQFLyQ WLHQHQ HQ SURPHGLR DxRV GH HVWXGLR ORV KDELWDQWHV GHO GHSD UWDPHQWR &HQWUDO DxRVGHHVWXGLRVDxRVHQHOiUHDXUEDQD\DxRVGHHVW XGLRVHQHOiUHDUXUDO
2WURHOHPHQWRGHDQiOLVLVSDUDHYDOXDUODVLWXDFLyQHGXFDWLYDGHOSDtVHVODWDVDGHDQD OIDEHWLVPR
(VWDHVGHILQLGDSRUOD'LUHFFLyQ*HQHUDOGH(VWDGtVWLFD(QFXHVWDV\&HQVRVFRPRODVSHUVRQDV
GHDxRV\PiVGHHGDGTXHQRWLHQHQHOVHJXQGRJUDGRDSUREDGRHQHOPRPHQWRGH UHDOL]DUVH
ODHQFXHVWD
(VWD WDVD VH XELFy HQ D QLYHO SDtV VXSHULRU DO UHJLVWUDGR HQ (O DQD OIDEHWLVPR
DIHFWDHQPD\RUPHGLGDDODVPXMHUHVTXHDORVKRPEUHV
*UiILFR1ƒ$
7DVDGH$QDOIDEHWLVPRSRUÈUHDGH
5HVLGHQFLD
2000/01
1999
1997/98
)XHQWH(QFXHVWDVGH+RJDUHV'*((&
T o t al
U r b ana
R ur al
(O iUHD UXUDO UHJLVWUD OD PD\RU SURSRUFLyQ GH SHUVRQDV DQDOIDEHWDV FRQ XQD WDVD GHO PLHQWUDVTXH$VXQFLyQUHJLVWUDHOSRUFHQWDMHPiVEDMRFRQGHDQDOIDE HWLVPR
/D SREODFLyQ GHO SDtV GH D DxRV TXH HVWDED HQ FRQGLFLRQHV GH DVLVWLU D XQD LQVWLW XFLyQ GH
HQVHxDQ]DIRUPDODVFHQGtDDSUR[LPD GDPHQWHDPLOSHUVRQDVGHODVFX DOHVHOUHVLGtD
HQ iUHDV XUEDQDV (O JUXSR GH KDELWDQWHV GH D DxRV WRWDO L]DED DOUHGHGRU GH SHUVRQDVGHODVFXDOHVUHVLGtDHQHOiUHDXUEDQD
3ODQ(GXFDFLRQDOfDQGXWL
3RUXQDHGXFDFLyQSDUDWRGRVF RQFDOLGDG\HTXLGDG
*UiILFR1ƒ$
3REODFLyQGHDDxRVFRQ
$VLVWHQFLD(VFRODUVHJ~QÈUHDGH
5HVLGHQFLD
2000/ 01
1999
8UEDQD
1997/ 98
F ue nt e : E nc ue s t a s de H o ga re s . D G E E C .
7RWDO
5XUDO
(O GH OD SREODFLyQ HQ HGDG HVFRODU EiVLFD DVLVWH D XQD LQVWLWXFLyQ GH HQVHxDQ]D IRUPDO
FLIUDTXHDXPHQWDDOHQHOiUHDXUEDQD\VHUHGXFHDOHQHOiUHDUXUDO
3RURWURODGRVLHWHGHFDGDGLH]DGROHVFHQWHVGH DDxRVDVLVWHDXQFHQWURGHHQVHxDQ]D
IRUPDOFLIUDTXHGHVFLHQGHDOHQHOiUHDUXUDOGHOSDtV
(QWUHODVFDXVDVPiVLPSRUWDQWHVGHQR DVLVWHQFLDGHODVSHUVRQDVGHDxRV\PiVGHHGDGVH
GHVWDFDHOIDFWRUHFRQyPLFRDQLYHOSDtVVHJXLGRGHODVSHUVRQDVTXHQRTXLHUHQHVW XGLDU
SUREOHPDVIDPLOLDUHVGLVWDQFLDGHORVFHQWURVHGXFDWLYRV
*UiILFR1ƒ$
3REODFLyQGHDDxRVFRQ
$VLVWHQFLD(VFRODUVHJ~QÈUHDGH
5HVLGHQFLD
1997/98
T o tal
1999
)XHQWH(QFXHVWDVGH+RJDUHV'*((&
2000/01
Urba na
R ura l
6HJ~QOD(,+HQHOJUXSRGHDDxRVGHODSREODFLyQODVIRUPDVGHGHVSOD]DPLHQWR
PiV IUHFXHQWHPHQWH XWLOL]DGDV SDUD LU D OD HVFXHOD VRQ HO WUDVODGR D SLH \ HO yPQLEXV
(OKDUHSHWLGRDOJ~QJUDGRVLHQGRPD\RUGHQWURGHOPiVSREUHTXH
GHQWURGHOPiVULFRGHODSREODFLyQ
/DPLVPDIXHQWH\DFLWDGDVHxDODWDPELpQTXHHOGHODVGRQDFLRQHVGHPDWUtFXODTXHKDQ
VLGRHQWUHJDGDVSRUHO0LQLVWHULRGH(GXFDFLyQ\&XOWXUD0(&DODVSHUVRQDVGHOJUXSRGHHGDG
DxRVKDQOOHJDGRDOGHODSREODFLyQPiVSREUH\KDOOHJDGRDOPiVULFR/D
3ODQ(GXFDFLRQDOfDQGXWL
3RUXQDHGXFDFLyQSDUDWRGRVF RQFDOLGDG\HTXLGDG
GRQDFLyQGHWH[WRVUHDOL]DGDVSRUHO0(&KDOOHJDGRDOGHO PiVSREUH\DO
PiVULFR
(O JDVWR SRU HVWXGLDQWH HQ ORV GLYHUVRV UXEURV D PDU]R GH KD VLGR GLIHUHQFLDGR \
JHQHUDOPHQWH HV PHQRU HQ HO PiV SREUH GH OD SREODFLyQ (Q SURPHGLR HQ FRQFHSWR GH
PDWUtFXODSRUHODxRHVFRODUHOJDVWRHVGH 86HOPiVSREUHGHODSREODFLyQJDVWD86
\HOPiVULFR86(QHOXQLIRUPHVHJDVWD86HQSURPHGLRSRUDxRHOPiVSREUH
JDVWD86\HOPiVULFR86HQOLEURVVHJDVWDSRUDxR86HOPiVSREUHJDVWD
86\HO PiVULFRJDVWD86HQ~WLOHVHVFRODUHVSRUDxRVHJDVWD86HOPiV
SREUH JDVWD 86 \ HO PiVULFR 86/D FRQWULEXFLyQ GH ORVSDGUHV PiVULFRVHV GH 86 DQXDOHV HQ WDQWR TXH HO PiV SREUH FRQWULEX\H 86 HO SURPHGLR HV GH 86
DGHPiVHOPiVULFRJDVWDQHQWUDQVSRUWHSHQVLyQ\RWURV86SRUPHVHQWDQWRTXHHO
PiVSREUHJDVWD86VLHQGRHOSURPHGLR86
6DOXG
(OGH OD SREODFLyQFDUHFHGHVHJXUR PpGLFR ODVLWXDFLyQPiVFUtWLFDVHREVHUYDHQHOiUHD
UXUDO GRQGH VROR HO GH OD SREODFLyQ FXHQWD FRQ VHJ XUR PpGLFR SRU HO FRQWUDULR HQ HO iUHD
XUEDQDHOGHODSREODFLyQGLVSRQHGHXQV HJXURPpGLFR
(O,QVWLWXWRGH3UHYLVLyQ6RFLDO,36HVHOSULQFLSDOSUHVWDGRUGHOVHJXURPpGLFRHQHOSDtVFRQXQD
FREHUWXUD GHO GH OD SREODFLyQ FRQ XQD PD\RU SDUWLFLSDFLyQ HQ HO iUHD XUEDQD UHVSHFWRDOiUHDUXUDOGRQGHOOHJDDOGHODSREODFLyQ
/RV GDWRV DTXt H[SUHVDGRV VHxDODQ TXH GH FDGD KDELWDQWHV GHO SDtV QR WLHQHQ FREHUWXUD
PpGLFD OR TXH DVRFLD D OD LQIRUPDOLGDG GH OD PDQR GH REUD JHQHUDOPHQWH FXHQWDSURSLVWD (O
SUHVWDGRUGHVHUYLFLRGHVHJXURPpGLFRPiVLPSRUWDQWHHVHO,36DOFXDODSRUWDQODPD\RUtDGHORV
DVDODULDGRVTXHWUDEDMDQHQUD]yQGHGHSHQGHQFLDGHODVLQVWLWXFLRQHVS~EOLFDVR SULYDGDV
*UiILFR1ƒ$
&REHUWXUDGH6HJXUR0pGLFRHQ
3DUDJXD\
2000/ 01
1999
1997/ 98
IP S
O t ro T ipo de S e guro
6HUYLFLRVEiVLFRV
N o T ie ne
F ue nt e : E nc ue s t a s de
H o ga re s . D G E E C .
(O DFFHVR GH ORV KRJDUHV D ORV VHUYLFLRV EiVLFRV FRQVWLWX\H XQ LQGLFDGRU GHO ELHQHVWDU GH ODV
IDPLOLDVGHELGRDTXHPXHVWUDQODVFRQGLFLRQHVVDQLWDULDVGHFRPXQLFDFLyQ\GHGLVSRQLELOLGDGGH
HQHUJtDHOpFWULFDGHODVYLYLHQGDV
3ODQ(GXFDFLRQDOfDQGXWL
3RUXQDHGXFDFLyQSDUDWRGRVF RQFDOLGDG\HTXLGDG
3RFRPiVGHODPLWDGGHORVKRJDUHVGHOSDtVVHDEDVWHFHQGHDJXDSRUFDxHUtDSURYHtGDV
SRU&RUSRVDQD6HQDVDRUHGHVSULYDGDV(VWDFLIUDVXSHUDDODUHJLVWUDGDHQODHQFXHVWDDQWHULRU
µHQVLHWHSXQWRVSRUFHQWXDOHV
6HREVHUYDXQDGLIHUHQFLDVLJQLILFDWLYDHQHOWLSRGHDEDVWHFLPLHQWRGHDJXDFRQVLG HUDQGRHOiUHD
GH UHVLGHQFLD GH ORV KRJDUHV OD FREHUWXUD GH &RUSRVDQD 6 HQDVD \ ODV UHGHV SULYDGDV OOHJD DO
HQHOiUHDXUEDQDGHOSDtV\VRORDOHQHOiUHDUXUDO
*UiILFR1ƒ$
7HQHQFLDGH6HUYLFLRV%iVLFRVHQ
9LYLHQGDV
5HFROHFFLyQGH
%DVXUD
7HOpIRQR
$JXD
(OHFWULFLGDG
F ue nt e : E nc ue s t a s de H o ga re s . D G E E C .
2000/ 01
1999
1997/ 98
C o rpo s a na ,
S e na s a , R e d P riv a da
(O GH ORV KRJDUHV GLVSRQHQ GHO VHUYLFLR GH UHFROHFFLyQ GH EDVXUD S~EOLFR R SU LYDGR TXH
YDUtDVLJQLILFDWLYDPHQWHVHJ~QHOiUHDGHUHVLGHQFLD(QHOiUHDXUEDQDHVWHVHUYLFLROOHJDDO
GHORVKRJDUHVPLHQWUDVTXHHQHOiUHDUX UDOVRORHOGHORVKRJDUHVFXHQWDFRQHOVHUYLFLRGH
UHFROHFFLyQGHGHVHFKRV
7HQLHQGRHQFXHQWDODLQIRUPDFLyQGHODVHQFXHVWDVGHDxRVDQWHULRUHVVHSURGXMRXQDXPHQWRHQ
ODXWLOL]DFLyQGHHVWHPHGLRSDUDGHVKDFHUVHGHODEDVXUD
8QR GH FDGD FLQFR KRJDUHV GLVSRQH GH WHOpIRQR SDUD FRPXQLFDUVH (VWD FLIUD YDUtD
VXVWDQFLDOPHQWH GH DFXHUGR DO iUHD GH UHVLGHQFLD HQ HO iUHD XUEDQD OD FREHUWXUD GHO VHUY LFLR
WHOHIyQLFR OOHJD DO GH ORV KRJDUHV PLHQWUDV TXH HQ HO iUHD UXUDO GH ORV KRJDUHV
GLVSRQHGHXQDOtQHDWHOHIyQLFD
(O GH ORV KRJDUHV GHO SDtV WLHQH WHO pIRQR FHOXODU (Q HO iUHD XUEDQD GRV GH FDGD FLQFR
KRJDUHVFXHQWDQFRQWHOpIRQRFHO XODU/DWHQHQFLDGHWHOpIRQRFHOXODUHVGHHQORVKRJDUHV
UXUDOHV/DPLWDGGHORVKRJDUHVGH$V XQFLyQ\HO'HSDUWDPHQWR&HQWUDOGLVSRQHGHHVWHPHGLRGH
FRPXQLFDFLyQ
/D FREHUWXUD GHO VHUYLFLR GH HQHUJtD HOpFWULFD HQ HO SDtV OOHJD DO GH ORV KRJDUHV &DVL OD
WRWDOLGDG GH ORV KRJDUHV XUEDQRV GLVSRQH GH HVWH VHUYLFLR DO LJXDO TXH HO GH ORV
KRJDUHV GHO iUHD UXUDO 6H REVHUYD XQD WHQGHQFLD FUHFLHQWH HQ OD GLVSRQLELOLGDG GHO VHUYLFLR GH
HQHUJtDHOpFWULFDHQORVKRJDUHVGHOSDtV
%&RQWH[WRHFRQyPLFR
'HVGHQXHVWURSDtVPXHVWUDVLJQRVGHHVWDQFDPLHQWR\DFWXDOPHQWHGHUHFHVLyQ(QORT XH
YDGHORVµVHKDORJUDGRHQSURPHGLRXQFUHFLPLHQWRGHO3,%FHUFDQRDOSHURFRQXQDWDVD
GH FUHFLPLHQWR SREODFLRQDO DSHQDV LQIHULRU D pO DQXDO 6HJ~Q HVWLPDFLRQHV GHO %DQFR
3ODQ(GXFDFLRQDOfDQGXWL
3RUXQDHGXFDFLyQSDUDWRGRVF RQFDOLGDG\HTXLGDG
&HQWUDOGHO3DUDJXD\%&3HQHODxRHQHOVHFWRUHFRQyPLFRV HSUHYpXQGHFUHFLPLHQWRGHO
FRPSDUDGR FRQ HO FUHFLPLHQWR SREODFLRQDO GHO UHGXFLpQGRVH VHYHUDPHQWH OD FDOLGDG
GHYLGDGHORVSDUDJXD\RV\ODVSDUDJXD\DV6HJ~QHVWLPDFLRQHVGHO)0,ODWHQGHQFLDGHO3,%HV
DVHJXLUGLVPLQX\HQGRSRUORTXHQRH[ LVWHQVHxDOHVGHUHFXSHUDFLyQDFRUWRSOD]R
/DHVWUXFWXUDGHO3,%PXHVWUDXQDSUHGRPLQDQFLDGHOVHFWRUWHUFLDULRRVHUYLFLRGHHQWUHORVFXDOHV
HO TXH PiV VH GHVWDFD HV HO VHUYLFLR GH FRPHUFLR \ ILQDQ]DV HQ VHJXQGR OXJDU VH HQFXHQWUD OD
SURGXFFLyQGHELHQHVHQHVSHFLDOODDJULFXOWXUD\HOVHFWRUJDQDGHUR(VWRVGDWRVFDPELDQODLGHD
GHTXHHO3DUDJXD\HVHPLQHQWHPHQWHDJUtFROD
7DEOD%(VWDGtVWLFDV(FRQyPLFDV
9DULDEOHV
3,%PLOORQHVGH*&RQVWGH
7DVDGHFUHFLPLHQWRDQXDO
3,%PLOORQHVGH*VFRUULHQWHV
3,%PLOORQHVGH86FRUULHQWHV
3,%PLOORQHVGH86FRQVWDQWHV
3,%SHUFiSLWD86FRQVWDQWHV
3,%SHUFiSLWD86FRUULHQWHV
3REODFLyQ
7DVDGHGHVHPSOHRWRWDOGHSDtV
,QIODFLyQGHGLFLHPEUHDGLFLHPEUH
%DODQ]DGH3DJRV
(QGHXGDPLHQWRPLOORQHVGH86
5HVHWPRQHW,QWHUQDFQHWDVPLO86
7LSRGHFDPELRGHO86
(ODERUDGRHQOD'LUHFFLyQGH3ODQLILFDFLyQ(VWDGtVWLFDH,QIRUPDFLyQ'HSDUWDPHQWRGH3UR\HFWR
)XHQWH(VWDGtVWLFDV(FRQyPLFDVGHO%&3
1RWDV
&LIUDV3UHOLPLQDUHV
&LIUDV(VWLPDGDV
6'
3ODQ(GXFDFLRQDOfDQGXWL
3RUXQDHGXFDFLyQSDUDWRGRVF RQFDOLGDG\HTXLGDG
*UiILFR % &RPSRUWDPLHQWR GH OD HFRQRPtD \ OD SREODFLyQ HQ ODV ~OWLPDV
GpFDGDV
&UHFLPLHQWRGHPRJUiILFR
9DULDFLyQ3,%
)XHQWH %&3\HVWLPDFLRQHVGHOVWDIIGHO)0,
'HVGH ORV ~OWLPRV DxRV GH OD GpFDGD GHO ¶ HO (VWDGR SDUDJXD\R DIURQWD XQD GH VXV PD\RUHV
FULVLV SXHV DxR WUDV DxR VH LQFUHPHQWD HO GpILFLW ILVFDO GHELGR D OD GLVPLQXFLyQ GH ODV
UHFDXGDFLRQHV SURYHQLHQWHV SULQFLSDOPHQWH GHO ,PSXHVWR DO 9DORU $JUHJDGR ,9$ \ D ODV
FUHFLHQWHVGHPDQGDVVRFLDOHVTXHSDVDQDVXPDUDORVJDVWRVGHO(VWDGR
$FWXDOPHQWHHOSDJRGHFRPSURPLVRVFRUULHQWHVVXHOGRV\DJXLQDOGRVREOLJDQDO(VWDGRDEXVFDU
IXHQWHV GH ILQDQFLDPLHQWR H Q HQWLGDGHV FUHGLWLFLDV LQWHUQDFLRQDOHV \ QDFLRQDOHV /D DJXGD FULVLV
SRU OD TXH DWUDYLHVD ODV ILQDQ]DV LPSRQH XQD EUXVFD GLVPLQXFLyQ GH ORV SUHVXSXHVWRV GH ORV
GLVWLQWRV HQWHV JXEHUQDPHQWDOHV SDUD HO DxR DVt HQ HO VHFWRU HGXFDFLyQ VH SUHYp HQ HO
WUDWDPLHQWR GHO SUHVXSXHVWR HQ OD SULPHUD LQVWDQFLD UHFRUWHV TXH DIHFWDUiQ SULQFLSDOPHQWH DO
FUHFLPLHQWRYHJHWDWLYRGHODPDWUtFXODDOQRFRQVLGHUDUODFDQWLGDGGHUXEURVGRFHQWHVVXILFLHQWHV
SDUDODVGLVWLQWDVVHFFLRQHVUHGXFFLyQGHOSUHVXSXHVWRSDUDFDSD FLWDFLyQGRFHQWHSDUDODUHIRUPD
GH OD HGXFDFLyQ PHGLD OD HOLPLQDFLyQ GH UHFXUVRV ILQDQFLHURV GHVWLQDGRV DO SURJUDPD TXH
EHQHILFLDUtDDQLxRVDVFRQODPHULHQGDHVFRODUDPiVGHODVHVFXHODVUDQFKRVTXH
TXHGDUiQSRVWHUJDGDVSDUDODFRQVWUXFF LyQ1RWLFLDV
/DWDVDGHLQIODFLyQDQXDOPHGLGDSRUODYDULDFLyQGHOtQGLFHGHSUHFLRVDOFRQVXPLGRUDOFDQ]DUtD
DDOUHGHGRUGHORHQHODxRGHELGRDODUHFHVLyQHFRQyPLFD
2WUR LQGLFDGRU HFRQyPLFR QR PHQRV LPSRUWDQWH HV OD FRWL]DFLyQ GHO GyODU DPHULFDQR TXH D OD
IHFKDOOHJDD*VLPSRQLHQGRXQDGHYDOXDFLyQGHOJXDUDQtVXSHULRUDOHQHO
DxR \ SUHYLpQGRVH SDUD HO DxR XQD GHYDOXDFLyQ GHO (VWR FRQWULEXLUi D
LQFUHPHQWDUODLQIODFLyQ\DODQH FHVLGDGGHDXPHQWDUODVUHFDXGDFLRQHVSDUDDIURQWDUODVGHXGDV
HQGyODUHVGHO(VWDGR
3ODQ(GXFDFLRQDOfDQGXWL
3RUXQDHGXFDFLyQSDUDWRGRVF RQFDOLGDG\HTXLGDG
/DSROtWLFDHFRQyPLFDSDUDHODxRSUHYpFRPRDOJXQDVGHODVPHGLGDVXUJHQWHVHODXPHQWR
GHO,9$GHODO\ODGLVPLQXFLyQGHORVJDVWRVFRUULHQWHV
&DEHPHQFLRQDUTXHHQHODxRGHOSUHVXSXHVWRHMHFXWDGRGHQWURGHOVHFWRUHGXFDFLyQ GHORJDVWDGRKDVLGRHQJDVWRVFRUULHQWHVGHORVFXDOHVHOFRUUHVSRQGLyDVXHOGRVGRFHQWHV
\DVXHOGRVGHOSHUVRQDOSHGDJyJLFRDGPLQLVWUDWLYRSURIHVLRQDO\GHDS R\R3RURWURODGRHO
SUHVXSXHVWRGHO0(&VHFRPSRQHHQPiVGHOGHJDVWRVFRUULHQWHVHVSHFLDOPHQWHVXHOGRV
ORTXHLPSLGHHOGHVWLQRGHUHFXUVRVDLQYHUVLRQHVUHDOHVHQHOVHFWRUHGXFDFLyQ
6LWXDFLyQ/DERUDO
/D SREODFLyQ HQ HGDG GH WUDEDMDU 3(7 HV GH SHUVRQDV GRQGH ORV KRPEUHV TXH
UHSUHVHQWDQHO\ODVPXMHUHVHO
/D SREODFLyQ HFRQyPLFDPHQWH DFWLYD 3($ WRWDOL]D SHUVRQDV GH ODV FXDOHV VRQ
PXMHUHV\KRPEUHV0iVGHODPLWDGGHOD3($UHVLGHHQiUHDVXUEDQDV
3RUVXSDUWHODSREODFLyQHFRQyPLFDPHQWHLQDFWLYD3(,VXPDSHUVRQDVLQWHJUDGDHQ
VXPD\RUtDSRUHVWXGLDQWHV\SHUVRQDVTXHUHDOL]DQODERUHVGHOKRJDU
/DWDVDGHSDUWLFLSDFLyQODERUDOSREODFLyQRFXSDGDRGHVRFXSDGDUHVSHFWR DODSREODFLyQWRWDOHQ
HGDGGHWUDEDMDUIXHSRUFHQWDMHVLPLODUDOUHJLVWUDGRHQHOiUHDXUEDQD \DOUXUDO
\ VXSHULRU HQ HO FDVR GH ORV KRPEUHV HQ UHODFLyQ D ODV PXMHUHV \ UHVSHFWLYDPHQWH
3XHGH REVHUYDUVH TXH OD SDU WLFLSDFLyQ ODERUDO GH ODVPXMHUHVUHVSHFWR DORV KRPEUHV HVPHQRU
WDQWRHQODViUHDVUXUDOFRPRHQODXUEDQD
*UiILFR%
7DVDGH3DUWLFLSDFLyQ/DERUDOHQ
3DUDJXD\
1997/98
1999
F uent e: Encuest as d e Ho g ar es. D G EEC .
7RWDO
+RPEUHV
2000/01
0XMHUHV
(O KHFKR UHVDOWDQWH HQ HVWH SURFHVR HV HO LQFUHPHQWR GH OD PDQR GH REUD RFXSDGD HQ ODV
DFWLYLGDGHV GH &RPHUFLR \ 6HUYLFLRV F RQ OD FRQVHFXHQWH UHGXFFLyQ GHOD LPSRUWDQFLD UHODWLYD GH
ODV DFWLYLGDGHV $JURSHFXDULDV (Q RWUDV SDODEUDV HQ ODV ~OWLPDV GRV GpFDGDV OD PDQR GH REUD
SDUDJXD\D KDDGTXLULGRXQSHUILOXUEDQREDVDGRSULQFLSDOPHQWHHQ OD SUHVWDFLyQGHVHUYLFLRVHQ
GHWULPHQWRGHORVVHFWRUHVGHJHQHUDFLyQGHELHQHVHVWHFDPELRGHFRPSRVLFLyQGHODRFXSDFLyQ
)XHQWH ,QIRUPH 2&'( LQFOX\H JDVWR DWULEXLGRDOVHFWRU HGXFDFLyQ GH RWURV 0LQLVWHULRV *REHUQDFLRQHV \
8QLYHUVLGDGHV1DFLRQDOGH$VXQFLyQ1DFLRQDOGHO(VWH1DFLRQDOGH,WDS~D\1DFLRQDOGH3LODU
3ODQ(GXFDFLRQDOfDQGXWL
3RUXQDHGXFDFLyQSDUDWRGRVF RQFDOLGDG\HTXLGDG
GH OD PDQR GH REUD QR VLJQLILFD XQD PD\RUSURGXFWLYLGDG VLQR SRU HO FRQWUDULR D MX]JDUSRU ORV
UHVXOWDGRVHVWRVVHKDQPDQWHQLGRLJXDOTXHDQWHV
*UiILFR%
3($2FXSDGDSRU5DPDGH$FWLYLGDG
6(&81'$5,2
7(5&,$5,2
35,0$5,2
727$/3$,63($2&83$'$3255$0$'($&7,9,'$'
)XHQWH (,+'*((&
'HVHPSOHR
8QR GH ORV LQGLFDGRUHV PiV LPSRUWDQWHV UHODFLRQDGRV DO PHUFDGR GH WUDEDMR HV OD ³WDVD GH
GHVHPSOHRDELHUWR´TXHVHxDODODSURSRUFLyQGHODIXHU]DGHWUDEDMRTXHQRWLHQHHPSOHRSHURTXH
GHVHD WHQHUOR\KDKHFKRDOJXQDJHVWLyQSDUDREWHQHUOR(OGHODPDQRGHREUDGHOSDtVVH
HQFRQWUDEDHQWDOVLWXDFLyQWUDVHOHYLGHQFLDGRHQHVGHFLUHQWUHWDOHVDxRVVHKDEUtD
SURGXFLGRXQDXPHQWRGHODGHVRFXSDFLyQ
/DWDVDPiVVLJQLILFDWLYD GHGHVHPSOHRDELHUWRVHREVHUYDHQ&HQWUDO8UEDQRFRQOXHJRVH
XELFD$VXQFLyQHOUHVWRXUEDQR\HOiUHDUXUDO
*UiILFR%
7DVDGH'HVHPSOHR$ELHUWRHQ
3DUDJXD\
8 ,9
6 ,8
2000/01
7 ,6
7 ,5
6 ,5
1999
6 ,8
6 ,8
1997/98
4 ,5
5 ,4
F ue nt e : E nc ue s t a s de H o ga re s . D G E E C .
T o tal
H o m bre s
M uje re s
'HEHWHQHUVHHQFRQVLGHUDFLyQTXHHOGHVHPSOHRDELHUWRH[LVWHQRVyORSRUTXHORVTXHVHKDOODQ
WUDEDMDQGR SLHUGHQ VX RFXSDFLyQ VLQR WDPELpQ SRUTXH DQXDOPHQWH VH LQFRUS RUDQ DO PHUFDGR
3ODQ(GXFDFLRQDOfDQGXWL
3RUXQDHGXFDFLyQSDUDWRGRVF RQFDOLGDG\HTXLGDG
ODERUDO ORV OODPDGRV DVSLUDQWHV R GHVRFXSDGRV GH SULPHUD YH] JHQHUDOPHQWH HJUHVDGRV GH OD
HGXFDFLyQPHGLDRXQLYHUVLWDULDORVFX DOHVUHSUHVHQWDQDOUHGHGRUGHODFXD UWDSDUWHGHOWRWDOGH
GHVRFXSDGRV
6XEHPSOHR
2WUR LQGLFDGRU LPSRUWDQWH GHO PHUFDGR ODERUDO SDUWLFXODUPHQWH PX\ VHQVLEOH DO FR PSRUWDPLHQWR
PDFURHFRQyPLFRGHXQSDtVHVHO³VXEHPSOHR´(VWHLQGLFDGRULQFOX\HDGRVJUXSRVGHRFXSDGRV
D ORV TXH WUDEDMDQ PHQRV GH KRUDV SRU VHPDQD TXH GHVHDQ WUDEDMDU PiV KRUDV \ HVWiQ
GLVSRQLEOHVSDUDKDFHUORVXEHPSOHRYLVLEOH \EORVTXHWUDEDMDQKRUDVRPiVSRUVHPDQD\
VXLQJUHVRHVLQIHULRUDOPtQLPROHJDOHVWDEOHFLGRHQHOSHUtRGRGHUHIHUHQFLDVXEH PSOHRLQYLVLEOH
(OVXEHPSOHRUHJLVWUDXQLQFUHPHQWRGHXQSRFRPiVGHFXDWURSXQWRVSRUFHQWXDOHVHQWUH\
GHDUHJLVWUiQGRVHXQPD\RUDXPHQWRHQHOiUHDXUEDQDTXHHQHOiUHDUXUDO
/D VXERFXSDFLyQ HQ HO iUHD XUEDQD DXPHQWy GHELGR DO LQ FUHPHQWR GH ORV GHVRFXSDGRV SRU
LQJUHVRV\KRUDVWUDEDMDGDV\HQHOiUHDUXUDOSRUHODXPHQWRVRORGHORVSULPHURV'HEHQRWDUVH
WDPELpQTXHGHFDGDFLQFRVXERFXSDGRVWUHVORVRQSRULQJUHVRVLQVXILFLHQWHVLQYLVLEOHV
8QLQGLFDGRUVLQWpWLFR GHO HVWDGR GHVLWXDFLyQGH OD RIHUWDODERUDO HQHOSDtVHVHOTXHUHVXOWDGH
VXPDUHOFRQWLQJHQWHTXHVHHQFXHQWUDGHVHPSOHDGRGHPDQHUDDELHUWD\RFXOWD\VXEHPSOHDGD
GHPDQHUDYLVLEOHHLQYLVLEOHHOFXDOPXHVWUDDDTXHOODSREODFLyQHQHGDGGHWUDEDMDUTXHWLHQ H
DOJ~QSUREOHPDGHHPSOHR
(OGH ODSREODFLyQ HQHGDG GHWUDEDMDUVHHQFRQWUDED HQHOFRQWDOVLWXDFLyQWUDVHO
HYLGHQFLDGR HQ (Q HO iUHD XUEDQD HVWH SRUFHQWDMH DOFDQ]y HO \ HQ HO UXUDO
2FXSDFLyQSRUVHFWRUHV
/RV WUDEDMDGRUHV SRU FXHQWD SURSLD IRUPDQ HO JUXSR PiV UHSUHVHQWDWLYR WHQLHQGR HQ FXHQWD OD
FDWHJRUtDRFXSDFLRQDO8QRGHFDGDWUHVRFXSDGRVHQHOSDtVWUDEDMDSRUFXH QWDSURSLD6HGHILQH
FRPRWUDEDMDGRUSRUFXHQWDSURSLDDODSHUVRQDTXHH[SORWDXQDSURIHVLyQX RILFLRVLQWHQHUSDWUyQ
QLWUDEDMDGRUUHPXQHUDGRDVXFDUJR
/RV REUHURV GHO VHFWRUSULYDGR IRUPDQ HO VHJXQGR JUXSR HQ FXDQWR D OD RFXSDFLyQ VH FWRULDO FRQ
XQDSDUWLFLSDFLyQGHOOXHJRVHXELFDHOJUXSRGHORVWUDEDMDGRUHVIDP LOLDUHVQRUHPXQHUDGRV
ORVHPSOHDGRVGHOVHFWRUSULYDGRORVHPSOHDGRVGRPpVWLFRVORVHPSOHDGRV\
REUHURVS~EOLFRV\ORVHPSOHDGRUHV\SDWU RQHV
3ODQ(GXFDFLRQDOfDQGXWL
3RUXQDHGXFDFLyQSDUDWRGRVF RQFDOLGDG\HTXLGDG
*UiILFR%
2&83$'26325&$7(*25Ë$
2&83$&,21$/
Emp lead o Emp lead o y
D o mést ico
O b r er o
8%
Púb li co
7%
T r ab ajad o r
F ami liar N o
R emuner ad o
12%
Emp lead o
Pr ivad o
11%
O b r er o
Pr ivad o
20%
T r ab ajad o r
Po r C uent a
Pr o p ia
36%
Emp lead o r o
Pat r ó n
6%
F ue nt e : E nc ue s t a Int e gra da de H o ga re s 2 0 0 0 / 0 1 . D G E E C .
'HVHPSOHRRFXOWR\WRWDO
$ODVSHUVRQDVHQHGDGGHWUDEDMDUTXHQR WLHQHQHPSOHR\QR KLFLHURQDOJRSDUDFRQVHJXLUORSHUR
TXH HVWDUtDQ GLVSXHVWRV D WUDEDMDU VL OH RIUHFLHUDQ XQ HPSOHR VH OHV G HQRPLQD ³GHVHPSOHDGRV
RFXOWRV´
(OGHVHPSOHRRFXOWRVHUHGXMRGHHQDHQWDQWRHQHOiUHDXUEDQDGH
DFRPRHQHOUXUDOGHD\GHPDQHUDPiVVLJQLILFDWLYDHQHOFDVRGHODVPXMHUHV
GHDPLHQWUDVTXHHQHOFDVRGHORVKRPEUHVQRVXIULyYDULDFLyQ(OGHVDOLHQWR
SDUDHQFRQWUDUXQHPSOHRHQHOFRQWH[WRGHXQDHFRQRPtDUHFHVLYDVHUtDXQDGHODV FDXVDVGHODV
WDVDVUHODWLYDPHQWHHOHYDGDVGHHVWHWLSRGHGHVHPSOHR
*UiILFR%
7DVDGH'HVHPSOHR2FXOWR
1997/ 98
1999
F ue nt e : E nc ue s t a s de H o ga re s . D G E E C .
2000/ 01
T o tal
H o m bre s
M uje re s
(OGHVHPSOHRWRWDOHVODVXPDGHOGHVHPSOHRDELHUWR\RFXOWR\ODWDVDGHGHVHPSOHRWRWDOHVOD
SURSRUFLyQ SRUFHQWXDO GH GLFKD VXPD UHVSHFWR D OD SREODFLyQ DFWLYD RF XSDGRV \ GHVRFXSDGRV
DELHUWRV PiV OD TXH FRUUHVSRQGH D ORV GHVRFXSDGRV RFXOWRV (Q FRQVHFXHQFLD OD WDVD GH
GHVHPSOHRWRWDOQRHVODVXPDVLPSOHGHODVWDVDVGHORVWLSRVGHGHVHPSOHR
3ODQ(GXFDFLRQDOfDQGXWL
3RUXQDHGXFDFLyQSDUDWRGRVF RQFDOLGDG\HTXLGDG
/D WDVD GH GHVHPSOHR WRWDO HQ HO 3DUDJXD\ VH UHGXMR GH HQ D HQ XQD
YDULDFLyQ TXH VH GHEHUtD HQ JUDQ PHGLGD DO LQJUHVR GH PiV SHUVRQDV DO PHUFDGR ODERUDO
IXQGDPHQWDOPHQWHGHTXLHQHVVHHQFRQWUDEDQHQFRQGLFLyQGHGHVHPSOHDGRVRFXOWRV
*UiILFR%
7DVDGH'HVHPSOHR7RWDOVHJ~Q6H[R
2000/ 01
1999
1997/ 98
T o tal
H o m bre s
M uje re s
F ue nt e : E nc ue s t a s de H o ga re s . D G E E C .
3REUH]D
/DSREUH]DPHGLGDGHVGHHODxRDW UDYpVGHODVHQFXHVWDVGHKRJDUHVKDDXPHQWDGRHQHO
SDtVHVSHFLDOPHQWHHQHOiUHDXUEDQD
3ODQ(GXFDFLRQDOfDQGXWL
3RUXQDHGXFDFLyQSDUDWRGRVF RQFDOLGDG\HTXLGDG
*UiILFR1ƒ%
$xRVÈUHD
6WDWXVGH3REUH]D
7RWDOSDtV
3REUHV([WUHPRV
3REUHVQR([WUHPRV
7RWDOGHSREUHV
8UEDQD
3REUHV([WUHPRV
3REUHVQR([WUHPRV
7RWDOGHSREUHV
5XUDO
3REUHV([WUHPRV
3REUHVQR([WUHPRV
7RWDOGHSREUHV
)XHQWH(QFXHVWDVGH+RJDUHV'*((&
/DV FRQGLFLRQHV GH SREUH]D DQDOL]DGD SRU ORV GLVWLQWRV GHSDUWDPHQWRV JHRJUiIL FRV GHO SDtV
VHxDODQ TXH HQ &DD]DSi \ 6DQ 3HGUR GH FDGD KDELWDQWHV VRQ SREUHV 3RUHO FRQWUDULRHQ
$VXQFLyQGHFDGDSHUVRQDVVRQSREUHV
*UiILFR1ƒ%
&DD]DSi
&DQLQGH\~
$PDPED\
,WDS~D
0LVLRQHV
&RUGLOOHUD
fHHPEXF~
$OWR3DUDQi
3GWH+D\HV
$VXQFLyQ 7RWDO
3DUDJXDUt
&RQFHSFLyQ
&DDJXD]~
&HQWUDO
*XDLUi
6DQ3HGUR
32%5((;75(02
32%5(12(;75(02
)XHQWH(QFXHVWDGH+RJDUHV'*((&
1232%5(
3ODQ(GXFDFLRQDOfDQGXWL
3RUXQDHGXFDFLyQSDUDWRGRVF RQFDOLGDG\HTXLGDG
/DGLVWULEXFLyQGHORVLQJUHVRVHQ3DUDJXD\HVEDVWDQWHGHVLJXDOSXHVHOGHODSREODFLyQPiV
ULFDUHFLEHSUiFWLFDPHQWHHOGHORVLQJUHVRVHQWDQWRTXHHOPiVSREUHUHFLEHHOGH
ORVLQJUHVRV
*UiILFR%'LVWULEXFLyQGHORVLQJUHVRVHQODSREODFLyQ
DFXPXODGRGHOLQJUHVR
(OGHODSREODFLyQ
PiVULFDUHFLEHHO
GHOWRWDOGHLQJUHVRV
/tQHDGH
HTXLGDG
(OGHODSREODFLyQ
PiVSREUHUHFLEHHO
GHOWRWDOGHLQJUHVRV
DFXPXODGRGHODSREODFLyQ
)XHQWH(QFXHVWDGH+RJDUHV'*((&
3ODQ(GXFDFLRQDOfDQGXWL
3RUXQDHGXFDFLyQSDUDWRGRVF RQFDOLGDG\HTXLGDG
,,, &$3,78/2
%5(9(&$5$&7(5,=$&,Ï1
'(/6,67(0$('8&$7,921$&,21$/
$'HVFULSFLyQJOREDOGHOVLVWHPDHGXFDWLYR
(OyUJDQRUHVSRQVDEOHGHODHGXFDFLyQQDFL RQDOHVHO0LQLVWHULRGH(GXFDFLyQ\&XOWXUD 0(&
\ WLHQH D VX FDUJR OD GLUHFFLyQ OD RUJDQL]DFLyQ \ HO FRQWURO GH ODV DFWLYLGDGHV UHIHUHQWHV D ORV
FDPSRVGHODHGXFDFLyQODFXOWXUDHOFXOWRUHOLJLRVR\ODMXYHQWXG /D HGXFDFLyQ S~EOLFD \ SULYDGD HVWi UHJXODGD SRU OD /H\ 1ƒ *HQHUDO GH (GXFDFLyQ HQ
DGHODQWH/H\TXHIXHDSUREDGD\SURPXOJDGDHQ(VWDPLVPDOH\GHWHUPLQDWDPELpQ
OD FRQVWLWXFLyQ \ FRPSHWHQFLDV GHO &RQVHMR 1DFLRQDO GH (GXFDFLyQ \ &XOWXUD &21(& TXH VH
FRQVWLWX\HFRPR yUJDQR UHVSRQVDEOH GH SURSRQHU ODV SROtWLFDV FXOWXUDOHV OD UHIRUPD GHO VLVWHPD
HGXFDWLYRQDFLRQDO\DFRPSDxDUVXLPSOHPHQWDFLyQHQODGLYHUVLGDGGHVXVHOHPHQWRV\DVSHFWRV
FRQFHUQLHQWHV
$VLPLVPR OD PHQFLRQDGD OH\ HVWDEOHFH ODV IXQFLRQHV \ FRPSHWHQFLDV GHO 0(& \ VXV yUJDQRV
GHSHQGLHQWHV\GHILQHODVPRGDOLGDGHVQLYHOHV\ORVPHGLRVLQGLVSHQVDEOHVSDUDTXHODHGXFDFLyQ
DOFDQFHVXVILQDOLGDGHVHQXQPDUFRGHHTXLGDG
/D/H\ GHVGH VXSURPXOJDFLyQHQHOPDUFRGHOD5(SURPXHYH SDVRVJUDGXDOHV KDFLD OD
PRGHUQL]DFLyQ\SURIXQGDV\UDGLFDOHVUHHVWUXFWXUDFLRQHVHQODRUJDQL]DFLyQ\HQODVIXQFLRQHVGH
ODV LQVWLWXFLRQHV LQYROXFUDGDV HQ OD DFWLYLGDG HGXFDFLRQDO GHVWDFiQGRVH XQ DYDQFH KDFLD OD
GHVFHQWUDOL]DFLyQ GHO VLVWHPD HGXFDWLYR \ XQD PD\RU SDUWLFLSDF LyQ GH ORV PXQLFLSLRV \
JREHUQDFLRQHV
%(VWUXFWXUDGHOVLVWHPDHGXFDWLYR
(O VLVWHPD HGXFDWLYR QDFLRQDODEDUFD GHVGH OD (GXFDFLyQ,QLFLDO KDVWD OD (GXFDFLyQ6XSHULRU (O
0(& DGPLQLVWUD OD HGXFDFLyQ GH ORV QLYHOHV ,QLFLDO (VFRODU %iVLFD 0HGLD \ OD (GX FDFLyQ
6XSHULRU QR XQLYHUVLWDULD ORV ,QVWLWXWRV GH )RUPDFLyQ 3URIHVLRQDO \ ORV ,QVWLWXWRV GH )RUPDFLyQ
'RFHQWH (O 0(& DFW~D GH FRQWUDORU GH ODV DFWLYLGDGHV GHO VHFWRU SULYDGR TXH VH HVWUXFWXUDQ
VHJ~QODVSROtWLFDV\SODQHVGHODHGXFDFLyQQDFLRQDO
/D (GXFDFLyQ8QLYHUVLWDULDHVGLULJLGDSRUHO&RQVHMRGH5HFWRUHVGHODV8QLYHUVLGDGHVS~EOLFDV\
SULYDGDVHQXQPDUFRGHUHVSHWRLUUHVWULFWRD ODDXWRQRPtDXQLYHUVLWDULD \ OD OLEHUWDGDFDGpPLFD
(VWH FDStWXOR HV XQ H[WUDFWR GHO GRFXPHQWR HODERUDGR SRU 0(& 2($ ,QVWLWXWR ,QWHUQDFLRQDO GH
3ODQHDPLHQWR GH OD (GXFDFLyQ GH OD 81(6&2 0LQLVWHULRGH (GXFDFLyQ\ &XOWXUD2UJDQL]DFLyQGH (VWDGRV
$PHULFDQRV (VWUDWHJLDV VLVWpPLFDV GH DWHQFLyQ D OD GHVHUFLyQ OD UHSLWHQFLD \ OD VREUHHGDG HQ
HVFXHODVGHFRQWH[WRVGHVIDYRUHFLGRV(WDSD/RVHVWXGLRVGHSDtV$VXQFLyQ
3$5$*8$< /H\1ƒ*HQHUDOGH(GXFDFLyQ$VXQFLyQ
,EtG$UWtFXOR
3ODQ(GXFDFLRQDOfDQGXWL
3RUXQDHGXFDFLyQSDUDWRGRVF RQFDOLGDG\HTXLGDG
/DHYDOXDFLyQ \DFUHGLWDFLyQGHFDUUHUDVXQLYHUVLWDULDVVHUi QHVWDEOHFLGDVSUy[LPDPHQWHDWUDYpV
GHXQDOH\TXHHVSHUDVHUSURPXOJDGDSRUHO3DUODPHQWR1DFLRQDO
/DDFWXDOHVWUXFWXUDGHO6LVWHPD(GXFDWLYRHVUHVXOWDGRGHOD5(/RVFDPELRVTXHLQWURGXMRHVWD
VHSXHGHQUHVXPLUHQORVVLJXLHQWHVDVSHFWRVIXQGDPHQWDO HV
x HVWDEOHFHORVFULWHULRVGHLQWHJULGDGHQHOPDUFRGHODFXOWXUDGHODFRPXQLGDG
x UHVSHWRDOSOXUDOLVPRLGHROyJLFR\FXOWXUDO
x LPSRUWDQFLD\SUR\HFFLyQTXHVHRWRUJDDOD(GXFDFLyQ,QLFLDOFRQWUHVQLYHOHV
x LPSOHPHQWDFLyQGHODHGXFDFLyQELOLQJHFDVWHO ODQRJXDUDQt
x LQFRUSRUDFLyQGHOSUHHVFRODUDOD((%REOLJDWRULDGHVGH
x LQFRUSRUDFLyQGHQLxRVGHVGHDxRVGHHGDGSDUDHOSUHHVFRODU\DxRVGHHGDGSDUD
HU
HO JUDGR
x HOHVWDEOHFLPLHQWRGHXQD (GXFDFLyQ (VFRODU%iVLFD GHJUDGRVFRQIRUPDGDSRUW UHV
FLFORVGHWUHVDxRVGHGXUDFLyQFDGDXQR
x REOLJDWRULHGDG\JUDWXLGDGGHOD((%HQODVHVFXHODVS~EOLFDVGHJHVWLyQRILFLDO
x (GXFDFLyQ0HGLDGHVWLQDGDDORV%DFKLOOHUDWRV\ODIRUPDFLyQSURIHVLRQDOFRQWUHVDxRV
GHGXUDFLyQ
%(GXFDFLyQGHUpJLPHQJHQHUDO
/DHGXFDFLyQGHUpJLPHQJHQHUDOSXHGHVHUIRUPDOQRIRUPDO\UHIOHMD
D(GXFDFLyQIRUPDO
6H HVWUXFWXUD HQ WUHV QLYHOHV (O SULPHU QLYHO FRPSUHQGH OD (GXFDFLyQ ,QLFLDO \ OD (GXFDFLyQ
(VFRODU%iVLFDHOVHJXQGRQLYHOOD(GXFDFLyQ0HGLDHOWHUFH UQLYHOOD(GXFDFLyQ6XSHULRU
(O VLVWHPD HGXFDWLYR IRUPDOVH UHFRQRFH ELOLQJH FDVWHOODQR JXDUDQt \ VH GHVDUUROOD HQ HO PDUFR
GHO 3URJUDPD (VFRODU GH (GXFDFLyQ %LOLQJH 3((% TXH FRQWHPSOD HO LQLFLR GH OD
DOIDEHWL]DFLyQ HQ OD OHQJXD PDWHUQD GHO HGXFDQ GR OD HQVHxDQ]D GH OD SULPHUD \ GH OD VHJXQGD
OHQJXD\ODHQVHxDQ]DHQDPEDVOHQJXDVGHORVFRQWHQLGRVFXUULFXODUHV
D(GXFDFLyQ,QLFLDO
/D(GXFDFLyQ,QLFLDOFRPSUHQGHGRVFLFORV(OSULPHURVHH[WLHQGHKDVWDORVWUHVDxRVGHHGDG\HO
VHJXQGRKDVWD ORVFXDWUR
(O 3UHHVFRODUDO TXH DFFHGHQD OD HGDGGH DxRVGHVGHODSURPXOJDFLyQ GHOD/H\*HQHUDOGH
(GXFDFLyQ SHUWHQHFH VLVWHPiWLFDPHQWH D OD (GXFDFLyQ (VFRODU %iVLFD \ HV LQFOXLGR HQ OD
HGXFDFLyQ HVFRODU REOLJDWRULD SRU 'HFUHWR GHO 3RGHU (MHFXWLYR (O 0(& KD HPSUHQGLGR XQD
YLJRURVDH[SDQVLyQGHOSUHHVFRODUTXHHQORV~OWLPRVFLQFRDxRVDYDQ]DKDFLDVXXQLYHUVDOL]DFLyQ
/D(GXFDFLyQ,QLFLDOVHGHVDUUROODHQGRVPRGDOLGDGHVHVFRODUL]DGD\QRHVFRODUL]DGD0LWm5yJD
&DVD GHO 1LxR (O GLVHxR FXUULFX ODU VH RUJDQL]D VREUH WUHV FRPSRQHQWHV HO )XQGDPHQWDO HO GH
'HVDUUROORGHOD3HUVRQDOLGDG\HO/RFDO (O &RPSRQHQWH )XQGDPHQWDO LQWHJUD FRQRFLPLHQWRV DFWLWXGHV \ YDORUHV UHODFLRQDGRV FRQ OD
(GXFDFLyQ )DPLOLDU (GXFDFLyQ $PELHQWDO \ (GXFDFLyQ 'HPRFUiWL FD TXH LPSUHJQDQ
WUDQVYHUVDOPHQWH HO FXUUtFXOXP GHPDQGDQ XQ WUDWDPLHQWR GHVGH WRGDV ODV iUHDV \ QR VH
GHVDUUROODQHQXQHVSDFLR\WLHPSRGHWHUPLQDGRV
,EtG
3ODQ(GXFDFLRQDOfDQGXWL
3RUXQDHGXFDFLyQSDUDWRGRVF RQFDOLGDG\HTXLGDG
(O &RPSRQHQWH GH 'HVDUUROOR GH OD 3HUVRQDOLGDG LQFOX\H DFWLWXGHV KDELOLGDGHV GHVWUH]DV \
FRQRFLPLHQWRVWHQGLHQWHVDGHVDUUROODUtQWHJUDPHQWHDOQLxR\ODQLxDHQWRGDVODVGLPHQVLRQHVGH
VXSHUVRQDOLGDG
(O &RPSRQHQWH /RFDO FRQVWLWX\H XQ HVSDFLR XQ ³HVWtPXOR´ SDUD OD RUJDQL]DFLyQ \ GHVDUUROOR GH
DFWLYLGDGHVGHFDUiFWHUHLQWHUpVFRPXQLWDULRV
/DPRGDOLGDGHVFRODUL]DGD FRPSUHQGHWUHVHWDSDV
x -DUGtQ PDWHUQDO UHFLEH D QLxRV GH D DxRV D TXLHQHV VH EULQGD DWHQFLyQ \
HVWLPXODFLyQ LQWHJUDO GXUDQWH HO GtD HQ PHGLD MRUQDGD R HQ MRUQDGD FRPSOHWD 2IUHFH
VHUYLFLRV FRPSOHPHQWDULRV GH VDOXG \ DOLPHQWDFLyQ /R V MDUGLQHV PDWHUQDOHV HVWiQ D
FDUJRGHPDHVWUDVSDUYXODULDVHQIHUPHUDV\FXLGDGRUDV
x -DUGtQ GH LQIDQWHV DWLHQGH D QLxRV GH D DxRV 2IUHFH DFWLYLGDGHV HGXFDWLYDV
WHQGLHQWHV D GHVDUUROODU WRGDV ODV GLPHQVLRQHV GH OD SHUVRQDOLGDG GH ORV LQIDQWHV
&XHQWD FRQXQHGXFDGRU SURIHVLRQDOTXH VHUHVSRQVDELOL]DGHODIRUPDFLyQLQWHJUDOGH
ORVQLxRVD\XGDGRSRUDVLVWHQWHVTXHDSR\DQODWDUHDGRFHQWH
x 3UHHVFRODU DWLHQGH D QLxRV GH DxRV (VWLPXOD HO GHVDUUROOR LQWHJUDO HQ WRGRV ORV
DVSHFWRV GH VX SHUVRQDOLGDG (V DWHQGLGR SRU XQ GRFHQWH HVSHFLDOL]DGR DSR\DGR SRU
XQRR PiVDVLVWHQWHV
(Q FXDOTXLHUD GH HVWDV WUHV HWDSDV FDGD LQVWLWXFLyQ GH DFXHUGR D VX HVWUXFWXUD \ RUJDQL]DFLyQ
FRQWUDWDORVSURIHVLRQDOHVTXHQHFHVLWDHQIRUPDSHUPDQHQWHWUDQVLWRULDGHDSR\RRGH VHUYLFLR
/D PRGDOLGDGQRHVFRODUL]DGD HVODTXHVHRFXSDGHDWHQGHUDORVQLxRVGHDDxRVTXHQR
WLHQHQDFFHVRDOD(GXFDFLyQ,QLFLDOHVFRODUL]DGD6HLPSOHPHQWDHQORV0LWm5yJDTXHIXQFLRQDQ
HQ FDVDV GH IDPLOLD HVFXHODV PXQLFLSDOLGDGHV FOXEHV \ RWURV VLHPSUH TXH HVWDV LQVWLWXFLRQHV
RIUH]FDQ ODV FRQGLFLRQHV EiVLFDV QHFHVDULDV SDUD HO GHVDUUROOR GHO LQIDQWH 6RQ H[SHULHQFLDV
IRFDOL]DGDVGHHVFDVDFREHUWXUD
/RV QLxRV VRQ DWHQGLGRV SRU YROXQWDULRV WDOHV FRPR SDGUHV GH IDPLOLD HVWXGLDQWHV PDH VWURV R
HQIHUPHUDV(VWHWLSRGHVHUYLFLRDGPLWHIOH[LELOLGDGGHKRUDULR
$FWXDOPHQWH ORV 0LWm 5yJD SUHVHQWDQ GRV QLYHOHV GH DWHQFLyQ FRQIRUPH DO JUXSR HWDULR D VHU
EHQHILFLDGR x +RJDUHV(GXFDWLYRV&RPXQLWDULRV SDUDQLxRV \QLxDVPHQRUHVGHGRVDxRVDF DUJR
GHXQDPDGUHDQLPDGRUD
x &HQWURV(GXFDWLYRV&RPXQLWDULRV SDUDQLxRV\QLxDVGHWUHVFXDWUR\FLQFRDxRVTXH
QR WLHQHQ DFFHVR DO JUDGR SUHHVFRODU D FDUJR GH DQLPDGRUDV TXH VRQ SHUVRQDV
UHVSRQVDEOHV\VROLGDULDV
,JXDOPHQWHOD'LUHFFLyQ*HQHUDOGH%L HQHVWDU6RFLDOGHSHQGLHQWHGHO0LQLVWHULRGH6DOXG3~EOLFD
\%LHQHVWDU6RFLDODGPLQLVWUD\JHUHQFLDKRJDUHVLQIDQWLOHVVXVWLWXWRV\ORV&HQWURVGH%LHQHVWDU
GHOD,QIDQFLD\OD)DPLOLD&(%,1)$SDUDLQIDQWHVGHDDxRVXELFDGRVHQ$VXQFLyQHQODV
]RQDV VXEXUEDQDV \ HQ ODV XUEDQDV GHO LQWHULRU GHO SDtV GRQGH VH GHVDUUROODQORV SURJUDPDV GH
HGXFDFLyQLQLFLDOGHDFXHUGRFRQORVUHFXUVRVKXPDQRV\PDWHULDOHVGLVSRQLEOHV
(Q OD /H\ VH HVSHFLILFD TXH OD HQVHxDQ]D VH UHDOL]DUi HQ OD OHQJXD RILFLDO PDWHUQD GHO
HGXFDQGRGHVGHORVFRPLHQ]RVGHOSURFHVRHVFRODURGHVGHHOSULPHUJUDGR/DRWUDOHQJXDRILFLDO
VHHQVHxDUiWDPELpQGHVGHHOLQLFLRGHODHGXFDFLyQHVFRODUFRQHOWUDWDPLHQWRGLGiFWLFRSURSLRGH
3$5$*8$< 0,1,67(5,2 '( ('8&$&,Ï1 < &8/785$ ',5(&&,Ï1 '( ('8&$&,Ï1 (6&2/$5 %È6,&$ )RUR
1DFLRQDOGH(GXFDFLyQ,QLFLDOPHPRULDV$VXQFLyQ0(&
3$5$*8$< 0,1,67(5,2 '( ('8&$&,Ï1 < &8/785$ 352*5$0$ '( 0(-25$0,(172 '( /$ ('8&$&,Ï1 35,0$5,$ (GXFDFLyQSDUDWRGRVHYDOXDFLyQDxRLQIRUPHGH3DUDJXD\$VXQFLyQ0(&
3ODQ(GXFDFLRQDOfDQGXWL
3RUXQDHGXFDFLyQSDUDWRGRVF RQFDOLGDG\HTXLGDG
XQD VHJXQGD OHQJXD $ FRQWLQXDFLyQ VH DJUHJD TXH GHQWUR GH OD HGXFDFLyQ LQLFLDO VH
LPSOHPHQWDUiQ SURJUDPDV GH SUHYHQFLyQ GH GLILFXOWDGHV GHO DSUHQGL]DMH DVt FRPR VLVWHPDV GH
HYDOXDFLyQ SDUD OD GHWHFFLyQ SUHFR] GH FRQGLFLRQHV LQWHOHFWXDOHV VXSHULRUHV LQIHULRUHV \
GHILFLHQFLDVVHQVRULDOHVSDUDWRPDU PHGLGDVRSRUWXQDV\DGHFXDGDVDFDGDFDVR
D(GXFDFLyQ(VFRODU%iVLFD
(V REOLJDWRULD \ JUDWXLWD HQ ODV HVFXHODV S~EOLFDV GH JHVWLyQ RILFLDO (QFDUJDGD GH VDWLVIDFHU ODV
QHFHVLGDGHVEiVLFDVGHDSUHQGL]DMHGHQLxRVMyYHQHV\DGXOWRV&RPSUHQGH QXHYH JU DGRV \VH
LPSDUWHDQLxRVGHDDxRVGHHGDGWUDVXQDHWDSDGH(GXFDFLyQ,QLFLDO3UHHVFRODU
6X FXUUtFXOXP SURSXJQD OD SDUWLFLSDFLyQ GH ORV GLIHUHQWHV HVWDPHQWRV GH OD FRPXQLGDG HQ HO
SURFHVRHGXFDWLYR\SURPXHYHHODSUHQGL]DMHFHQWUDGRHQHODOXPQ R\ODDOXPQDFRQIRUPHDVXV
FDUDFWHUtVWLFDV GHVDUUROOR \ DO FRQWH[WR HQ TXH VH GHVHQYXHOYHQ (Q VXV GLYHUVDV HWDSDV EXVFD
SHUPDQHQWHPHQWH HO DSUHQGL]DMH VLJQLILFDWLYR OD HGXFDFLyQ HQ YDORUHV OD LQFRUSRUDFLyQ GH
DFWLYLGDGHV O~GLFDV HO GHVDUUROOR GH OD FUHDWLYLGDG \ GH ORV HGXFDQGRV \ OD LQWHJUDFLyQ GH OD
HYDOXDFLyQFRPRSURFHVRFRQVWDQWH\IRUPDWLYR
(OGLVHxRFXUULFXODUVHRUJDQL]DVREUHWUHVFRPSRQHQWHVHOIXQGDPHQWDOHODFDGpPLFR\HOORFDO
(O &RPSRQHQWH )XQGDPHQWDO FRPR HQ OD (GXFDFLyQ ,QLFLD O LQWHJUD FRQRFLPLHQWRV DFWLWXGHV \
YDORUHV UHODFLRQDGRV FRQ OD (GXFDFLyQ )DPLOLDU (GXFDFLyQ $PELHQWDO \ (GXFDFLyQ 'HPRFUiWLFD
TXHLPSUHJQDQWUDQVYHUVDOPHQWHHOFXUUtFXOXPGHPDQGDQXQWUDWDPLHQWRGHVGHWRGDVODViUHDV\
QRVHGHVDUUROODQHQXQHVSDFLR \WLHPSRGHWHUPLQDGRV
(O &RPSRQHQWH $FDGpPLFR LQFOX\H FRQRFLPLHQWRV KDELOLGDGHV DFWLWXGHV GHVWUH]DV \ YDORUHV
SURYHQLHQWHV GH ORV GLYHUVRV FDPSRV GHO VDEHU HVWRV VH RUJDQL]DQ HQ XQ FRQMXQWR GH iUHDV \
DVLJQDWXUDV TXH YDUtDQ GH XQ FLFOR D RWUR (VWH F RPSRQHQWH SURPXHYH HO DFFHVR D OD FXOWXUD
VLVWHPDWL]DGD SURYHH IXQGDPHQWRV WHyULFRV \ SUiFWLFRV SDUD UHVROYHU SUREOHPDV GH OD YLGD
FRWLGLDQDSHUPLWLHQGRDVtPHMRUDUODFDOLGDGGHYLGDSHUVRQDO\VRFLDOGHORVHGXFDQGRV
(O&RPSRQHQWH/RFDODVt FRPRHQ HO1LYHO,QLFLDOFRQVWLWX\HXQHVSDFLRXQ³HVWtPXOR´SDUDOD
RUJDQL]DFLyQ\GHVDUUROORGHDFWLYLGDGHVGHFDUiFWHUHLQWHUpVFRPXQLWDULRVDEULHQGRODHVFXHODD
ODSDUWLFLSDFLyQFRPXQLWDULD\ODSURPRFLyQ\GHVDUUROORGHOFDSLWDOVRFLDO
/D(GXFDFLyQ(VFRODU%iVLFDVHGLYLGHHQWUHVFLFORV
HU
x 3ULPHUFLFORƒƒ\ JUDGRV FRQWUHVDxRVGHGXUDFLyQFRPSUHQGHODVVLJXLHQWHV
iUHDV&RPXQLFDFLyQ0DWHPiWLFD9LGD6RFLDO\7UDEDMR0HGLR1DWXUDO\6DOXG
x 6HJXQGR FLFOR ƒ ƒ \ ƒ JUDGRV &RQ WUHV DxRV GH GXUDFLyQ FRPSUHQGH ODV
VLJXLHQWHViUHDV&RPXQLFDFLyQ&DVWHOODQR*XDUDQt(GXFDFLyQ $UWtVWLFD0DWHPiWLFD
(VWXGLRV6RFLDOHV7UDEDMR\7HFQRORJtD&LHQFLDV1DWXUDOHV\(GXFDFLyQSDUDOD6DOXG
x 7HUFHU FLFOR ƒ ƒ \ ƒ JUDGRV WLHQH XQD GXUDFLyQ GH WUHV DxRV FRPSUHQGH ODV
VLJXLHQWHV iUHDV /HQJXD \ /LWHUDWXUD &DVWHOODQD /HQJXD \ /LWHUDWXUD *XDUDQt
(GXFDFLyQ $UWtVWLFD 0~VLFD 'DQ]D $UWHV 3OiVWLFDV &RPXQLFDFLyQ 6RFLDO 7HDWUR
0DWHPiWLFD +LVWRULD \ *HRJUDItD )RUPDFLyQ eWLFD \ &LXGDGDQD &LHQFL DV GH OD
1DWXUDOH]D\GHOD6DOXG(GXFDFLyQ)tVLFD7UDEDMR\7HFQRORJtD
6HFRQFLEHOD(GXFDFLyQ(VFRODU%iVLFDFRQODVVLJXLHQWHVFDUDFWHUtVWLFDV
x (VREOLJDWRULD\JUDWXLWDHQODVHVFXHODVGHOVHFWRURILFLDO
x 7LHQH XQD GXUDFLyQ GH QXHYH DxRV \ HVWi VLW XDGD HQ XQ PLVPR QLYHO GHO VLVWHPD
HGXFDWLYR
/H\$UWtFXOR
3$5$*8$< 0,1,67(5,2 '( ('8&$&,Ï1 < &8/785$ &216(-2 $6(625 '( /$ 5()250$ ('8&$7,9$ $YDQFHVGHOD5HIRUPD(GXFDWLYD$VXQFLyQ0(&&$5(
3ODQ(GXFDFLRQDOfDQGXWL
x
x
x
x
x
3RUXQDHGXFDFLyQSDUDWRGRVF RQFDOLGDG\HTXLGDG
,QFRUSRUD D ORV QLxRV D SDUWLU GH ORV VHLV DxRV GH HGDG WUDV XQD HWDSD GH HGXFDFLyQ
LQLFLDO DGHFXDGD SRU OR TXH DSURYHFKD OD PHMRU HWDSD SDUD HO GHVDUUROOR GH ODV
SRWHQFLDOLGDGHVGHOQLxR\ODQLxDSDUDHODSUHQGL]DMH
$WLHQGH HO GHVDUUROOR DUPyQLFR GH WRGDV ODV SRWHQFLDOLGDGHV GH OD QLxD \ GHO QLxR
EXVFDQGRVXSHUDUODSRVLEOHLQVXILFLHQFLDGHODVH[SHULHQFLDVHGXFDWLYDVHQORVSULPHURV
DxRVGHYLGD
)DYRUHFH OD DUWLFXODFLyQ HQWUH ORV GLIHUHQWHV FLFORV \ OD F RQWLQXLGDG GHO SURFHVR
HGXFDWLYRHYLWDQGRFDPELRVGHLQVWLWXFLyQ\GHJUXSRDORVDGROHVFHQWHV
&RQVROLGD OD IRUPDFLyQ JHQHUDO ±KDELOLGDGHV GHVWUH]DV \ DFWLWXGHV ± TXH SHUPLWH
VDWLVIDFHU ODV QHFHVLGDGHV EiVLFDV GH DSUHQGL]DMH \ SUHSDUD D ORV HGXFDQGRV SDU D
VHJXLUDSUHQGLHQGR
&RPSOHPHQWD OD HQVHxDQ]D JHQHUDO FRQ OD IRUPDFLyQ SURIHVLRQDO SURSLFLDQGR OD
IRUPDFLyQSDUDHOWUDEDMRVRFLDOPHQWH~WLO
D(GXFDFLyQ0HGLD
&RPSUHQGHHOEDFKLOOHUDWR\ODIRUPDFLyQSURIHVLRQDODPERVFRQWUHVFXUVRVDFDGpPLFRV%X VFD
FRPR REMHWLYR OD LQFRUSRUDFLyQ DFWLYD GHO DOXPQR D OD YLGD VRFLDO \ DO WUDEDMR SURGXFWLYR R VX
DFFHVR D OD HGXFDFLyQ GH QLYHO VXSHULRU 2ULHQWDUi DO PLVPR HQ HO SURFHVR GH VX PDGXUDFLyQ
LQWHOHFWXDO \ DIHFWLYD GH PDQHUD TXH SXHGDQ LQWHJUDUVH FUtWLFD \ F UHDWLYDPHQWH HQ VX SURSLD
FXOWXUD DVt FRPR DGTXLULU ORV FRQRFLPLHQWRV \ KDELOLGDGHV TXH OHV SHUPLWDQ GHVHPSHxDU VXV
FRPSURPLVRVVRFLDOHVFRQUHVSRQVDELOLGDGHV\FRPSHWHQFLD
$FWXDOPHQWH WLHQH XQD GXUDFLyQ GH WUHV DxRV GH XQ VROR FLFOR FRQVWLWXLGR SRU W UHV FXUVRV \ VH
GLYHUVLILFD HQ ODV VLJXLHQWHV UDPDV %DFKLOOHUDWRV &LHQWtILFRV FRQ pQIDVLV HQ /HWUDV \ $UWHV
&LHQFLDV %iVLFDV \ 7HFQRORJtD \ &LHQFLDV 6RFLDOHV %DFKLOOHUDWRV 7pFQLFRV TXH VRQ HO
,QGXVWULDO FRQVDOLGDVHQHOHFWUyQLFDHOHFWULFLGDGJH QHUDOHOHFWURPHFiQLFDPHFiQLFDDXWRPRWUL]
FRQVWUXFFLRQHV FLYLOHV TXtPLFD LQGXVWULDO \ HO GH 6HUYLFLRV FRQ VDOLGDV HQ LQIRUPiWLFD
DGPLQLVWUDFLyQ GH QHJRFLRVPHUFDGRWHFQLD FRQWDELOLGDG GLVHxR JUiILFR \ SXEOLFLGDG VDOXG /RV
DOXPQRVTXHFXUVDQVDWLVIDFWRULDPHQWHFXDOTXLHUDGHVXVPRGDOLGDGHVGHEDFKLOOHUDWRUHFLELUiQHO
7tWXORGH%DFKLOOHUVHJ~QODUDPDFXUVDGD
(VLPSRUWDQWHVHxDODUTXHHO0LQLVWHULRGH$JULFXOWXUD\*DQDGHUtDRIUHFHDWUDYpVGHVXVHVFXHODV
DJUtFRODV XQ %DFKLOOHUDWR $JURQyPLFR FRQ HVSHFLDOL]DFLyQ DJURSHFXDULD \ DPELHQWDO SDUD
DWHQGHUODGHPDQGDGHPDQRGHREUDHQHOPHGLRDJUtFROD
/D /H\ SUHYp DGHPiV OD IRUPDFLyQ SURIHVLRQDO PHGLD TXH RIUHFH RSRUWXQLGDGHV GH
SURIHVLRQDOL]DFLyQ GHGLVWLQWRJUDGR GHFDOLILFDFLyQ \ HVSHFLD OLGDG \HVWDUiGLULJLGDDODIRUPDFLyQ
HQ iUHDV UHODFLRQDGDV FRQ OD SURGXFFLyQ GH ELHQHV \ VHUYLFLRV 3XHGHQ DFFHGHU D HVWD
PRGDOLGDG GH IRUPDFLyQ ORV TXH KD\DQ FRQFOXLGR ORV WUHV FLFORV GH OD ((% $TXHOORV TXH
FXPSOLGRV ORV DxRV GH HGDG QR KD\DQ WHU PLQDGR OD ((% SXHGHQ DFFHGHU D OD IRUPDFLyQ
SURIHVLRQDO PHGLD OXHJR GH XQD SUXHED DFDGpPLFD HQ OD TXH GHPXHVWUD WHQHU OD SUHSDUDFLyQ
VXILFLHQWHSDUDFXUVDUFRQDSURYHFKDPLHQWRHVWDVHQVHxDQ]DV /DVIXQFLRQHVGHOD(GXFDFLyQ0HGLD VHDJUXSDQHQGRVEORTXHV (Q HO DxR VH LQLFLD OD UHIRUPD GH OD (GXFDFLyQ 0HGLD HQ DXOD FRQ OR TXH LUiQ GHVDSDUHFLHQGR
JUDGXDOPHQWHORVFXUVRVGHODQWHULRUEDFKLOOHUDWR
/H\$UWtFXOR
,EtG$UWtFXOR
3$5$*8$<0,1,67(5,2'( ('8&$&,Ï1< &8/785$',5(&&,Ï1 *(1(5$/'( '(6$552//2 ('8&$7,92 ',5(&&,Ï1
*(1(5$/'( ('8&$&,Ï1 0(',$< 7e&1,&$ 3UR\HFWR5HIRUPD-RYHQDYDQFHVGHOGLVHxRFXUULFXODUGHOD
(GXFDFLyQ0HGLDGRFXPHQWRGHWUDEDMRSDUDIDFLOLWDGRWHV$VXQFLyQ0(&
3ODQ(GXFDFLRQDOfDQGXWL
3RUXQDHGXFDFLyQSDUDWRGRVF RQFDOLGDG\HTXLGDG
)XQFLRQHV(VSHFtILFDV
x
x
x
)RUWDOHFHU OD IRUPDFLyQ GH FLXGDGDQRV \ DUWLFXODU YDORUHV SDUD OD SDUWLFLSDFLyQ
UHVSRQVDEOH
3URIXQGL]DU HO GHVDUUROOR GH FRPSHWHQFLDV IXQGDPHQWDOHV SDUD FRPSUHQGHU SURFHVRV
JOREDOHV\PDQHMDUVHHQXQPXQGRFDGDYH]PiVFRPSOHMR \FRPSHWLWLYR
2IUHFHU VDEHUHV RULHQWDGRV KDFLD XQ VHFWRU R UDPD GH OD DFWLYLGDG SURGXFWLYD SDUD
LQFRUSRUDUVHDFWLYD\UHIOH[LYDPHQWHDOPXQGRGHOWUDEDMRFRQEXHQGHVHPSHxR
)XQFLRQHV3URSHGpXWLFDV
x
x
x
$UWLFXODU ORV WUD\HFWRV HGXFDWLYRV FRPR SURORQJDFLyQ GHO QLYHO DQWHULRU \ FRPR
RULHQWDFLyQKDFLDODSURIXQGL]DFLyQHQHVWXGLRVVXSHULRUHV
$VHJXUDUODIRUPDFLyQUHOHYDQWH\DFWXDOL]DGDSDUDWRGRVORVHVWXGLDQWHV\HOGHVDUUROOR
GH FRPSHWHQFLDV HQ ODV GLVWLQWDV iUHDV TXH OHV SHUPLWD FRQGLFLRQHV HTXLWDWLYDV GH
SDUWLFLSDFLyQFXOWXUDO
'DU UHVSXHVWDV D ODV GHPDQGDV GHO FRQWH[WR VRFLDO GLYHUVLILFDGR TXH GHWHUPLQD
WUD\HFWRULDV HGXFDWLYDV \ ODERUDOHV GLYHUVDV \ UHVSXHVWDV D ODV QHFHVLGDGHV \
H[SHFWDWLYDVGHORVGLVWLQWRVDFWRUHV
$ODSDUTXHHQOD5HIRUPDGHOD(GXF DFLyQ0HGLDVHUHHVWUXFWXUDHOQLYHOVHYHULILFDQFDPELRVHQ
ORViPELWRVGHOFXUUtFXORORVSODQHVGHHVWXGLRFRQVWDQGHXQSODQFRP~QXQSODQGLYHUVLILFDGR\
XQ SODQ RSWDWLYR $GHPiV VH SUHYp OD LQFOXVLyQ GH WHPDV WUDQVYHUVDOHV UHXQLGRV HQ FXDWUR
iPELWRV GHVDUUROOR GHO SHQVDPLHQWR FUtWLFR \ SURGXFWLYR HGXFDFLyQ DPELHQWDO \ GHVDUUROOR
VRVWHQLEOHHGXFDFLyQGHPRFUiWLFD\HGXFDFLyQIDPLOLDU\GHVDUUROORSHUVRQDO
D(GXFDFLyQ6XSHULRU
6H GHVDUUROOD D WUDYpV GH XQLYHUVLGDGHV H LQVWLWXWRV VXSHULRU HV \ RWUDV LQVWLWXFLRQHV GH
IRUPDFLyQSURIHVLRQDOGHOWHUFHUQLYHOVRQORVLQVWLWXWRVWpFQLFRVTXHEULQGDQIRUPDFLyQ
SURIHVLRQDO\VHUYLFLRDODFRPXQLGDG ,QFOX\HJUDGRXQLYHUVLWDULR\QRXQLYHUVLWDULRD
VDEHU
D8QLYHUVLWDULR
/DV ILQDOLGDGHV GH OD HQVHxDQ]D XQLYHUVLWDULD VRQ OD IRUPDFLyQ SURIHVLRQDO VXSHULRU OD
LQYHVWLJDFLyQ\ODH[WHQVLyQFXOWXUDODWUDYpVGHODFLHQFLDODVOHWUDV\ODV$UWHV
/D GXUDFLyQ GH ODV FDUUHUDV YDUtD GH DFXHUGR FRQ OD HVSHFLDOLGDG DEDUFD XQD
PXOWLSOLFLGDG GH iUHDV HVSHFtILFDV GHO VDEHU HQ HO FXPSOLPLHQWR GH VX PLVLyQ GH
LQYHVWLJDFLyQ HQVHxDQ]D IRUPDFLyQ \ FDSDFLWDFLyQ SURIHVLRQDO \ VHUYLFLR D OD
FRPXQLGDG/RVFXUVRVVHLPSDUWHQHQODVGLVWLQWDVIDFXOWDGHVLQVWLWXWRV \HVFXHODVGH
ODVXQLYHUVLGDGHVTXHIXQFLRQD QWDQWRHQODFDSLWDOFRPRHQHOLQWHULRUGHOSDtV
D1RXQLYHUVLWDULR
,QFOX\HORV,QVWLWXWRV6XSHULRUHVOD)RUPDFLyQ'RFHQWH\OD(GXFDFLyQ6XSHULRU7pFQLFD
/H\$UWtFXOR
3ODQ(GXFDFLRQDOfDQGXWL
3RUXQDHGXFDFLyQSDUDWRGRVF RQFDOLGDG\HTXLGDG
/RV,QVWLWXWRV6XSHULRUHV
6RQDTXHOORVTXHVHGHVHPSHxDQHQXQFDPSRHVSHFtILFRGHOVDEH UHQHOFXPSOLPLHQWR
GHVXPLVLyQGHLQYHVWLJDFLyQIRUPDFLyQSURIHVLRQDO\VHUYLFLRDODFRPXQLGDG )RUPDFLyQ'RFHQWH
$ SDUWLU GH OD IRUPDFLyQ GH GRFHQWHV VH HOHYy D QLYHO VXSHULRU QR XQLYHUVLWDULR H[LJLHQGR
FRPRUHTXLVLWRGHLQJUHVRHOWtWXORGH EDFKLOOHUSDUDDFRPSDxDUODVLQQRYDFLRQHVHGXFDFLRQDOHVGH
ORVQLYHOHV(VFRODU%iVLFD\0HGLR
(OVLVWHPDGHIRUPDFLyQGRFHQWHFRPSUHQGHORVVLJXLHQWHV VXEVLVWHPDV x )RUPDFLyQ GRFHQWH LQLFLDO 6H HQFDUJD GH OD LQLFLDFLyQ VLVWHPiWLFD HQ OD SURIHVLyQ
GRFHQWH 7LHQH XQD GXUDFLyQ GH WUHV DxRV 2WRUJD KDELOLWDFLyQ SDUD OD GRFHQFLD HQ
(GXFDFLyQ ,QLFLDO (GXFDFLyQ (VFRODU %iVLFD R (GXFDFLyQ 0HGLD GHSHQGLHQGR GH OD
HVSHFLDOLGDGTXHHORODSRVWXODQWHKD\DFXUVDGR
x )RUPDFLyQ GRFHQWH FRQWLQXD 3UHWHQGH DFWXDOL]DU SHUIHFFLRQDU R FDSDFLWDU D ORV
GRFHQWHV HQ VHUYLFLR DFWLYR PHGLDQWH DFFLRQHV SHUPDQHQWHV D OR ODUJR GH VX YLGD
SURIHVLRQDO
x (VSHFLDOL]DFLyQ 2IUHFHDORVGRFHQWHVWLWXODGRVODRSRUWXQLGDGGHHVSHFLDOL]DUVHHQXQ
FDPSRSDUWLFXODUGH OD ODERUHGXFDGRUDHY DOXDFLyQ FXUUtFXOXP RULHQWDFLyQHGXFDFLyQ
ELOLQJHRDGPLQLVWUDFLyQHQWUHRWURV
x 3URIHVLRQDOL]DFLyQ 6HHQFDUJDGHEULQGDUWtWXORGRFHQWHD EDFKLOOHUHVHQVHUYLFLR\D
SURIHVLRQDOHV GH GLYHUVRV FDPSRV TXH HMHUFHQ OD GRFHQFLD HQ OD (GXFDFLyQ (VFRODU
%iVLFD (QVHxDQ]D0HGLD \ 7pFQLFD 3URIHVLRQDO (V XQ SURJUDPD GH FDUiFWHUWHUPLQDO
TXHSUHWHQGHRSWLPL]DUODWDUHDGRFHQWH\FRQWULEXLUGHHVHPRGRDOPHMRUDPLHQWRGHOD
FDOLGDG HGXFDWLYD DO WLWXODU D ODV SHUVRQDV TXH VLQ IRUPDFLyQ SHGDJyJLFD VH
LQFRUSRUDUDQ D OD GRFHQFLD \ FX\R FRQFXUVR HV IXQGDPHQWDO SDUD VDWLVIDFHU ORV
UHTXHULPLHQWRVGHSHUVRQDOHQODVLQVWLWXFLRQHVHGXFDWLYDV
(VLPSRUWDQWHVHxDODUTXHOD)RUPDFLyQ'RFHQWH,QLFLDOFRPSUHQGHORVVLJXLHQWHVSURJUDPDV
x 3URIHVRUDGRGH(GXFDFLyQ,QLFLDODxRVGHGXUDFLyQ
x 3URIHVRUDGRGH(GXFDFLyQ(VFRODU%iVLFDž\žFLFORDxRVGHGXUDFLyQ
x 3URIHVRUDGR GH (GXFDFLyQ (VFRODU %iVLFD ž FLFOR SRU iUHDV GH HVSHFLDOLGDG DxR
PiVVREUHHOSURIHVRUDGRGH((%ž\žFLFORV
x 3URIHVRUDGRSDUDHOQLYHO PHGLR SRUiUHDVGHHVSHFLDOLGDGDxRVGHGXUDFLyQ(QWUH
HOODVVHFLWDQ(GXFDFLyQ,GLRPiWLFD(VWXGLRV6RFLDOHV0DWHPiWLFD&LHQFLDV1DWXUDOHV
)tVLFD4XtPLFD\(GXFDFLyQ$UWtVWLFD
$FWXDOPHQWH HO VLVWHPD GH IRUPDFLyQ GRFHQWH VH KDOOD HQ SOHQR SURFHVR GH UHIRUPD /DV
LQWHQFLRQHV HVER]DGDV HQ ORV SULPHURV GRFXPHQWRV GH WUDEDMR LQGLFDQ TXH HQ HVWH QLYHO OD
HGXFDFLyQSDUDJXD\DWHQGHUiDXQ VLVWHPDGHIRUPDFLyQGRFHQWHFRQWLQXD FRQXQDIRUPDFLyQ
LQLFLDO \ FRQ XQD DFWXDOL]DFLyQ GRFHQWH HQ VHUYLFLR LQWHJUDG DV D XQ FRQWLQXXP GH IRUPDFLyQ TXH
SHUPLWDPHMRUDUODFDOLGDGSURIHVLRQDOGHORVGRFHQWHV
(GXFDFLyQ6XSHULRU7pFQLFD
7LHQHXQDGXUDFLyQGHXQRDGRVDxRVFRQHVWUXFWXUDFXUULFXODUPRGXODUHODERUDGDVDSDUWLUGHODV
GHPDQGDV7LHQHQXQIXHUWHDFHQWRHQHO VHFWRUWHUFLDULRGHSURGXFFLyQVHUYLFLRVFRQSUHGRPLQLR
GHO VHFWRU SULYDGR /DV HVSHFLDOLGDGHV TXH EULQGD VRQ $GPLQLVWUDFLyQ GH (PSUHVDV
$GPLQLVWUDFLyQ%DQFDULD\)LQDQFLHUD6HFUHWDULDGR(MHFXWLYR6XSHULRU0DQWHQLPLHQWR,QGXVWULDO\
7HFQRORJtDGH$OLPHQWRV
,EtG$UWtFXOR
3$5$*8$< 0,1,67(5,2 '( ('8&$&,Ï1 < &8/785$ &216(-2 $6(625 '( /$ 5()250$ ('8&$7,9$ $YDQFHVGHOD5HIRUPD(GXFDWLYD$VXQFLyQ0(&&$5(
3ODQ(GXFDFLRQDOfDQGXWL
3RUXQDHGXFDFLyQSDUDWRGRVF RQFDOLGDG\HTXLGDG
*UiILFR
(6758&785$('8&$7,9$'(5e*,0(1*(1(5$/
3251,9(/(6<$f26'((6&2/$5,'$'
1,9(/(6
$f26
ž&,&/2
ž&,&/2
(;$0(1
('8&$&,Ï1
0(',$
('8&$&,Ï1(6&2/$5%È6,&$
,1&25325$$1,f26'(
$$f26
,1&25325$/$32%/$&,Ï1,1)$17,/'(
$$f26
'HD DxRV-DUGtQ
0DWHUQDO
/D(GXFDFLyQ(VFRODU%iVLFDHV
REOLJDWRULD\JUDWXLWD
'HD DxRV-DUGtQGH
,QIDQWHV
3DUDDFFHGHUDOD)RUPDFLyQ
3URIHVLRQDO0HGLDVLQKDEHU
FRQFOXLGROD((%VHUHTXLHUH
WHQHUDxRVRPiV\DSUREDU
XQH[DPHQGHFRPSHWHQFLDV
DxRV3UHHVFRODU
(;$0(1
)250$&,Ï1
352)(6,2
1$/
((%12&21&/8,'$
('8&$&,Ï1,1,&,$/
ž&,&/2
('8&$&,Ï1,1,&,$/
%$&+,//(
5$726
('8&$&,Ï1
7(5&,$5,$
,1&25325$
$-Ï9(1(6
'($
$f26
('8&$&,Ï1
683(5,25
,1&25325$
3(5621$6
'($f26
<0È6
(GXFDFLyQQRIRUPDO
&RQWHPSOD SURJUDPDV GH IRUPDFLyQ ODERUDO HQ DUWHV \ RILFLRV GH IRUPDFLyQ DFDGpPLFD \ HQ
PDWHULDVFRQGXFHQWHVDODYDOLGDFLyQGHQLYHOHV\JUDGRVSURSLRVGHODHGXFDFLyQIRUPDO (GXFDFLyQUHIOHMD
6HUHILHUH DODSDUWLFLSDFLyQGHORVPHGLRVGHLQIRUPDFLyQ \FRPXQLFDFLyQVRFLDOHQORVSURFHVRV
GHHGXFDFLyQ SHUPDQHQWH \ GHGLIXVLyQGH ODFXOWXUDGHDFXHUGRFRQORVSULQFLSLRV \ILQHVGH OD
HGXFDFLyQQDFLRQDO %(GXFDFLyQGHUpJLPHQHVSHFLDO
,QFOX\HODHGXFDFLyQDUWtVWLFD\ODHGXFDFLyQHQOHQJXDVH[WUDQMHUDV\GHRWUDVHWQLDV/DSULPHUD
WHQGUi FRPR ILQDOLGDG SURSRUFLRQDU D ORV DOXPQRV XQD IRUPDFLyQ DUWtVWLFD TXH JDUDQWLFH OD
/H\$UWtFXOR
,EtG$UWtFXOR
3ODQ(GXFDFLRQDOfDQGXWL
3RUXQDHGXFDFLyQSDUDWRGRVF RQFDOLGDG\HTXLGDG
FDSDFLGDG\ODFXDOLILFDFLyQHQHOFXOWLYRGHODVDUWHV /DVHJXQGDDWHQGHUiHOH VWXGLR\GLIXVLyQ
GHOHQJXDVH[WUDQMHUDVROHQJXDVGHRWUDVHWQLDVGHQXHVWURSDtV %2WUDVPRGDOLGDGHVGHDWHQFLyQHGXFDWLYD
,PSOLFDODVVLJXLHQWHVPRGDOLGDGHVGHHGXFDFLyQ
x OD JHQHUDO EiVLFD SDUD MyYHQHV \ DGXOWRV TXH QR FRQFOX\HURQ VX HGXFDFLyQ HV FRODU
EiVLFD
x ODSHUPDQHQWH
x SDUDJUXSRVpWQLFRV
x ODFDPSHVLQD\UXUDOTXHHQHOPDUFRGHODHGXFDFLyQIRUPDOSUHYpDWHQFLyQSULRULWDULDD
ODVFDUDFWHUtVWLFDVVRFLROLQJtVWLFDVHQXQHQIRTXHLQWHUFXOWXUDOELOLQJH
x SDUD SHUVRQDV FRQ OLPLWDFLRQHV R FRQ FDS DFLGDGHV H[FHSFLRQDOHV FRQ FDUiFWHU
LQWHJUDGRUHQODHGXFDFLyQIRUPDO
x SDUDODUHKDELOLWDFLyQVRFLDO\SUHYHQFLyQGHDGLFLRQHV
x ODPLOLWDU
x ODSROLFLDO\
x SDUDPLQLVWURVGHFXOWR
&6LWXDFLyQDFWXDO\WHQGHQFLDV
$ FRQWLQXDFLyQ VH SUHVHQWDQ OD VLWXDFLyQ DFWXDO \ SUR\HFFLyQ GHO SDtV D WUDYpV GH LQGLFDGRUHV
HGXFDWLYRVIXQGDPHQWDOHVPDWUtFXODWDVDVGHHVFRODUL]DFLyQSURPRFLyQUHSLWHQFLD \DEDQGRQR
UHWHQFLyQ\UHQGLPLHQWR
/RV PLVPRV HVWiQ SUHVHQWDGRV HQ VHULHV KLVWyULFDV SDUD ORV QLYHOHV GH (GXFDFLyQ ,QLFLDO
HU
(GXFDFLyQ(VFRODU%iVLFD((%ƒ\ƒ&LFOR3ULPDULD((% &LFOR&LFOR%iVLFR6HFXQGDULD
(GXFDFLyQ 0HGLD &LFOR %DFKLOOHUDWR 6HFXQGDULD GHVDJUHJDGDV VHJ~Q ORV VLJXLHQWHV FULWHULRV
]RQDXUEDQDUXUDOVHFWRURILFLDOSULYDGRVH[R KRPEUHVPXMHUHV
(O SHULRGR FRQVLGHUDGR DEDUFD GHVGH DO VLQ HPEDUJR QR KD VLGR SRVLEOH FRQWDU FRQ
LQIRUPDFLyQGLVSRQLEOHGHWRGRVORVDxRVHQDTXHOORVFDVRVHQTXHHOORKDRFXUULGRVHDFODUDHO
FRQWH[WRHQTXHDFRQWHFH
/DV SULQFLSDOHV IXHQWHV XWLOL]DGDV SDUD OD GHWHUPLQDFLyQ GHO YROXPHQ GH OD SREODFLyQ VRQ ORV
UHVXOWDGRV GH ORV &HQVRV 1DFLRQDOHV GH 3REODFLyQ \ 9LYLHQGDDxRV \ /D SREODFLyQ EDVH
FRQVLGHUDGD HV OD UHIHULGD DO DxR \ KD VLGR H[WUDtGD GH ODV SXEOLFDFLRQHV GH OD 'L UHFFLyQ
*HQHUDOGH(VWDGtVWLFD(QFXHVWDV\&HQVRV'*((&7DQWRODVHVWLPDFLRQHV\SUR\HFFLRQHVGH
OD SREODFLyQ FRPR ORV LQGLFDGRUHV HGXFDWLYRV KDQ VLGR HODERUDGRV SRU OD 'LUHFFLyQ GH
3ODQLILFDFLyQ(VWDGtVWLFDH,QIRUPDFLyQ'3(,
'HEHWHQHUVHSUHVHQWH TXHOD5HIRUPD(GXFDWLYD5(HQFXUVRKDLQLFLDGRVXLPSOHPHQWDFLyQHQ
DXODHQHODxR/DVGHQRPLQDFLRQHVGHORVQLYHOHV\ORVSHULRGRVHVFRODUHVGHFREHUWXUDGH
ORVPLVPRVKDQYDULDGRDSDUWLUGHHVHDxR
$VtOD(GXFDFLyQ3ULPDULDTXHFRQWDEDFR QGRVFLFORVGHDxRVFDGDXQDSDVyDGHQRPLQDUVH
(GXFDFLyQ(VFRODU%iVLFD((%\DPSOLyVXFREHUWXUDVDOWDQGRGHD JUDGRVFRQWUHVFLFORVGH
JUDGRV FDGD XQR /D (GXFDFLyQ 6HFXQGDULD TXH FRQWDED FRQ GRV FLFORV GH DxRV FDGD XQR
SDVyDGHQRPLQDUVH(GXFDFLyQ0HGLDFRQXQVRORFLFORGHDxRV
,EtG$UWtFXOR
,EtG$UWtFXOR
3ODQ(GXFDFLRQDOfDQGXWL
3RUXQDHGXFDFLyQSDUDWRGRVF RQFDOLGDG\HTXLGDG
$,QGLFDGRUHVGH&REHUWXUD
$0DWUtFXOD
(OSULPHULQGLFDGRUDQDOL]DGRHVHOGH PDWUtFXODHQWHQGLGDFRPRHOFRQMXQWRGHSHUVRQDVTXHVH
LQVFULEHQ HQ XQD LQVWLWXFLyQ HGXFDFLRQDO SDUD UHFLELU HQVHxDQ]D ( Q HVWH HVWXGLR VH SUHVHQWD OD
PDWUtFXODGHORVQLYHOHV,QLFLDO3ULPDULR\6HFXQGDULR
(O1LYHO,QLFLDO FRQVLGHUDHO-DUGtQ0DWHUQDO GHDDxRV -DUGtQGH,QIDQWHV GHDDxRV
\3UHHVFRODU DxRVKDVWDDxRVDSDUWLUGH
(O1LYHO3ULPDULRTXHHQODVWDEODVFRUUHVSRQGHQDOD((%ƒ\ƒ&LFORGHDDxRVKDVWD
GHDDxRVDSDUWLUGH
<HO1LYHO6HFXQGDULRGHDDxRVKDVWDGHDDxRVDSDUWLUGH
7DEOD(YROXFLyQGHODPDWUtFXOD SRU]RQD\QLYHO3HULRGR
$xR
,QLFLDO
7RWDO
((%ƒ
FLFOR
0HGLDFLFOR
FLFOR %DFKLOOHUDWR
%iVLFR
((%ƒ\ƒ
FLFOR
3ULPDULD
8UEDQD
,QLFLDO
((%ƒ\ƒ
((%ƒFLFOR 0HGLDFLFOR
FLFOR
FLFOR%iVLFR %DFKLOOHUDWR
3ULPDULD
,QLFLDO
2EV(GXFDFLyQ(VFRODU%iVLFDƒ\ƒFLFORLQFOX\H(GXFDFLyQ,QGtJHQD
(GXFDFLyQ0HGLDLQFOX\H(GXFDFLyQ7pFQLFD
)XHQWH0(&'3(,
(GDGRILFLDO
5XUDO
((%ƒ
FLFOR
0HGLDFLFOR
FLFOR %DFKLOOHUDWR
%iVLFR
((%ƒ\
ƒFLFOR
3ULPDULD
3ODQ(GXFDFLRQDOfDQGXWL
3RUXQDHGXFDFLyQSDUDWRGRVF RQFDOLGDG\HTXLGDG
7DEOD(YROXFLyQGHODPDWUtFXODSRUVHFWRU\QLYHO3HULRGR
$xR
,QLFLDO
7RWDO
((%ƒ
FLFOR
0HGLDFLFOR
FLFOR %DFKLOOHUDWR
%iVLFR
((%ƒ\ƒ
FLFOR
3ULPDULD
2ILFLDO
,QLFLDO
((%ƒ\ƒ
((%ƒFLFOR 0HGLDFLFOR
FLFOR
FLFOR%iVLFR %DFKLOOHUDWR
3ULPDULD
2EV(OVHFWRU3ULYDGRLQFOX\HHOVHFWRU3ULYDGR6XEYHQFLRQDGR
(GXFDFLyQ(VFRODU%iVLFDƒ\ƒFLFORLQFOX\H(GXFDFLyQ,QGtJHQD
(GXFDFLyQ0HGLDLQFOX\H(GXFDFLyQ7pFQLFD
)XHQWH0(&'3(,
,QLFLDO
3ULYDGR
((%ƒ
FLFOR
0HGLDFLFOR
FLFOR %DFKLOOHUDWR
%iVLFR
((%ƒ\
ƒFLFOR
3ULPDULD
7DEOD(YROXFLyQGHODPDWUtFXODSRUVH[R\QLYHO3HULRGR
$xR
,QLFLDO
7RWDO
((%ƒ
((%ƒ\ƒ
FLFOR
0HGLDFLFOR
FLFOR
FLFOR
%DFKLOOHUDWR
3ULPDULD
%iVLFR
+RPEUHV
,QLFLDO
((%ƒ\ƒ
((%ƒFLFOR
FLFOR
FLFOR%iVLFR
3ULPDULD
0HGLDFLFOR
%DFKLOOHUDWR
,QLFLDO
2EV (GXFDFLyQ(VFRODU%iVLFDƒ\ƒFLFORLQFOX\H(GXFDFLyQ,QGtJHQD
(GXFDFLyQ0HGLDLQFOX\H(GXFDFLyQ7pFQLFD
)XHQWH0(&'3(,
D(GXFDFLyQ,QLFLDO
0XMHUHV
((%ƒ
((%ƒ\
FLFOR
0HGLDFLFOR
ƒFLFOR
FLFOR
%DFKLOOHUDWR
3ULPDULD
%iVLFR
&RQVLGHUDQGR HO FUHFLPLHQWR SRUFHQWXDO&3 HQ HO SHULRGR VH YHULILFD XQ &3 GH &RQVLGHUDQGRHOFUHFLPLHQWRSURPHGLRDQXDO&3$HQHOPLVPRODSVRVHHYLGHQFLDXQ&3$GH
(VWRLQGLFDHQWpUPLQRVJOREDOHVTXHVHKDGDGRXQFDPELRVLJQLILFDWLYRHQODFREHUWXUDD
QLYHOSDtV
3ODQ(GXFDFLRQDOfDQGXWL
3RUXQDHGXFDFLyQSDUDWRGRVF RQFDOLGDG\HTXLGDG
(QODGHVDJUHJDFLyQSRU]RQDVHYHULILFDXQDQRWRULDGLIHUHQFLDHQHO&3HQWUHODXUEDQD\
ODUXUDO6LVRORVHWLHQHHQFXHQWDHOSHULRGRGHLPSOHPHQWDFLyQGHOD5HIRUPD(GXFDWLYD
5( OD GLIHUHQFLD VLJXH VLHQGR RVWHQVLEOH SDUD OD ]RQD XUEDQD \ SDUD OD UXUDO
$WHQGLHQGRHOSURPHGLRDQXDOHQHOSHULRGRFRQVLGHUDGRHQOD]RQDXUEDQDVHGDXQ&3$GH
\HQODUXUDO(VWRLQGLFDXQDYDQFHQRWDEOHHQODFREHUWXUDGHOD]RQDUXUDO
(QODGHVDJUHJDFLyQSRU VHFWRUVHFRQVWDWDTXHHORILFLDOHVHOTXHPD\RUFUHFLPLH QWRKDWHQLGR
DQWHGHOSULYDGR$WHQGLHQGRHOSHULRGRGHLPSOHPHQWDFLyQGHOD5(ODGLIHUHQFLD
HVWDPELpQVLJQLILFDWLYDGHOVHFWRURILFLDOIUHQWHDGHOSULYDGR(O&3$HQHOSHULRGR
FRQVLGHUDGRSUHVHQWDHQHOVHFWRURILFLDO IUHQWHDHQHOVHFWRUSULYDGR(VWRLQGLFDTXHHO
VHFWRURILFLDOKDVLGRHOTXHPiVKDDEVRUELGRHQHVWHODSVRODGHPDQGDGHHGXFDFLyQLQLFLDO
(QODGHVDJUHJDFLyQSRUVH[R QRVHQRWDQGLIHUHQFLDV(O&3LQGLFDSDUDORVKRPEUHV\
SDUDODV PXMHUHVHO&3$PXHVWUDSDUDDPERV
E(GXFDFLyQ3ULPDULD
(Q OtQHDV JHQHUDOHV OD (GXFDFLyQ 3ULPDULD ƒ \ ƒ &LFOR GH OD ((% D SDUWLUGH HV OD TXH
PHQRU&3KDWHQLGRDQLYHOSDtV(QHO&3$SUHVHQWDVRORXQ(VWRPXHVWUDTXHVHKD
PDQWHQLGRFDVLLQDOWHUDGRHQHVWHODSVR
(QODGHVDJUHJDFLyQSRU ]RQDVHFRQVWDWDXQDGLIHUHQFLDHQWUHODXUEDQD&3&3$\
OD UXUDO &3 &3$ (Q OD GHVDJUHJDFLyQ SRU VHFWRU VH REVHUYD TXH HO SULYDGR KD
DOFDQ]DGRXQFUHFLPLHQWROLJHUD PHQWHVXSHULRU&3&3$DQWHHORILFLDO&3&3$
&RPR HQ HO 1LYHO ,QLFLDO HQ OD (GXFDFLyQ 3ULPDULD QR VH SHUFLEHQ GLIHUHQFLDV HQ HO
FUHFLPLHQWRHQWUHKRPEUHV\PXMHUHV &3&3$GHKRPEUHV\&3&3$GH
PXMHUHV
F(GXFDFLyQ6HFXQGDULD
3RU ORV SRFRV DxRV WUDQVFXUULGRV VH KD RSWDGR PDQWHQHU HO &LFOR GH OD ((% OODPDGR &LFOR
%iVLFRDQWHVGHOD5(HQHOPDUFRGHOD(GXFDFLyQ6HFXQGDULD(VWHFLFORKDWHQLGRDQLYHOSDtV
XQ&3GH\XQ&3$GHPLHQWUDVTXH OD(GXFDFLyQ0HGLDOODPDGD%DFKLOOHUDWRDQWHV
GHOD5(SUHVHQWDXQ&3GH\XQD&3$LGpQWLFRDOSUHFHGHQWH
HU
$OGHVDJUHJDUODPDWUtFXODSRU ]RQDVHDSUHFLDXQDVLJQLILFDWLYDGLIHUHQFLDHQWUHODUXUDO&3
HU
&3$((% &LFOR&3&3$ 0HGLD \ ODXUEDQD&3&3$ HU
((% &LFOR &3 &3$ 0HGLD 6L VROR VH WLHQH HQ FXHQWD HO SHULRGR GH
HU
LPSOHPHQWDFLyQ GH OD 5( HQ OD ]RQD UXUDO VH WLHQH GH &3 HQ HO &LFOR \ HQ OD
0HGLDIUHQWH\UHVSHFWLYDPHQWHHQOD]RQDXUEDQD
'HVDJUHJiQGRODSRUVHFWRUVHYHTXHQRVHGDQHQHOSHULRGRFRQVLGHUDGRGLIHUHQFLDVHQWUHXQR
HU
\ RWUR (Q HO VHFWRU RILFLDO HO &3 DOFDQ]D \ HO &3$ HQ HO &LFOR \ \ UHVSHFWLYDPHQWHHQOD0HGLDPLHQ WUDVTXHHQHOVHFWRUSULYDGRHO&3OOHJDD\HO&3$D
HU
HQHO &LFOR\D\UHVSHFWLYDPHQWHHQOD0HGLD6LQHPEDUJRWRPDQGRHOSHULRGRGH
HU
LPSOHPHQWDFLyQGHOD5(VHDSUHFLDXQDOLJHUDGLIHUHQFLDHQWUHDPERVVHFWRUHVHQHO &LFOR&3
RILFLDO\SULYDGR
$OGHVDJUHJDUODSRU VH[RQRVHGDQGLIHUHQFLDVLPSRUWDQWHVHQWUHKRPEUHV\PXMHUHVQLHQHO
HU
&LFORQLHQOD0HGLD&3&3$HQHO &LFOR\&3&3$HQOD0HGLDSDUD
HU
ORV KRPEUHV &3 &3$ HQ HO &LFOR \ &3 &3$ HQ OD 0HGLD SDUD ODV
PXMHUHV
HU
3ODQ(GXFDFLRQDOfDQGXWL
3RUXQDHGXFDFLyQSDUDWRGRVF RQFDOLGDG\HTXLGDG
$7DVDGH(VFRODUL]DFLyQ
(O VHJXQGR LQGLFDGRU DQDOL]DGR HV OD 7DVD GH (VFRODUL]DFLyQ HQ VXV GRV PRGDOLGDGHV %UXWD \
1HWD/D7DVD%UXWDGH(VFRODUL]DFLyQ 7%(LGHQWLILFDODFDQWLGDG GHDOXPQRVGHXQFLFORRQLYHO
GHWHUPLQDGR FRPR SRUFHQWDMH GH OD SREODFLyQ GH OD HGDG HVFRODU FRUUHVSRQGLHQWH VLQ WHQHU HQ
FXHQWD ODV HGDGHV GH ORV QLxRV TXH HVWiQ PDWULFXODGRV HQ HVH FLFOR R QLYHO /D WDVD EUXWD GH
HVFRODUL]DFLyQ VH REWXYR GLYLGLHQGR OD PDWUtFXOD WRWDO GH XQ GHWHUPLQDGR QLYHO R FLFOR GH
HQVHxDQ]D VLQ WRPDU HQ FRQVLGHUDFLyQ OD HGDG \ OD SREODFLyQ D OD HGDG RILFLDO FRUUHVSRQGLHQWH
SDUDHOFLFORRQLYHO
/D7DVD1HWDGH(VFRODUL]DFLyQ 71(LGHQWLILFDODFDQWLGDGGHDOXPQRVHQHGDGHVFRODU GHXQ
FLFOR R QLYHO GHWHUPLQDGR FRPR SRUFHQWDMH GH OD SREODFLyQ GH OD HGDG HVFRODU FRUUHVSRQGLHQWH
FRQVLGHUD ODV HGDGHV GH ORV QLxRV TXH HVWiQ PDWULFXODGRV HQ HVH FLFOR R QLYHO /D WDVD QHWD GH
HVFRODUL]DFLyQVHREWXYRGLYLGLHQGRODPDWUtFXODGHXQQLYHO RFLFORGHHQVHxDQ]DHQXQJUXSRGH
HGDGGDGRHGDGRILFLDO\ODSREODFLyQDODHGDGRILFLDOFRUUHVSRQGLHQWHSDUDHOFLFORRQLYHO
7DEOD7DVDGHHVFRODUL]DFLyQEUXWD\QHWDSRUQLYHOWRWDOSDtV3HULRGR
(QSRUFHQWDMH
3UHHVFRODU
$xR
7DVD%UXWD 7DVD1HWD
«
(GXFDFLyQ(VFRODU%iVLFD
(GXFDFLyQ0HGLD
HU
ƒ\ƒFLFOR
&LFOR%DFKLOOHUDWR
&LFOR
7DVD%UXWD 7DVD1HWD 7DVD%UXWD 7DVD1HWD 7DVD%UXWD 7DVD1HWD
)8(17(0(&'3(,
2%6(59$&,21
(GXF0HGLDLQFOX\H(GXFDFLyQ7pFQLFD
3DUDHO3UHHVFRODUVHFRQVLGHUDODSREODFLyQGHDxRVGHVGHD DSDUWLUGHODSREODFLyQGHDxRV
3DUDOD((%ƒ\ƒFLFORVHFRQVLGHUDODSREODFLyQGHD DxRVGHVGHD DSDUWLUGHODSREODFLyQGHD DxRV
3DUDOD((%ƒFLFORVHFRQVLGHUDODSREODFLyQGHDDxRV
3DUD(GXF0HGLD&%DFKLOOHUDWRVHFRQVLGHUDODSREODFLyQGHD DxRV
3ODQ(GXFDFLRQDOfDQGXWL
3RUXQDHGXFDFLyQSDUDWRGRVF RQFDOLGDG\HTXLGDG
7DEOD 7DVD GH HVFRODUL]DFLyQ EUXWD \ QHWD SRU QLYHO \ ]RQD 3HULRGR (QSRUFHQWDMH
85%$1$
(GXFDFLyQ(VFRODU%iVLFD
3UHHVFRODU
$xR
7DVD%UXWD
ƒ\ƒFLFOR
7DVD1HWD
«
«
7DVD%UXWD
(GXFDFLyQ0HGLD
ƒ&LFOR&LFOR%iVLFR
7DVD1HWD
7DVD%UXWD
7DVD1HWD
7DVD%UXWD
7DVD1HWD
585$/
(GXFDFLyQ(VFRODU%iVLFD
3UHHVFRODU
$xR
7DVD%UXWD
7DVD1HWD
ƒ\ƒFLFOR
7DVD%UXWD
7DVD1HWD
«
«
2EVHUYDFLyQ
(QORVDxRV\QRVHGLVSRQHGHGDWRVGLVFULPLQDGRVSRUHGDG
ƒ&LFOR&LFOR%iVLFR
7DVD%UXWD
7DVD1HWD
(GXFDFLyQ0HGLD
7DVD%UXWD
7DVD1HWD
7DEOD7DVDGHHVFRODUL]DFLyQEUXWD\QHWDSRUQLYHO\VHFWRU3HULRGR
(QSRUFHQWDMH
2),&,$/
$xR
(GXFDFLyQ(VFRODU%iVLFD
3UHHVFRODU
7DVD%UXWD
ƒ\ƒFLFOR
7DVD1HWD
«
«
7DVD%UXWD
ƒ&LFOR&LFOR%iVLFR
7DVD1HWD
«
«
7DVD%UXWD
7DVD1HWD
«
«
(GXFDFLyQ0HGLD
7DVD%UXWD
7DVD1HWD
«
«
35,9$'2
$xR
(GXFDFLyQ(VFRODU%iVLFD
3UHHVFRODU
7DVD%UXWD
)XHQWH0(&'3(,
7DVD1HWD
«
«
ƒ\ƒFLFOR
7DVD%UXWD
7DVD1HWD
«
«
ƒ&LFOR&LFOR%iVLFR
7DVD%UXWD
7DVD1HWD
«
«
(GXFDFLyQ0HGLD
7DVD%UXWD
2EV(OVHFWRU3ULYDGRLQFOX\HHO3ULYDGR6XEYHQFLRQDGR
(GXFDFLyQ(VFRODU%iVLFDLQFOX\HHGXFDFLyQLQGtJHQD(GXFDFLyQ0HGLDLQFOX\H(GXFDFLyQ7pFQLFD
(OFLFOREiVLFRGHOQLYHOPHGLRDSDUWLUGHODxRVHFRQYLHUWHJUDGXDOPHQWHHQHOƒFLFORGHOD((%
(QORVDxRV\QRVHGLVSRQHGHGDWRVGLVFULPLQDGRVSRUVHFWRUVHJ~QHGDG
7DVD1HWD
«
«
3ODQ(GXFDFLRQDOfDQGXWL
3RUXQDHGXFDFLyQSDUDWRGRVF RQFDOLGDG\HTXLGDG
7DEOD 7DVD GH HVFRODUL]DFLyQ EUXWD \ QHWD SRU QLYHO \ VH[R 3HULRGR (QSRUFHQWDMH
$xR
$xR
3UHHVFRODU
7DVD%UXWD
7DVD1HWD
3UHHVFRODU
7DVD%UXWD
)XHQWH0(&'3(,
7DVD1HWD
+RPEUHV
(GXFDFLyQ(VFRODU%iVLFD
(GXFDFLyQ0HGLD
ƒ\ƒFLFOR
ƒ&LFOR&LFOR%iVLFR
7DVD%UXWD
7DVD1HWD
7DVD%UXWD
7DVD1HWD
7DVD%UXWD
7DVD1HWD
0XMHUHV
(GXFDFLyQ(VFRODU%iVLFD
ƒ\ƒFLFOR
ƒ&LFOR&LFOR%iVLFR
7DVD%UXWD
7DVD1HWD
7DVD%UXWD
7DVD1HWD
(GXFDFLyQ0HGLD
7DVD%UXWD
7DVD1HWD
D3UHHVFRODU
(QODGpFDGDGHOODVWDVDVGHHVFRODUL]DFLyQPXHVWUDQXQDPSOLRFUHFLPLHQWRHQHVWHQLYHO
SXQWRV SRUFHQWXDOHV HQ OD 7%( \ HQ OD 71( /D GLIHUHQFLD HQWUH ODV WDVDV HV UHODWLYDPHQWH
SHTXHxD OR TXH LQGLFD TXH ORV QLxRV \ QLxDV HVWiQ DFFHGLHQGR DO VLVWHPD HGXFDWLYR
PD\RULWDULDPHQWHDODHGDGRILFLDOFRUUHVSRQGLHQWHDSDUWLUGHDxRV
$O GHVDJUHJDUODV SRU ]RQD VH DSUHFLD TXH HO PD\RUFUHFLPLHQWR SRUFHQWXDO VH GD HQ OD UXUDO OD
7%(FUHFHSXQWRV\OD71(/DWHQGHQFLDDODXQLYHUVDOL]DFLyQGHODHVFRODULGDGDHVWHQLYHO
HV ILUPH DXQTXH VH REVHUYD D~Q GLIHUHQFLDV SRUFHQWXDOHV UHODWLYDPHQWH DOWDV HQWUH ODV WDVDV
GHELGRDODH[WUDHGDG
/D FRPSDUDFLyQ GH ODV WDVDV SRU VHFWRU SHUPLWH GLVWLQJXLU TXH HV HO RILFLDO HO TXH DEVRUEH OD
PD\RUFDQWLGDG GH QLxRV \ QLxDV TXH LQJUHVDQ DO VLVWHPD HVFRODU (Q DPEDVWDVDV OD GLIHUHQFLD
HQWUH XQR \ RWUR VHFWRUVRQ VLJQLILFDWLYDV SDUD HO HQ OD 7%( KD\ XQD EUHFKD GH SXQWRV
SRUFHQWXDOHVHQWUHHOVHFWRU RILFLDO\HOSULYDGR\HQOD71(ODEUHFKDDOFDQ]DSXQWRVHQHODxR
/D GHVDJUHJDFLyQ SRU VH[R PXHVWUD XQ FUHFLPLHQWR SRUFHQWXDO VLJQLILFDWLYR SDUD DPEDV
WDVDVDXQTXHSUiFWLFDPHQWHQRVHGDQGLIHUHQFLDVHQWUHKRPEUHV\PXMHUHV
E(GXFDFLyQ3ULPDULD
$ QLYHO SDtV HQ OD GpFDGD GHO OD FREHUWXUD HQ ORV GRV SULPHURV FLFORV GH OD ((% HV FDVL
XQLYHUVDO\VHPDQWLHQHFDVLHVWDEOHHQOD71(VLQHPEDUJRVHREVHUYDXQUHWURFHVRGHSXQWRV
SRUFHQWXDOHV HQWUH \ HO /D VREUHYDORUDFLyQ GH OD 7%( VH GHEH D OD H[WUDHGDG \ D OD
UHSLWHQFLD
$OFRPSDUDUODVWDVDVSRU ]RQDVHREVHUYDTXHODVGLIHUHQFLDVHQWUHODXUEDQD\ODUXUDOVRQGH
XQRV SRFRV SXQWRV SRUFHQWXDOHV PDQWHQLpQGRVH HQ DPEDV DOWDV WDVDV GH FREHUWXUD /DV
GLIHUHQFLDVPiVVLJQLILFDWL YDVHQWUHODVWDVDVVHYHULILFDQDOFRPSDUDUODVSRU VHFWRU(QHOSHULRGR
GH LPSOHPHQWDFLyQ GH OD 5( GHVGH HO DxR HV HO VHFWRU RILFLDO HO TXH DEVRUEH OD PD\RU
3ODQ(GXFDFLRQDOfDQGXWL
3RUXQDHGXFDFLyQSDUDWRGRVF RQFDOLGDG\HTXLGDG
FDQWLGDGGHQLxRV\QLxDVGiQGRVHXQDGLIHUHQFLDGH SXQWRVSRUFHQWXDOHVHQWUHOD7%(R ILFLDO\
ODSULYDGDHQHOODGLIHUHQFLDHQOD71(HQWUHDPERVHVGHSXQWRVHQ
/DVWDVDVGHHVFRODUL]DFLyQGHORVKRPEUHV\PXMHUHVVRQDOWDVSRULJXDOPDQWHQLpQGRVHOD71(
XQSRFRSRUHQFLPDGHORVSXQWRVSRUFHQWXDOHVHQHOSHULRGRGHL PSOHPHQWDFLyQGHOD5(
F(GXFDFLyQ6HFXQGDULD
(Q OtQHDV JHQHUDOHV VH DSUHFLD TXH HO QLYHO GH FREHUWXUD HQ OD (GXFDFLyQ 6HFXQGDULD KD LGR
HU
FUHFLHQGRHQODGpFDGDGHO(QHO &LFORGHOD((%OD7%(KDFUHFLGRSXQWRVSRUFHQWXDOHV
\OD71((Q OD0HGLDOD7%(KDFUHFLGRSXQWRV\OD71(6LQHPEDUJRODFREHUWXUD
D~QHVLQVXILFLHQWH
/DV GLIHUHQFLDV PiV LPSRUWDQWHV VH SHUFLEHQ DO FRPSDUDU HVWDV WDVDV SRU ]RQD 6L ELHQ OD
FREHUWXUDHQOD]RQD UXUDOKDLGRFUHFLHQGRSDXODWLQDPHQWHODPD\ RUFREHUWXUDVHGDHQOD]RQD
XUEDQD(VWRVHH[SOLFDSRUORVIHQyPHQRVPLJUDWRULRVLQWHUQRV\HOSURFHVRGHXUEDQL]DFLyQTXH
VHGHVDUUROODHQODGpFDGDSUHFHGHQWH\HQHOSHULRGRFRQVLGHUDGR
5HVXOWDQOODPDWLYRVORVDOWRVtQGLFHVGHOD7%(HQHO &LFORORVPLVPRVVHGHEHQDODH[WUDHGDG
\ D OD UHSLWHQFLD 8QD KLSyWHVLV SODXVLEOH HQ HO FRQWH[WR GH OD PLJUDFLyQ LQWHUQD HV TXH PXFKRV
MyYHQHVGHH[WUDFFLyQUXUDOTXHKDEtDQDEDQGRQDGRVXVHVWXGLRVDOQRFRQWDUFRQLQVWLWXFLRQHVGH
HQVHxDQ]D VHFXQGDULD HQ V X ]RQD ORV KDQ UHWRPDGR DO FDPELDUVH D OD ]RQD XUEDQD
VREUHGLPHQVLRQDQGRDVtODSREODFLyQHQHVWHFLFOR
HU
$OFRPSDUDUODFREHUWXUDSRU ]RQD HQOD(GXFDFLyQ0HGLDHVRVWHQVLEOHODtQILPDFREHUWXUDHQOD
]RQDUXUDOGiQGRVHXQDGLIHUHQFLDGHSXQWRVSRUF HQWXDOHVHQOD7%(\GHSXQWRVHQOD71(
GHODxR
'HVDJUHJDQGRODVWDVDVSRU VHFWRUVHDSUHFLDTXHHVHORILFLDOHOSUHVHQWDODPD\RUFREHUWXUD\
TXHHQpOpVWDKDLGRFUHFLHQGRHQHOSHULRGRGHLPSOHPHQWDFLyQGHOD5(VLQHPEDUJRODVWDVDV
HQ HO VHFWRU SULYDGR KDQ SHUPDQHFLGR VLQ YDULDFLRQHV VLJQLILFDWLYDV HQ HO PLVPR SHULRGR $O
FRPSDUDUODVWDVDVSRU VH[RVHSHUFLEHTXHVLELHQKDQLGRHQDXPHQWRQRH[LVWHQGLIHUHQFLDV
HQORVtQGLFHV
$7DVDGH([WUDHGDG
/D7DVDGH([WUDHGDG LQGLFDHOSRUFHQWDMHGH DOXPQRVTXHHVWiQSRUHQFLPDRSRUGHEDMRGH OD
HGDGRILFLDOHVWDEOHFLGDSRUHO0(&SDUDHOQLYHORFLFOR$SDUWLUGHODLPSOHPHQWDFLyQHQDXODGH
OD5(ODHGDGRILFLDOKDLGRFDPELDQGRGHVGHODHGDGRILFLDOSDUDHOLQJUHVRDOSUHHVFRO DUHV
DxRV\DOSULPHUJUDGRDxRVGHVGHODHGDGRILFLDOSDUDLQLFLDUHOƒJUDGRHVDxRV
3ODQ(GXFDFLRQDOfDQGXWL
3RUXQDHGXFDFLyQSDUDWRGRVF RQFDOLGDG\HTXLGDG
7DEOD7DVDH[WUDHGDGQLYHO\]RQD3HULRGR
$xR
3UHHVFRODU
«
«
85%$1$
(GXFDFLyQ(VFRODU%iVLFD
ƒ&LFOR&LFOR
ƒ\ƒFLFOR
%iVLFR
(GXFDFLyQ0HGLD
585$/
$xR
3UHHVFRODU
(GXFDFLyQ(VFRODU%iVLFD
ƒ&LFOR&LFOR
ƒ\ƒFLFOR
%iVLFR
(GXFDFLyQ0HGLD
«
«
)XHQWH0(&'3(,
2EVHUYDFLyQ
((%LQFOX\HHGXFDFLyQLQGtJHQD
(GXFDFLyQ0HGLDLQFOX\H(GXFDFLyQ7pFQLFD
3DUDHO3UHHVFRODUHQORVDxRV\QRVHGLVSRQHGHGDWRVGLVFULPLQDGRSRUHGDG
7DEOD7DVDH[WUDHGDGQLYHO\VHFWRU3HULRGR
$xR
$xR
3UHHVFRODU
3UHHVFRODU
2),&,$/
(GXFDFLyQ(VFRODU%iVLFD
ƒ\ƒFLFOR
ƒ&LFOR&LFOR%iVLFR
(GXFDFLyQ0HGLD
35,9$'2
(GXFDFLyQ(VFRODU%iVLFD
(GXFDFLyQ0HGLD
ƒ\ƒFLFOR
ƒ&LFOR&LFOR%iVLFR
)XHQWH0(&'3(,
2EV(OVHFWRU3ULYDGRLQFOX\HHO3ULYDGR6XEYHQFLRQDGR
(QORVDxRV\QRVHGLVSRQHGHGDWRVGLVFULPLQDGRVSRUVHFWRUVHJ~QHGDG
3ODQ(GXFDFLRQDOfDQGXWL
3RUXQDHGXFDFLyQSDUDWRGRVF RQFDOLGDG\HTXLGDG
7DEOD7DVDH[WUDHGDGQLYHO\VH[R3HULRGR
+RPEUH
(GXFDFLyQ(VFRODU%
$xR
3UHHVFRODU
(GXFDFLyQ0HGLD
ƒ&LFOR&LFO
ƒ\ƒFLFOR
%iVLFR
0XMHU
(GXFDFLyQ(VFRODU%
3UHHVFRODU
(GXFDFLyQ0HGLD
ƒ&LFOR&LFO
ƒ\ƒFLFOR
%iVLFR
$xR
)XHQWH0(&'3(,
D3UHHVFRODU
$QDOL]DGD OD H[WUDHGDG GH IRUPD GHVDJUHJDGD HQ HO SHULRGR GH LPSOHPHQWDFLyQ GH OD 5( VH
SHUFLEHXQDGLVPLQXFLyQHQOtQHDVJHQHUDOHV&RPSDUDQGRODV ]RQDVHQHVWHODSVRHQODXUEDQD
OD WDVD GLVPLQX\H SXQWRV SRUFHQWXDOHV \ HQ OD UXUDO (QWUH HO VHFWRU RILFLDO \ HO SULYDGR OD
GLVPLQXFLyQ VH GD GH OD VLJXLHQWH PDQHUD VHFWRU RILFLDO GLVPLQX\H SXQWRV VHFWRU SULYDGR SXQWRV (QWUH KRPEUHV \ PXMHUHV QR VH GDQ GLIHUHQFLDV OD GLVPLQXFLyQ DOFDQ]D SXQWRV
SRUFHQWXDOHV$XQTXHVHWLHQGHDODGLVPLQXFLyQODWDVDGHH[WUDHGDGVLJXHVLHQGRHOHYDGD
E(GXFDFLyQ3ULPDULD
(Q OD (GXFDFLyQ 3ULPDULD HV SRVLEOH GHFLU TXH OD WDVD GH H[WUDHGDG VH PDQWLHQH FRQ SRFDV
YDULDFLRQHV SRUFHQWXDOHV HQ ORV SHULRGRV FRQVLGHUDGR V $O GHVDJUHJDUOD SRU ]RQD HQ OD GpFDGD
GHO VHREVHUYDTXHHQOD ]RQDXUEDQDKD VXIULGRXQDXPHQWRHQORVDxRVLQLFLDOHVGHOD5(
TXH VH HVWDELOL]D HQ HO TXLQTXHQLR \ TXH OXHJR WLHQGH D GLVPLQXLU HQ OD ]RQD UXUDO VH
REVHUYD XQD WHQGHQFLD VLPL ODU &RPSDUDQGR ORV VHFWRUHV VH SXHGH GHFLU TXH VH PDQWLHQH FDVL
HVWDEOH HQ HO SHULRGR GH LPSOHPHQWDFLyQ GH OD 5( H[FHSWR HQ HO VHFWRU RILFLDO TXH VXIUH XQD
GLVPLQXFLyQDEUXSWDGHSXQWRVHQ\XQDXPHQWRGHOPLVPRRUGHQSDUDHODxRVLJXLHQWH(Q
HO VHFWRUSULYDGRODWDVDGHH[WUDHGDGVHPDQWLHQHHQWUH\SXQWRVPLHQWUDVTXHHORILFLDOVH
PDQWLHQHFHUFDGHORVSXQWRV&RPSDUDQGRODWDVDSRU VH[RVHYHULILFDTXHODGHORVKRPEUHV
VHPDQWLHQHHQWUH\SXQWRV\ODGHODVPXMHUHVWLHQGHD GLVPLQXLUSDXODWLQDPHQWHGHHQ
HODHQ HO
F(GXFDFLyQ6HFXQGDULD
(QHO &LFOR ODWDVDGHH[WUDHGDGVXIUHIOXFWXDFLRQHV HQWUH \SXQWRVPLHQWUDVTXHHQOD
0HGLDODWHQGHQFLDJHQHUDOHVODGLVPLQXFLyQ'HVDJUHJiQGRODSRU ]RQDVHREVHUYDTXHQRKD\
HU
GLIHUHQFLDVVLJQLILFDWLYDVHQWUHDPEDV]RQDVHQHO &LFORHQDPEDVODWHQGHQFLDHVGHDXPHQWR
DVt HQ OD ]RQD XUEDQD SHULRGR GH LPSOHPHQWDFLyQ GH OD 5( VH GD XQ DXPHQWR GH SXQWRV
SRUFHQWXDOHVPLHQWUDVTXHHQOD]RQDUXUDOHODXP HQWRHVGHSXQWRV(QOD0HGLDODWHQGHQFLD
HU
3ODQ(GXFDFLRQDOfDQGXWL
3RUXQDHGXFDFLyQSDUDWRGRVF RQFDOLGDG\HTXLGDG
HQ DPEDV]RQDV HV GH GLVPLQXFLyQ DVt HQ HO SHULRGR GH OD 5( HQ OD ]RQD XUEDQD GLVPLQX\H SXQWRV\HQODUXUDOSXQWRV
$O FRPSDUDU ODV WDVDV SRU VHFWRU VH YH TXH HQ HO &LFOR HQ HO TXLQTXHQLR HQ HO VHFWRU
RILFLDOKD\XQDXPHQWRGHSXQWRV\HQHOVHFWRUSULYDGRXQDIOXFWXDFLyQGHXQSXQWR(QOD0HGLD
ODWHQGHQFLDHVDODSDXODWLQDGLVPLQXFLyQSDVDQGRHQHOVHFWRURILFLDOGHDSXQWRV\HQHO
SULYDGRGHD
HU
/DWDVDGHVDJUHJDGDSRUVH[RHQHOSHULRGRGHLPSOHPHQWDFLyQGHOD5(PXHVWUDHQHO &LFOR
XQDWHQGHQFLDDODXPHQWRSXQWRVSRUFHQWXDOHVHQKRPEUHV\SXQWRVHQPXMHUHV0LHQWUDVTXH
HQOD0HGLDODWHQGHQFLDHVDODGLVPLQXFLyQSXQWRVHQKRPEUHV\SXQWRVHQPXMHUHV
HU
%,QGLFDGRUHVGH(ILFLHQFLD
6HWRPDQFRPR,QGLFDGRUHVGH(ILFLHQFLDODV7DVDVGH3URPRFLyQ5HSLWHQFLD\$EDQGRQR
/D7DVDGH3URPRFLyQ SDUDXQJUDGRRFXUVRGHXQQLYHORFLFORGHHQVHxDQ]DHQXQDxRGDGR
DxRWHVODSURSRUFLyQHQWUHORVSURPRYLGRVPD WULFXODGRVDOJUDGRRFXUVRLQPHGLDWRVXSHULRUDO
DxRVLJXLHQWHDxRW\ODPDWUtFXODGHOJUDGRRFXUVRGHODxRGDGR
/D7DVDGH5HSLWHQFLD SDUDXQJUDGRRFXUVRGHXQFLFORRQLYHOGHHQVHxDQ]DHQXQDxRGDGR
DxR W HV HO FRFLHQWH HQWUH HO Q~PHUR GH UHSLWHQWHV GHO PLVPR JUDGR R FXUVR GHO DxR VLJXLHQWH
DxRW\HOQ~PHURGHDOXPQRVGHOJUDGRRFXUVRGHHVHDxRDxRW
< OD 7DVD GH $EDQGRQR HVWi GDGD SRU OD GLIHUHQFLD HQWUH HO OD 7DVD GH 3URPRFLyQ \ OD
7DVDGH5HSLWHQFLD
%(GXFDFLyQ(VFRODU%iVLFDƒ\ƒ&LFOR
&RQYLHQHUHFRUGDUDTXtTXHOD(GXFDFLyQ(VFRODU%iVLFD((%GHFDUiFWHUREOLJDWRULRVHGLYLGH
GHVGHOD5(HQWUHVFLFORVGHWUHVDxRVFDGRXQR6HSUHVHQWDQHQHVWHDSDUWDGRHOƒ\HOƒGH
WDOVXHUWHDIDFLOLWDUHODQiOLVLV
3ODQ(GXFDFLRQDOfDQGXWL
3RUXQDHGXFDFLyQSDUDWRGRVF RQFDOLGDG\HTXLGDG
7DEOD7DVDVGHSURPRFLyQUHSLWHQFLD\DEDQGRQRWRWDOSDtV3HULRGR
$f26
ž
ž
7$6$'(35202&,21
ž
ž
ž
ž
$f26
ž
ž
7$6$'(5(3,7(1&,$
ž
ž
ž
ž
$f26
ž
ž
7$6$'($%$1'212
ž
ž
ž
ž
3ODQ(GXFDFLRQDOfDQGXWL
3RUXQDHGXFDFLyQSDUDWRGRVF RQFDOLGDG\HTXLGDG
3ODQ(GXFDFLRQDOfDQGXWL
3RUXQDHGXFDFLyQSDUDWRGRVF RQFDOLGDG\HTXLGDG
7DEOD7DVDVGHSURPRFLyQUHSLWHQFLD\DEDQGRQRSRU]RQD3HULRGR
3ODQ(GXFDFLRQDOfDQGXWL
3RUXQDHGXFDFLyQSDUDWRGRVF RQFDOLGDG\HTXLGDG
8UEDQD
5XUDO
$f26
ž
7$6$'(35202&,21
ž
ž
ž
$f26
ž
7$6$'(5(3,7(1&,$
ž
ž
ž
ž
$f26
ž
ž
7$6$'($%$1'212
ž
ž
ž
ž
ž
$f26
ž
ž
$f26
ž
ž
$f26
ž
7$6$'(35202&,21
ž
ž
ž
7$6$'(5(3,7(1&,$
ž
ž
ž
7$6$'($%$1'212
ž
ž
ž
ž
ž
ž
ž
ž
ž
3ODQ(GXFDFLRQDOfDQGXWL
3RUXQDHGXFDFLyQSDUDWRGRVF RQFDOLGDG\HTXLGDG
7DEOD 7DVDV GH SURPRFLyQ UHSLWHQFLD \ DEDQGRQR SRU VHFWRU 3HULRGR
2ILFLDO
3ULYDGR
$f26
ž
7$6$'(35202&,21
ž
ž
ž
$f26
ž
7$6$'(5(3,7(1&,$
ž
ž
ž
ž
$f26
ž
ž
ž
7$6$'($%$1'212
ž
ž
ž
ž
$f26
ž
ž
$f26
ž
ž
$f26
ž
7$6$'(35202&,21
ž
ž
ž
ž
7$6$'(5(3,7(1&,$
ž
ž
7$6$'($%$1'212
ž
ž
ž
ž
ž
ž
ž
ž
ž
3ODQ(GXFDFLRQDOfDQGXWL
3RUXQDHGXFDFLyQSDUDWRGRVF RQFDOLGDG\HTXLGDG
7DEOD7DVDVGHSURPRFLyQUHSLWHQFLD\DEDQGRQRSRUVH[R3HULRGR
+RPEUHV
0XMHUHV
$f26
ž
7$6$'(35202&,21
ž
ž
ž
ž
ž
$f26
ž
7$6$'(5(3,7(1&,$
ž
ž
ž
ž
ž
$f26
ž
7$6$'($%$1'212
ž
ž
ž
ž
$f26
ž
$f26 ž
ž
$f26
ž
7$6$'(35202&,21
ž
ž
ž
ž
ž
7$6$'(5(3,7(1&,$
ž
ž
ž
ž
ž
7$6$'($%$1'212
ž
ž
ž
ž
ž
3ODQ(GXFDFLRQDOfDQGXWL
3RUXQDHGXFDFLyQSDUDWRGRVF RQFDOLGDG\HTXLGDG
$QDOL]DQGR HO WRWDO SDtV ODV WDVDV PXHVWUDQ XQD PHMRUtD HQ ORV tQGLFHV SRUFHQWXDOHV DVt HQ
OtQHDV JHQHUDOHV VH REVHUYD XQ DXPHQWR GH OD 7DVD GH 3URPRFLyQ \ XQD GLVPLQ XFLyQ GH ODV
7DVDVGH5HSLWHQFLD\GH$EDQGRQR(QOD 7DVDGH3URPRFLyQ HODXPHQWRPiVVLJQLILFDWLYRVH
GDHQ HOƒJUDGRHQHOTXHHQHOSHULRGRFRQVLGHUDGRVXPDSXQWRV(VWRHVEHQHILFLRVRSDUD
HO VLVWHPD HGXFDWLYR \D TXH LQFLGH GLUHFWDPHQWH HQ OD FDOLGDG \ HQ OD HFRQRPtD GHO VHFWRU
DGHPiV GH SRVLELOLWDU OD FRQWLQXLGDG GHO QLxR \ OD QLxD HQ HO iPELWR GH OD HGXFDFLyQ IRUPDO (Q
HU
OtQHDVJHQHUDOHVOD7DVDGH5HSLWHQFLD GLVPLQX\HOHYHPHQWHHQWUH\SXQWRVH[FHSWRHQHO
JUDGR HQ HO TXH OD WDVD DXPHQWD DOUHGHGRU GH SXQWRV HQ ORV SULPHURV DxRV GH OD 5( \ OXHJR
YXHOYH D VXV YDORUHV DQWHULRUHV \ HQ HO ƒ *UDGR HQ HO TXH OD WDVD VH PDQWLHQH SUiFWLFDPHQWH
LQDOWHUDGD(QOD7DVDGH$EDQGRQR WDPELpQVHREVHUYDXQDGLVPLQXFLyQOHYHHQWUHƒ\ƒJUDG R
\XQDPX\VLJQLILFDWLYDHQƒJUDGRHQHOTXHGLVPLQX\HSXQWRV
$OUHYLVDUHVWDVWDVDVSRU ]RQDVHYLVXDOL]DTXHOD 7DVDGH3URPRFLyQ VXIUHIOXFWXDFLRQHVHQOD
]RQDXUEDQDHQXQRUGHQGHSXQWRVHQWUHƒ\ƒJUDGRHQGLIHUHQWHVDxRV(OOtPLWH LQIHULRUGH
HVWDV YDULDFLRQHV VH VLW~D DOUHGHGRU GH \ HO VXSHULRU DOUHGHGRU GH (Q JHQHUDO OD
SURPRFLyQVHPDQWLHQHSRUHQFLPDGHORVSXQWRVSRUFHQWXDOHV/DVREUHYDORUDFLyQGHOƒJUDGR
VHGHEHDOIHQyPHQRGHPLJUDFLyQLQWHUQD \XUEDQL]DFLyQ (QOD]RQDUXUDODXQTXHODSURPRFLyQ
HV PHQRU D OD XUEDQD VH KD LGR GDQGR XQ SDXODWLQR DXPHQWR (Q HVWD ]RQD HO DXPHQWR PiV
QRWRULRVHKDGDGRHQHOƒJUDGRTXHKDVXELGRSXQWRVHQHOSHULRGRFRQVLGHUDGR/D 7DVDGH
5HSLWHQFLD GLVPLQX\H OHYHPHQWH HQ DPEDV ]RQDV DXQTXH HQ OD UXUDO VH REVHUYDQ OHYHV
DXPHQWRVHQƒ\HQƒJUDGRV/D 7DVDGH$EDQGRQR PXHVWUDXQIHQyPHQRSDUWLFXODUHQOD]RQD
XUEDQDGRQGHHQDOJXQRVJUDGRV\SULQFLSDOPHQWHHQHOƒVHSUHVHQWDGHPDQHUDQHJDWLYD/RV
Q~PHURV QHJDWLYRV VH GHEHQ SULQFLSDOPHQWH FRPR \D VH KD GLFKR D OD PLJUDFLyQ LQWHUQD \ D OD
XUEDQL]DFLyQ (Q OtQHDV JHQHUDOHV KD\ PHQRV DEDQGRQR HQ OD ]RQD XUEDQD TXH HQ OD UXUDO VLQ
HPEDUJRHQHVWD~OWLPDODWHQGHQFLDHVODGLVPLQXFLyQGHODEDQGRQRVREUHWRGRHQH OƒJUDGR
TXHKD GLVPLQXLGRDOUHGHGRUGHSXQWRV
/DVWDVDVSRUVHFWRU SUHVHQWDQ ODVVLJXLHQWHVFDUDFWHUtVWLFDV 6HGDXQSDXODWLQRDXPHQWRGH OD
SURPRFLyQ HQHOVHFWRURILFLDOH[FHSWRHQHOƒJUDGRHQHOTXHDXPHQWDSXQWRV(QHOVHFWRU
SULYDGR OD SURPRFLyQ VXIUH IOXFWXDFLRQHV YD HQ DXPHQWR KDVWD HO DxR \ OXHJR GLVPLQX\H
SDXODWLQDPHQWH/DVIOXFWXDFLRQHVPiVQRWRULDVVHGDQHQHOƒJUDGRTXHHQFDVLWRGRVORVDxRV
SUHVHQWDGDWRVVREUHYDOXDGRV(VOODPDWLYDODPDUFDGDYDULDFLyQHQWUHHO DxR\HODxR
SHULRGR HQHOTXHVHGD XQDGLIHUHQFLDGH SXQWRV &RQVLGHUDGRVDPERVVHFWRUHVOD 7DVDGH
HU
5HSLWHQFLD GLVPLQX\HOHYHPHQWHDXQTXHHQHOVHFWRURILFLDODXPHQWDOLJHUDPHQWHHQHO *UDGR
/DWHQGHQFLDHQDPERVVHFWRUHVHQOD 7DVD GH $EDQGRQRHVODGLVPLQXFLyQODGLIHUHQFLDPiV
QRWDEOHVHYLVXDOL]DHQHOƒJUDGRGHOVHFWRURILFLDOHQHOTXHVHGDXQDGLVPLQXFLyQGHSXQWRV
SRUFHQWXDOHV /RV Q~PHURV QHJDWLYRV HQ HO ƒ JUDGR GHO VHFWRU SULYDGR VH H[SOLFDQ SRU HO
VREUHGLPHQVLRQDPLHQWRHQOD7DVDGH3URPRFLyQ
/DVWDVDVSRUVH[R UHSRUWDQORVLJXLHQWHKD\XQSDXODWLQRDXPHQWRGHOD SURPRFLyQ GHKRPEUHV
\PXMHUHVHODXPHQWRPiVVLJQLILFDWLYRVHGDHQHOƒJUDGRHQHOTXHDPERVVXPDQSXQWRV
SRUFHQWXDOHV /DV 7DVDV GH 5HSLWHQFLD \ GH $EDQGRQR GLVPLQX\HQ GH PDQHUD SDXODWLQD
HU
H[FHSWRODUHSLWHQFLDGHKRPEUHVHQHO *UDGRTXHWLHQGHDDXPHQWDUOLJHUDPHQWHHQORVDxRV
LQLFLDOHVGHOD5(\OXHJRYXHOYHDGLVPLQXLU(QOD7DVDGH$EDQGRQRODPD\RUGLIHUHQFLDVHGD
HQHOƒJUDGR HQHOTXHWDQWRKRPEUHVFRPRPXMHUHVGLVPLQX\HQDOUHGHGRUGHSXQWRV
3ODQ(GXFDFLRQDOfDQGXWL
3RUXQDHGXFDFLyQSDUDWRGRVF RQFDOLGDG\HTXLGDG
%(GXFDFLyQ6HFXQGDULD HU &LFORGHOD((%\0HGLD
(Q HVWH DSDUWDGR VH LQFOX\HQ HO &LFOR GH OD ((% \ OD 0HGLD (O SULPHUR HV GH FDUiFWHU
REOLJDWRULR/DLQIRUPDFLyQGLVSRQLE OHVRORLQFOX\HHOSHULRGR
HU
7DEOD7DVDVGHSURPRFLyQUHSLWHQFLD\DEDQGRQRWRWDOSDtV3HULRGR
$f26
ž
7$6$'(35202&,21
ž
ž
ž
$f26
ž
ž
$f26
ž
7$6$'(5(3,7(1&,$
ž
ž
7$6$'($%$1'212
ž
ž
ž
ž
ž
ž
ž
ž
2%66HGLVSRQHGHGDWRVVREUHUHSLWHQWHVDSDUWLUGHODxR
,QFOX\HHGXFDFLyQWpFQLFD
)XHQWH0(&'3(,
ž
3ODQ(GXFDFLRQDOfDQGXWL
3RUXQDHGXFDFLyQSDUDWRGRVF RQFDOLGDG\HTXLGDG
7DEOD7DVDVGHSURPRFLyQUHSLWHQFLD\DEDQGRQRSRU]RQD3HULRGR
8UEDQD
$f26
ž
7$6$'(35202&,21
ž
ž
ž
$f26
ž
ž
$f26
ž
7$6$'(5(3,7(1&,$
ž
ž
7$6$'($%$1'212
ž
ž
ž
5XUDO
ž
ž
$f26
ž
ž
ž
$f26
ž
ž
$f26
ž
ž
2EVWDVDGHSURPRFLyQGHOƒFXUVRFRQVLGHUDHO
SRUFHQWDMHGHDSUREDGRVHQH[iPHQHVILQDOHVGH
QRYLHPEUH
,QFOX\H(GXFDFLyQ7pFQLFD
6HGLVSRQHGHGDWRVGHUHSLWHQWHVDSDUWLUGHODxR
(QHODxRLQFOX\HHOƒJUDGRGHOƒFLFORGHOD((%
H[ƒFXUVRGHODPHGLDDILQGHKDFHUFRPSDUDWLYR
ODLQIRUPDFLyQ
7$6$'(35202&,21
ž
ž
ž
ž
ž
7$6$'(5(3,7(1&,$
ž
ž
7$6$'($%$1'212
ž
ž
ž
ž
ž
ž
ž
ž
3ODQ(GXFDFLRQDOfDQGXWL
3RUXQDHGXFDFLyQSDUDWRGRVF RQFDOLGDG\HTXLGDG
7DEOD 7DVDV GH SURPRFLyQ UHSLWHQFLD \ DEDQGRQR SRU VHFWRU 3HULRGR
2ILFLDO
$f26
ž
7$6$'(35202&,21
ž
ž
ž
ž
$f26
ž
ž
$f26
ž
ž
7$6$'(5(3,7(1&,$
ž
ž
ž
7$6$'($%$1'212
ž
ž
ž
3ULYDGR
ž
$f26
ž
ž
$f26
ž
ž
$f26
ž
7$6$'(35202&,21
ž
ž
ž
ž
7$6$'(5(3,7(1&,$
ž
ž
7$6$'($%$1'212
ž
ž
ž
ž
ž
ž
ž
ž
ž
2EVWDVDGHSURPRFLyQGHOƒFXUVRFRQVLGHUDHO
SRUFHQWDMHGHDSUREDGRVHQH[iPHQHVILQDOHVGH
QRYLHPEUH
,QFOX\H(GXFDFLyQ7pFQLFD
6HGLVSRQHGHGDWRVGHUHSLWHQWHVDSDUWLUGHODxR
(QHODxRLQFOX\HHOƒJUDGRGHOƒFLFORGHOD((%
H[ƒFXUVRGHODPHGLDDILQGHKDFHUFRPSDUDWLYR
ODLQIRUPDFLyQ
(OVHFWRU3ULYDGRLQFOX\HHO3ULYDGR6XEYHQFLRQDGR
7DEOD7DVDVGHSURPRFLyQUHSLWHQFLD\DEDQGRQRSRUVH[R3HULRGR
+RPEUHV
$f26
ž
7$6$'(35202&,21
ž
ž
ž
$f26
ž
ž
$f26
ž
7$6$'(5(3,7(1&,$
ž
ž
7$6$'($%$1'212
ž
ž
ž
0XMHUHV
ž
ž
$f26
ž
ž
$f26
ž
ž
$f26
ž
ž
ž
2EVWDVDGHSURPRFLyQGHOƒFXUVRFRQVLGHUDHO
SRUFHQWDMHGHDSUREDGRVHQH[iPHQHVILQDOHVGH
QRYLHPEUH
,QFOX\H(GXFDFLyQ7pFQLFD
6HGLVSRQHGHGDWRVGHUHSLWHQWHVDSDUWLUGHODxR
(QHODxRLQFOX\HHOƒJUDGRGHOƒFLFORGHOD((%
H[ƒFXUVRGHODPHGLDDILQGHKDFHUFRPSDUDWLYR
ODLQIRUPDFLyQ
ž
ž
ž
7$6$'(35202&,21
ž
ž
7$6$'(5(3,7(1&,$
ž
ž
7$6$'($%$1'212
ž
ž
ž
ž
ž
ž
ž
ž
3ODQ(GXFDFLRQDOfDQGXWL
3RUXQDHGXFDFLyQSDUDWRGRVF RQFDOLGDG\HTXLGDG
$WHQGLHQGRHO WRWDOSDtVVHREVHUYDTXHOD 7DVDGH3URPRFLyQ WLHQHXQOLJHURFUHFLPLHQWRHQOD
PD\RUtDGHORVJUDGRVH[FHSWRHQHOƒ HQHOTXHFRPSDUDQGRORVDxRVH[WUHPRVGHFUHFH\HO
ƒ TXH VH PDQWLHQH SUiFWLFDPHQWH VLQ FDPELRV (O PD\RU FUHFLPLHQWR VH GD HQ HO ƒ FXUVR SXQWRV SRUFHQWXDOHV /D 7DVD GH 5HSLWHQFLD GLVPLQX\H PLHQWUDV TXH OD GH $EDQGRQR IOXFW~D
HQWUH OD GLVPLQXFLyQ SDUD DOJXQRV FXUVRV \ HO DXPHQWR SDUD RWURVƒ \ ƒVREUH WRGR HQ HO ƒ
TXHDXPHQWDSXQWRV/DGLVPLQXFLyQPiVSURQXQFLDGDVHGDHQHOƒFXUVRSXQWRV
&RPSDUDQGRHVWDVWDVDVSRU ]RQDVHSHUFLEHTXHOD SURPRFLyQ HQ OD ]RQDXUEDQD GHFUHFHHQ
FDVLWRGRVORVJUDGRVFRQODH[FHSFLyQGHƒ\ƒFXUVRVHQORVTXHVHQRWDXQOLJHURDXPHQWR
6LQ HPEDUJR HQ OD ]RQD UXUDO OD SURPRFLyQ FUHFH HQ WRGRV ORV FXUVRV /ODPDWLYDPHQWH OD
SURPRFLyQDOFDQ]DYDORUHVPiVHOHYDGRVHQHOƒFXUVRGHOD]RQDUXUD O/DUHSLWHQFLD GLVPLQX\H
HQDPEDV]RQDV(QFXDQWRDOD 7DVDGH$EDQGRQRSXHGHGHFLUVHTXHODPLVPDGLILHUHHQWUHOD
]RQD XUEDQD HQ OD TXH FUHFH HQ FDVL WRGRV ORV FXUVRV ±H[FHSWR HQ HO ƒ HQ HO TXH GHFUHFH
OLJHUDPHQWH±\OD]RQDUXUDOHQODTXHGLVP LQX\HHQWRGRVORVFXUVRV
$OFRPSDUDUODVWDVDVSRUVHFWRUVHSUHVHQWDQODVVLJXLHQWHVFDUDFWHUtVWLFDVHQHOVHFWRURILFLDOOD
7DVD GH 3URPRFLyQ FUHFH R SUHVHQWD DYDQFHV \ UHWURFHVRV PLHQWUDV TXH HO VHFWRU SULYDGR
GLVPLQX\H HQ FDVL WRGRV ORV FXUVRV H [FHSWR HQ HO ƒ HQ HO TXH FUHFH SXQWRV /D 7DVD GH
5HSLWHQFLD GLVPLQX\H HQ DPERV VHFWRUHV PLHQWUDV TXH OD GH $EDQGRQR IOXFW~D HQ DPERV
VHFWRUHV SUHVHQWDQGR FUHFLPLHQWRV \ GLVPLQXFLRQHV /D WHQGHQFLD HQ HO ƒ FXUVR HV OD
GLVPLQXFLyQ(QOtQHDVJHQHUDOH VHOVHFWRUSULYDGRSUHVHQWDYDORUHVPiVHOHYDGRVTXHHORILFLDO
HVWR TXL]iV VH GHED DO LQFUHPHQWR GHO FRVWR GH ORV DUDQFHOHV HQ ODV LQVWLWXFLRQHV GH JHVWLyQ
SULYDGD\DOGHWHULRURGHODVFRQGLFLRQHVHFRQyPLFDVGHODVIDPLOLDV
(VWDV WDVDV FRPSDUDGDV SRU VH[R PXHVWUDQ TXH QR H[LVWHQ GLIHUHQFLDV VLJQLILFDWLYDV HQWUH OD
SURPRFLyQ GH KRPEUHV \ GH PXMHUHV DXQTXH HVWDV SUHVHQWDQ OHYHPHQWH XQD PHMRUSURPRFLyQ
TXHODGHORVKRPEUHV(QHOSHULRGRFRQVLGHUDGROD UHSLWHQFLD GHFUHFHHQDPERVVH[RVPLHQWUDV
TXH OD7DVDGH$EDQGRQR PXHVWUDHQKRPEUHV\PXMHUHVXQDWHQGHQFLDGHFUHFLPLHQWRH[FHSWR
HQƒHQHOTXHGHFUHFHOHYHPHQWH
''HVFULSFLyQGHORVSULQFLSDOHV,QGLFDGRUHV1DFLRQDOHVGH(GXFDFLyQSDUD
7RGRV(37
/RV LQGLFDGRUHV GH DFFHVR D OD (GXFDFLyQ ,QLFLDO (, UHYHODQ TXH OD FREHUWXUD EUXWD GH OD
SREODFLyQGHDDxRVHVGHOODWDVDEUXWDGHPDWUtFXODGHOSUHHVFRODUHVGHOVHJ~Q
iUHDGHUHVLGHQFLDODPLVPDHVHQHOiUHDXUEDQD\HQHOiUHDUXUDOHQWDQWRTXHSRU
VH[RV VH REVHUYD TXH ORV KRPEUHV WLHQHQ XQD WDVD EUXWD GHPDWUtFXOD GH \ ODVPXMHUHVGH
/D WDVD EUXWD GH PDWUtFXOD GHO SUHHVFRODU QR PXHVWUD XQD GLIHUHQFLD LPSRUWDQWH SRU VH[RV VLQ
HPEDUJR SRU iUHD GH UHVLGHQFLD OD PLVPD GLILHUH \ HVWR SXHGH H[SOLFDUVH SRUTXH O D SREODFLyQ
SDUDJXD\DHQVXFRQMXQWRKDELWDQPD\RULWDULDPHQWHHQODViUHDVXUEDQDV
/DWDVDQHWDGHPDWUtFXODGHOSUHHVFRODUHVGHOVHJ~QiUHDGHUHVLGHQFLDODPLVPDHVHQHO
iUHDXUEDQDGHO\HQHOiUHDUXUDOHQWDQWRTXHSRUVH[R VORVKRPEUHVWLHQHQXQDWDVD
QHWDGHPDWUtFXODGH\ODVPXMHUHVGH
(OSURPHGLRDOXPQRVSRUGRFHQWHHVGH ODFDUJDSHGDJyJLFDHVPD\RUHQHOVHFWRURILFLDO
\PHQRUHQHOVHFWRUSULYDGR
/RV LQGLFDGRUHV GH DFFHVR D OD (GXFDFLyQ (VFRODU %iVLFD ((% VHxDODQ TXH OD WDVD EUXWD GH
DFFHVRHVGHFRLQFLGHQWHSDUDORVKRPEUHVSDUDODVPXMHUHVHVGH
3ODQ(GXFDFLRQDOfDQGXWL
3RUXQDHGXFDFLyQSDUDWRGRVF RQFDOLGDG\HTXLGDG
/DWDVDEUXWDGHDFFHVRDOD(GXFDFLyQ0HGLD(0 HVGH
/RVLQGLFDGRUHVGHSDUWLFLSDFLyQHVWDEOHFHQTXHODW DVDQHWDGHDGPLVLyQHVGH
/D WDVD EUXWD GH HVFRODUL]DFLyQ GH ((% HU \ ƒ FLFOR HV GH REVHUYDQGR SRU iUHDV GH
UHVLGHQFLDHQHOiUHDXUEDQDHVGH\HQHOUXUDOGLVWLQJXLHQGRSRUVH[RVORVYDORUHV
SDUDKRPEUHVVRQGH\SDUDPXMHUHVGH /DWDVDQHWDGHHVFRODUL]DFLyQGH((%HU\ƒFLFORHVGHHQHOiUHDXUEDQDHVGH\
HQHOiUHDUXUDOGLVFULPLQDGRSRUVH[RVSDUDKRPEUHV\PXMHUHVHV
/DWDVDEUXWDGHHVFRODUL]DFLyQGH((%HUFLFORHVGHOHQHOiUHDX UEDQDHV\HQHO
iUHDUXUDOHVWDWDVDHVSDUDORVKRPEUHVGH\ODVPXMHUHV
/DWDVDQHWDGHHVFRODUL]DFLyQGH((%HUFLFORHVGHOHQHOiUHDXUEDQD\HQHOiUHD
UXUDOORVGDWRVSRUVH[RSHUPLWHQREVHUYDUTXHHVWDWDVD HVSDUDORVKRPEUHVGH\SDUD
ODVPXMHUHVGH
/DWDVDEUXWDGHHVFRODUL]DFLyQGHOHU\ƒFLFORHVDOWDHQQXHVWURSDtVVLQHPEDUJRHQHOHU
FLFORHVWDWDVDD~QQRDOFDQ]DHOORTXHQRVLQGLFDTXHHVLPSRUWDQWHGLULJLUORVHVIXHU]RVD
HVWHFLFORDILQGHDXPHQWDUODFREHUWXUD \SURSLFLDUTXHPiVQLxRV\QLxDVSHUPDQH]FDQGHQWUR
GHOVLVWHPDHGXFDWLYR
/DVSURSRUFLRQHVGHPDWUtFXODSRUVHFWRUVRQSDUD
((% HU \ ƒ FLFOR (Q LQVWLWXFLRQHV HGXFDWLYDV GHO VHFWRU 2ILFLDO HQ DTXHOOD V GHO VHFWRU
3ULYDGR6XEYHQFLRQDGR\HQODVGHOVHFWRU3ULYDGR
((%HUFLFOR(QLQVWLWXFLRQHVHGXFDWLYDVGHOVHFWRU2ILFLDOHQDTXHOODVGHOVHFWRU3ULYDGR
6XEYHQFLRQDGR\HQODVGHOVHFWRU3ULYDGR
/D WDVD GH UHSHWLFLyQ HV GH VHJ~Q ORV VHFWRUHV DO TXH SHUWHQH]FDQ ODV LQVWLWXFLRQHV
HGXFDWLYDVGRQGHVHRIUHFHQODHGXFDFLyQHVHQHORILFLDOHQHOSULYDGRVXEYHQFLRQDGR
\HQHOSULYDGR
/DWDVDGHVXSHUYLYHQFLDDOƒJUDGRFRPSUHQGHWRGRVORVJUDGRV\VHFWRUHV GHHGXFDFLyQHVGH
/D WDVD GH DOIDEHWLVPR FRUUHVSRQGLHQWH DO JUXSR GH DxRV GH HGDG HV GH GLVFULPLQDGDSRUVH[RVVHREVHUYDTXHODWDVDSDUDORVKRPEUHVHVGH\SDUDODVPXMHUHV
VHJ~QHOiUHDGHUHVLGHQFLDHQHOXUEDQR HVGH\HQHOUXUDO/DSREODFLyQQR
SREUHWLHQHXQDWDVDGHDOIDEHWLVPRGHO\ODSREUHGH
/D WDVD GH DQDOIDEHWLVPR FRUUHVSRQGLHQWH DO JUXSR GH DxRV \ PiV HV GH 3DUD ORV
KRPEUHVDOFDQ]DXQYDORUGH\SDUDODVPXMHUHV (QHOiUHDXUEDQDODWDVDHVGH
GHVDJUHJDGDSRUVH[RGHQWURGHHVWDiUHDHOGHORVKRPEUHVVRQDQDOIDEHWRV\GHODV
PXMHUHVHQHOiUHDUXUDOHODQDOIDEHWLVPRHVSRFRPiVGHOGREOHTXHHQHOiUHDXUEDQD
DOFDQ]DQGRYDORUHVGHSDUDORVKRPEUHV\GHSDUDODVPXMHUHV
/DWDVDGHDQDOIDEHWLVPRSDUDODSREODFLyQQRSREUHHVGH\SDUDODSREUHHVGH
/RVLQGLFDGRUHVGHLJXDOGDGHQWUHVH[RVUHYHODQTXHHO,QGLFHGHSDULGDGSRUJpQHUR((%\(0HV
GH
3ODQ(GXFDFLRQDOfDQGXWL
3RUXQDHGXFDFLyQSDUDWRGRVF RQFDOLGDG\HTXLGDG
SURPHGLRGHUHVSXHVWDVFRUUHFWDVSRUJUDGR\DxR3UXHEDVGHO61(3(
*UDGRRFXUVRSRUDxR
7RWDO
ƒJUDGRDxR
ƒJUDGRDxR
ƒFXUVRDxR
ƒFXUVR+DxR
ƒFXUVR7DxR
*UDGRRFXUVRSRUDxR
ƒJUDGRDxR ƒJUDGRDxR
ƒFXUVRDxR
ƒFXUVR+DxR
ƒFXUVR7DxR
7RWDO
5HVXOWDGRVDOFDQ]DGRV
8UEDQD
8UEDQD
0DWHPiWLFD
2ILFLDO
5XUDO
&RPXQLFDFLRQHV
5XUDO
2ILFLDO
3ULY6XEY
3ULY6XEY
3ULYDGR
3ULYDGR
(QWUHODVSROtWLFDVVRFLDOHVSULRULWDULDVGHO(VWDGR3DUDJXD\RODGHOVHFWRUHGXFDWLYRFRQVWLWX\HXQ
ORJURLPSRUWDQWHSRUHOGLVHxRHLPSOHPHQWDFLyQGHVGHHODxRGHOD5HIRUPD(GXFDWLYDTXH
FXHQWDFRQODSDUWLFLSDFLyQGHGLYHUVRVDFWRU HVVRFLDOHVGHODVRFLHGDGSDUDJXD\D
/D5HIRUPDLQLFLDGDHQOD(GXFDFLyQ,QLFLDO\(VFRODU%iVLFDKDDOFDQ]DGRDOD(GXFDFLyQ0HGLD
'HVGHHODxRVHLPSOHPHQWDHOHUFXUVRH[ƒFXUVRGHO&LFOR%DFKLOOHUDWRHQODPRGDOLGDG
DQWHULRU
/RJURVFXDQWLWDWLYRV
(QWUHORVORJURVFXDQWLWDWLYRVGHOD5HIRUPDVHGHVWDFDODLQFRUSRUDFLyQGHPLOHVGHQLxRVQLxDV\
MyYHQHVKLVWyULFDPHQWHH[FOXLGRVGHOVLVWHPDHVFRODU
/DVPHWDVDOFDQ]DGDVDQLYHOSDtVDODxRVRQ
x ,QFUHPHQWRGHODWDVDEUXWDGHOSUHHVF RODUGHHQHODxRDHQHODxR
x ,QFUHPHQWRGHODWDVDQHWDGHOD((%ƒ\ƒFLFORDDxRVGHD\ODWDVD
EUXWDGHHVFRODUL]DFLyQHQHOƒFLFORGHDHQHOPLVPRSHULRGR
/DLQFRUSRUDFLyQGHO&LFOR%iVLFRGHODDQWHV GHQRPLQDGDVHFXQGDULDFRPRSDUWHGHODHQVHxDQ]D
REOLJDWRULD HQ OD (GXFDFLyQ (VFRODU %iVLFD KD SHUPLWLGR D PiV GH MyYHQHV VHJXLU
HVWXGLDQGRFDVLMyYHQHVPiVHQUHODFLyQDOVLVWHPDDQWHULRU
'HQWUR GHO 3URJUDPD GH $PSOLDFLyQ \ 0HMRUDPLH QWR GH OD ,QIUDHVWUXFWXUD VH GHVWDFD OD
FRQVWUXFFLyQ GH PiV GH DXODV HQ HO DxR D WUDYpV GH OD PRGDOLGDG GH HQWUHJD GH
DSRUWHVDODV$VRFLDFLRQHVGH&RRSHUDFLyQ(VFRODU$&(6SRUYDORUGH*PLOORQHV
/RJURVFXDOLWDWLYRV
(QWUHORVSULQFLSDOHVORJURVVHGHVWDFDQORVVLJXLHQWHV
3ODQ(GXFDFLRQDOfDQGXWL
3RUXQDHGXFDFLyQSDUDWRGRVF RQFDOLGDG\HTXLGDG
5HIRUPD-RYHQ
/D 5HIRUPD GH OD (GXFDFLyQ 0HGLD OD 5HIRUPD -RYHQ HQ KRQRU D VXV EHQHILFLDULRV GLUHFWRV KD
VLGRSUHSDUDGDFRQODDFWLYDSDUWLFLSDFLyQGHORVHVWDPHQWRVGHODFRPXQLGDGHGXFDWLYD'HVGHHO
DxRVH KDSXHVWRHQYLJHQFLDHO3ODQ1DFLRQDO&XUULFXODU
(YDOXDFLyQGHOUHQGLPLHQWR
6LVWHPiWLFDPHQWHVHHYDO~DHOUHQGLPLHQWRDFDGpPLFRGHORVHVWXGLDQWHVGHOD(GXFDFLyQ(VFRODU
%iVLFD(GXFDFLyQ0HGLD\)RUPDFLyQ'RFHQWH/RVGDWRVVRQXWLOL]DGRVSDUDHPSUHQ GHUDFFLRQHV
GHPHMRUDPLHQWRGHODFDOLGDGGHODHGXFDFLyQHQHVRVQLYHOHV
(VWDV PHGLFLRQHV D HVFDOD QDFLRQDO UHSRUWDQ TXH ORV DOXPQRV GH OD 5HIRUPD (GXFDWLYD WLHQHQ
PHMRUHVUHVXOWDGRVTXHORVTXHQR KDQSDVDGRSRUHOOD
(O3URJUDPDGH)RUWDOHFLPLHQWR GHOD5HIRUPD(GXFDWLYDGHOD(GXFDFLyQ(VFRODU%iVLFD³(VFXHOD
9LYD +HNRNDW~YD´ DERUGD SRU SULPHUD YH] GH PDQHUD H[SOtFLWD OD LQHTXLGDG HQ OD HGXFDFLyQ
IRFDOL]DQGR OD DVLVWHQFLD HQ HVFXHODV UXUDOHV PiV FDUHQFLDGDV HVFXHODV XUEDQDV GH
]RQDV SHULIpULFDV \ GH DOWR ULHVJR HGXFDWLYR ,QVWLWXWRV GH )RUPDFLyQ 'RFHQWH \ HQ HVFXHODV FRQ QHFHVLGDGHV GH LQIUDHVWUXFWXUD SDUD DWHQGHU OD H[SDQVLyQ GHO WHUFHU FLFOR GH OD
(GXFDFLyQ(VFRODU%iVLFDHQ]RQDVUXUDOHV\XUEDQDVPDUJLQDOHV
/DLPSOHPHQWDFLyQGHO3URJUDPDGH)RUWDOHFLPLHQWRGHOD(GXFDFLyQ,QLFLDO\3UHHVFRODUOOHYDGDD
FDERFRQXQDLPSRUWDQWHGRQDFLyQGHO%,'KDSHUPLWLGRHQHODxRODFRQIRUPDFLyQGHXQD
5HG1DFLRQDOGH(GXFDFLyQ,QLFLDO\(VFRODU%iVLFDSDUDHOPHMRUDPLHQWRGHHVWH QLYHOHGXFDWLYR
/D IRUPDFLyQ FRQWLQXD GH ORV PLHPEURV GHO PDJLVWHULR QDFLRQDO HQ HO PDUFR GH OD 5HIRUPD
(GXFDWLYDHQWRGRVORVQLYHOHV\PRGDOLGDGHVGHODHGXFDFLyQKDDOFDQ]DGRDXQWRWDOGH
GRFHQWHVLQFOX\HQGRVXSHUYLVRUHVGLUHFWRUHVGRFHQW HV\WpFQLFRVGHOQLYHOFHQWUDOGHO0(&
(QWUH ORV DxRV \ HQ GLYHUVDV MRUQDGDV \ WDOOHUHV GH DFWXDOL]DFLyQ HQ HO iPELWR GH OD
5HIRUPDGHOD(GXFDFLyQ0HGLDKDQSDUWLFLSDGRDSUR[LPDGDPHQWHGRFHQWHV$VtWDPELpQ
HQ HO PDUFR GHO 3UR\HFWR (GXFDFLyQ D 'LVWDQFLD IXHURQ SURIHVLRQDOL]DGRV EDFKLOOHUHV HQ
HMHUFLFLRGHODGRFHQFLDGHOž\ž&LFORGHOD(GXFDFLyQ(VFRODU%iVLFD
6HKDOOHYDGRDFDERODGLVWULEXFLyQJUDWXLWDGHWH[WRV\JXtDVGHWUDEDMRLQVXPRVTXHLQFLGHQHQ
JUDQPHGLGDSDUDHOPHMRUDPLHQWRGHODFDOLGDGGHODSUHQGL]DMHEHQHILFLDQGRDXQRVPLOQLxRV
\QLxDVGHOSULPHURDOWHUFHUJUDGRGHHVFXHODVRILFLDOHV\VXEYHQFLRQDGDV
$O PLVPR WLHPSR VH KD DYDQ]DGR HQ ORV SURFHVRV GH 'HVFRQFHQWUDFLyQ \ 'HVFHQWUDOL]DFLyQ
(GXFDWLYD FRQ OD FUHDFLyQ H LQVWDODFLyQ GH ORV &RQVHMRV 'HSDUWDPHQWDOHV GH (GXFDFLyQ HQ OD
&DSLWDO \ ORV GHSDUWDPHQWRV &RQFHSFLyQ 6DQ 3HGUR &RUGLOOHUD *XDLUi &DDJXD]~ &DD]DSi
,WDS~D0LVLRQHV3DUDJXDUt$OWR3DUDQi&HQWUDOfHHPEXF~$PDPED\&DQLQGH\~ 3GWH+D\HV
%RTXHUyQ$OWR3DUDJXD\
3DUD HVH ILQ VH KD HODERUDGR HO 3UR\HFWR ³5HGLVHxR \ 5HVLJQLILFDFLyQ GHO QXHYR 6LVWHPD GH
6XSHUYLVLyQ (GXFDWLYD´ TXH LQFOX\H WDPELpQ OD FUHDFLyQ GH &RRUGLQDFLRQHV 'HSDUWDPHQWDOHV GH
6XSHUYLVLyQ6XSHUYLVLRQHVGH$SR\R $GPLQLVWUDWLYR\6XSHUYLVLRQHV7pFQLFR 3HGDJyJLFDVFRQHO
REMHWLYRGHPHMRUDUODJHVWLyQ\ODSUiFWLFDHGXFDWLYD
6H KD LQLFLDGR OD UHIRUPD GHO &XUULFXOXP \ 3URJUDPDV GH (GXFDFLyQ GH -yYHQHV \ $GXOWRV D
WUDYpVGHORVSURJUDPDV
3ODQ(GXFDFLRQDOfDQGXWL
x
x
x
3RUXQDHGXFDFLyQSDUDWRGRVF RQFDOLGDG\HTXLGDG
3URJUDPDGH 3DUDJXD\ 352'(3$ .R¶p3\DK~TXHFXHQWDFRQ HO DSR\RGHOD$JHQFLD
(VSDxROD GH &RRSHUDFLyQ ,QWHUQDFLRQDO 'LFKR SURJUDPD HVWi GLULJLGR DO FDPELR LQWHJUDO
GHODHGXFDFLyQGHMyYHQHV\DGXOWRVHQ3DUDJXD\
%L$OIDEHWL]DFLyQ &DVWHOODQR*XDUDQt HQ JpQHUR \ RUJDQL]DFLyQ F RPXQLWDULD SDUD OD
SURGXFFLyQ ODVDOXG\ ODHGXFDFLyQFXHQWDFRQHOUHVSDOGRGHO0(&&(3$/&(&7(&
6HFUHWDUtDGHOD0XMHU6HWUDWDGHXQPpWRGRGHDOIDEHWL]DFLyQELOLQJHVLPXOWiQHRSDUDHO
ORJUR GH XQD HVWUDWHJLD QDFLRQDO H LQWHULQVWLWXFLRQDO GH OXFK D FRQWUD OD SREUH]D HO
GHVDUUROOR SURGXFWLYR \ PLFUR HPSUHVDULDO SDUD ODV SREODFLRQHV UXUDOHV PiV QHFHVLWDGDV
GHOLQWHULRU
)RUWDOHFLPLHQWR GHO 3URJUDPD &HQWURV ,QWHJUDGRV GH $FFLyQ &RPXQLWDULD &,$&
DEDUFDQGRDFRPXQLGDGHVFRQ3UR\HFWRV3URGXFWL YRVHQHMHFXFLyQEHQHILFLDQGRHQ
IRUPDGLUHFWDDIDPLOLDVHLQGLUHFWDPHQWHDSHUVRQDVORJUiQGRVHXQDPD\RU
SDUWLFLSDFLyQGHODFRPXQLGDGHQHOWUDEDMRFRQMXQWR
6H KD GDGR FRQWLQXLGDG D OD LPSOHPHQWDFLyQ GHO 3URJUDPD GH &RPSOHPHQWR 1XWULFLRQ DO
GLVWULEX\HQGRYDVRGHOHFKH\DOPXHU]RHVFRODUEHQHILFLDQGRDDOXPQRVDVGHHVFXHODVS~EOLFDV\
VXEYHQFLRQDGDVHQHOiUHDGHO*UDQ$VXQFLyQ\iUHDVSHULIpULFDV
$GHPiVKDQVLGREHQHILFLDGRVFRQ~WLOHVHVFRODUHVQLxRVDVGHOSUHHVFRODUDOƒ JUDGRHQ
WRGRHOSDtV
3ROtWLFDFXOWXUDO
6H KDQ GHVDUUROODGR GLIHUHQWHV SURJUDPDV GH FRPXQLFDFLyQ VRFLDO \ GH GLIXVLyQ GH SROtWLFDV
HGXFDWLYDV\FXOWXUDOHVFRQMXQWDPHQWHFRQHOIRPHQWRGHODSUHVHUYDFLyQGHOSDWULPRQLRFXOWXUDO
3URJUDPDSDUDORVMyYHQHV
(Q HO iPELWR MXYHQLO VH YLHQH LPSOHPHQWDQGR XQ SURJUDPD GH DSR\R D OD MXYHQWXG SDUDJXD\D
FX\RVFRPSRQHQWHVVRQ
x ODSURPRFLyQGHODSDUWLFLSDFLyQGHORVMyYHQHV
x HOIRUWDOHFLPLHQWRLQVWLWXFLRQDOGHODVUHGHVS~EOLFDV\SULYDGDVGHORVMyYHQHV\
x HOGHVDUUROORGHXQDHVWUDWHJLDGHFRPXQLFDFLyQVRFLDO
$VLPLVPRVHKDSURSLFLDGRODUHDOL]DFLyQGHWDOOHUHVGHSUHYHQFLyQGHO6,'$FDPSDxDVUDGLDOHV
FRQWUD HO FRQVXPR GH GURJDV FDSDFLWDFLyQ HQ PDQGRV PHGLRV D MyYHQHV GH HVFDVRV UHFXUVRV
HFRQyPLFRV\IRUWDOHFLPLHQWRGHODV6HFUHWDUtDVGHOD-XYHQWXGGHOD*REHUQDFLRQHV
3ROtWLFDVGH(GXFDFLyQSDUD7RGRV
*DUDQWL]DU\SURWHJHUORVGHUHFKRVGHQLxRV\QLxDV
3ULRUL]DUODDWHQFLyQDQLxRV\QLxDVHQVLWXDFLyQGHULHVJR\GHRWURVJUXSRVYXOQHUDEOHV
(OVLVWHPDHGXFDWLYRDWLHQGHODHGXFDFLyQGHVGHHOLQLFLRGHODYLGD
$UWLFXODU \ FRPSOHPHQWDU ORV HVIXHU]RV \ UHVSRQVDELOLGDGHV LQWHUVHFWRULDOHV H
LQWHULQVWLWXFLRQDOHV
*DUDQWL]DUODRIHUWDGHORVVHUYLFLRVHGXFDWLYRVFRQFDOLGDG\HTXLGDG
,QFUHPHQWDU OD LQYHUVLyQ G H UHFXUVRV \ HO DFFHVR GH ORV QLxRV \ QLxDV HQ OD SULPHUD
LQIDQFLD
/RJUDU HO DSR\R SROtWLFR \ ILQDQFLHUR SDUD ORV SURJUDPDV FRQ PRGDOLGDGHV IRUPDO \ QR
IRUPDO
(VWDEOHFHUPHFDQLVPRVGHPRQLWRUHR\HYDOXDFLyQGHORVSURJUDPDVFRQPRGDOLGDGHVQR
IRUPDORQR FRQYHQFLRQDO
$VHJXUDUHODFFHVRDODHGDGRILFLDOGHLQJUHVRDOSULPHUJUDGRGHEiVLFD
$VHJXUDUTXHWRGRVORVJUDGRVGHODHGXFDFLyQEiVLFDVHDQRIUHFLGRVHQHOSDtV
3ODQ(GXFDFLRQDOfDQGXWL
3RUXQDHGXFDFLyQSDUDWRGRVF RQFDOLGDG\HTXLGDG
&RQRFHUODFDOLGDGGHORVVHUYLFLRVRIUHFLGRVSRUORVGRFHQWHV
$WHQGHU HO ORJUR GHO DFFHVR SHUPDQHQFLD SDUWLFLSDFLyQ FXOPLQDFLyQ \ FDOLGDG GH OD
HGXFDFLyQEiVLFDFRQHTXLGDG
9DORUDUODVGLIHUHQFLDVVRFLDOHVFXOWXUDOHVHLQGLYLGXDOHVFRPRHOHPHQWRHQULTXHFHGRUGH
ODVSHUVRQDVGHODVVRFLHGDGHV\GHORVSURFHVRVHGXFDWLYRV
/DQRGLVFULPLQDFLyQHVXQGHUHFKRKXPDQRLUUHQXQFLDEOH
&RQFHELU OD HTXLGDG FRPR LJXDOGDG GH RSRUWXQLGDGHV HQ HO DFFHVR \ FDOLGDG GH OD
HGXFDFLyQ
(3ULQFLSDOHVGHVDItRVGHOD(GXFDFLyQ3DUDJXD\D
'HPDQGD
&UHFLHQWH GHPDQGD GH OD PDWUtFXOD HQ ORV GLVWLQWRV QLYHOHV HVSHFLDOPHQWH HQ HO
SUHHVFRODUHOWHUFHUFLFORGHOD((%ƒƒ\ƒJUDGRV\ODHGXFDFLyQPHGLD
/D PLJUDFLyQ GH ORV QLxRV \ QLxDV TXH DEDQGRQDQ HO VHFWRU SULYDGR SDUD LQFRUSRUDUVH D
LQVWLWXFLRQHVHGXFDWLYDVRILFLDOHVGHELGRDODFULVLVHFRQyPLFDT XHDIURQWDHOSDtV
5HWHQHU D OD WRWDOLGDG GH ORV QLxRV \ QLxDV GH ((% VREUH WRGR SRU OD DOWD LQFLGHQFLD GH
IDFWRUHVH[WHUQRVDO6LVWHPD
3URYLVLyQGHWH[WRVJUDWXLWRVSDUDQLxRV\QLxDVGH((%
&RQVWUXFFLyQ\UHIDFFLyQGHDXODVHVSHFLDOPHQWHDTXHOODVHV FXHODVUDQFKR
6XPLQLVWURGHEHFDVFRPSOHPHQWRQXWULFLRQDO\NLWVHVFRODUHVDORVJUXSRVYXOQHUDEOHV
$XPHQWDUODFREHUWXUDGHORVSURJUDPDVWHQGLHQWHVDODGLVPLQXFLyQGHODQDOIDEHWLVPR
,QHTXLGDGHQFREHUWXUDFDOLGDG\HILFLHQFLDSRU]RQDV
1RUPDWLYD
$GHFXDFLyQ GH ODV QRUPDWLYDV OHJDOHV D ORV GHVDItRV HGXFDWLYRV DFWXDOHV (MHPSOR OR
UHIHUHQWHD(GXFDFLyQ,QLFLDO
$GHFXDFLyQ GH OD HVWUXFWXUD RUJiQLFD DGPLQLVWUDWLYD \ GH ODV QRUPDWLYDV GHO 0(& SDUD
HIHFWLYL]DUHOFDPELRSURSXHVWRSDUDODJHVWLyQGHOVL VWHPDHGXFDWLYR
&XUULFXOXP
$GHFXDFLyQ GHO FXUUtFXOR GH )RUPDFLyQ 'RFHQWH SDUD ORV QLYHOHV GH (GXFDFLyQ ,QLFLDO \
0HGLD
5HYLVLyQ\DFWXDOL]DFLyQGHORVFXUUtFXORV
$GHFXDFLyQFXUULFXODUSRUGHSDUWDPHQWR
,QFUHPHQWDUODVKRUDVHIHFWLYDVGHFODVHV
'RFHQWHV
)RUPDUIRUPDFLyQLQLFLDODODFDQWLGDGGHGRFHQWHVUHTXHULGRVSDUDODLPSOHPHQWDFLyQGH
ODVUHIRUPDVGHORVGLVWLQWRVQLYHOHV
)RUPDFLyQFRQWLQXDGHORVGRFHQWHVDFWXDOL]iQGRORVHQIRUPDRSRUWXQD
/RJUDUODUHLQJHQLHUtDGHORVUHFXUVRVKXPDQRVGRFHQW HV\DGPLQLVWUDWLYRV
$FWXDOL]DUORVFXUUtFXORGH)RUPDFLyQ'RFHQWH
&DPELRGHODSUiFWLFDGRFHQWHHQDXODSDUDKDFHUHIHFWLYRHOFXUUtFXOXP
0HMRUDU ODV FRQGLFLRQHV ODERUDOHV GH ORV GRFHQWHV VXHOGRV VHJXULGDG VRFLDO VHJXUR
PpGLFR
'HVFHQWUDOL]DFLyQ
)RUWDOHFHUHOQXHYRVLVWHPDGHVXSHUYLVLyQ
&RQVROLGDUDORV&RQVHMRV'HSDUWDPHQWDOHVGH(GXFDFLyQ
5HGHILQLFLyQGHODViUHDVHGXFDWLYDV
3ODQ(GXFDFLRQDOfDQGXWL
3RUXQDHGXFDFLyQSDUDWRGRVF RQFDOLGDG\HTXLGDG
)RFDOL]DFLyQ GH ORV SURJUDPDV \ SUR\HFWRV GLULJLGRV D HVFXHODV GH DOWR ULHVJR \ QLxRV \
QLxDVHQVLWXDFLyQGHYXOQHUDE LOLGDG
$PSOLDU \ DILDQ]DU OD SDUWLFLSDFLyQ GH ORV SDGUHV ODV PDGUHV \ GH RWURV PLHPEURV GH OD
FRPXQLGDGHGXFDWLYD
5HIRUPDV
0RQLWRUHRHYDOXDFLyQ\DMXVWHVGHODVUHIRUPDVLPSOHPHQWDGDVHQORVGLIHUHQWHVQLYHOHV
&DOLGDGHGXFDWLYD
0HMRUDUODFDOLGDGGH ODLPSOHPHQWDFLyQGHOFXUULFXOXPHQDXOD\ORVQLYHOHVGHDSUHQGL]DMH
GHORVDOXPQRV\ODVDOXPQDV
$XPHQWDUHOUHQGLPLHQWRGHORVDOXPQRV\DOXPQDV
,9 &$3,78/2
3/$11$&,21$/'(('8&$&,Ï13$5$72'26'(/3$5$*8$<
$9LVLyQ
/RVSDUDJXD\RV\ODVSDUDJXD\DVDFFHGHQ\FRQFOX\HQXQDHGXFDFLyQEiVLFDGHFDOLGDGFRQHTXLGDGYLYHQFLDQYDORUHV
GH OLEHUWDG pWLFRV \ VROLGDULRV VRQ FUHDWLYRVDV \ HVWiQ SUHSDUDGRVDV SDUD HQIUHQWDU ORV GHVDItRV SDUD ORJUDU HO
GHVDUUROORVRVWHQLEOHGHOSDtVIUHQWHDXQPXQGRJOREDOL]DGR
%0LVLyQ
7RGRVDV ORV SDUDJXD\RV \ SDUDJXD\DV HVWiQ FRPSURPHWLGRVDV HQ DILDQ]DU D OD HGXFDFLyQ FRPR FRPSRQHQWH GHO FDPELR VRFLDO \
SURPXHYHQHOPHMRUDPLHQWRGHODVFRQGLFLRQHVGHYLGDGHODSREODFLyQSDUDJXD\DWHQGLHQWHDODFDOLGDGGHYLGDGH H[FHOHQFLD
&,QGLFDGRUHVQDFLRQDOHVGHODVLWXDFLyQGH(GXFDFLyQSDUD7RGRVSRUFDGDREMHWLYR
2EMHWLYRV GHO 0DUFR GH $FFLyQ GH ,QGLFDGRUHVQDFLRQDOHVGHODVLWXDFLyQGH(GXFDFLyQSDUD7RGRVDxR
'DNDU
,1',&$'25(6'($&&(62
([WHQGHU \ PHMRUDU OD SURWHFFLyQ \
HGXFDFLyQ LQWHJUDOHV GH OD SULPHUD LQIDQFLD ™ &REHUWXUDEUXWDGHHGXFDFLyQLQLFLDOGHODSREODFLyQGHDDxRV
HVSHFLDOPHQWHSDUDORVQLxRVPiVYXOQHUDEOHV\ ™ 7DVDEUXWDGHPDWUtFXODGHOSUHHVFRODUWRWDOXUEDQDUXUDOKRPEUHV
GHVIDYRUHFLGRV
PXMHUHV
™ 7DVDQHWDGHPDWUtFXODGHOSUHHVFRODUWRWDOXUEDQDUXUDOKRPEUHV
PXMHUHV
™ 3RUFHQWDMH GH QXHYRV DOXPQRV DGPLWLGRV TXH KDQ VLGR EHQHILFLDGRV GH XQ SURJUDPD GH
GHVDUUROORGHODSULPHUDLQIDQFLD
™ 3URPHGLRDOXPQRGRFHQWHGHOSUHHVFRODUDOXPQRVGRFHQWH
,1',&$'25(6'($&&(62
9HODU SRUTXH DQWHV GHO WRGRV ORV
QLxRV \VREUHWRGRODVQLxDV\ORVQLxRVTXHVH ™ 7DVDEUXWD GHDFFHVRDOD((%+RPEUHV0XMHUHV
HQFXHQWUDQ HQ VLWXDFLRQHV GLItFLOHV \ ORV TXH ™ 7DVDEUXWDGHDFFHVRDOD(GXFDFLyQ0HGLD
,1',&$'25(6'(3$57,&,3$&,Ï1
SHUWHQHFHQDPLQRUtDVpWQLFDVWHQJDQDFFHVRD
XQDHQVHxDQ]DSULPDULDJUDWXLWD\REOLJDWRULDGH ™ 7DVDQHWDGHDGPLVLyQ
EXHQDFDOLGDG\ODWHUPLQHQ
™ 7DVD EUXWD GH HVFRODUL]DFLyQ GH ((% ƒ \ ƒ FLFOR HGDG GH D DxRV WRWDO /DHGDGRILFLDOGHDGPLVLyQDOSULPHUJUDGRHVGHDxRV
3ODQ(GXFDFLRQDOfDQGXWL
3RUXQDHGXFDFLyQSDUDWRGRVFRQFDOLGDG\HTXLGDG
XUEDQDUXUDOKRPEUHVPXMHUHV
™ 7DVDQHWDGHHVFRODUL]DFLyQGH((%ƒ\ƒFLFORHGDGGHDDxRVWRWDOXUEDQD
UXUDOKRPEUHVPXMHUHV
™ 7DVD EUXWD GH HVFRODUL]DFLyQ GH ((% ƒ FLFOR WRWDO XUEDQD UXUDO KRPEUHVPXMHUHV
™ 7DVD QHWD GH HVFRODUL]DFLyQ GH ((% ƒ FLFOR WRWDO XUEDQD UXUDO KRPEUHVPXMHUHV
3URSRUFLyQGHPDWUtFXODSRUVHFWRU
™ ((%ƒ\ƒFLFOR2ILFLDO3ULYDGR6XEYHQFLRQDGR3ULYDGR
™ ((%ƒFLFOR2ILFLDO3ULYDGR6XEYHQFLRQDGR3ULYDGR
,1',&$'25(6'(5(&85626),1$1&,(526
™ *DVWRVFRUULHQWHV31%
™ *DVWRV GH ((%JDVWRV GH HGXFDFLyQ GHO 3UHVXSXHVWR *HQHUDO GH *DVWRV GH OD 1DFLyQ
™ *DVWRVHQVXHOGRVGRFHQWHVJDVWRVS~EOLFRVFRUULHQWHVGHHGXFDFLyQ
,1',&$'25(6'(5(&85626+80$126
™ 3URPHGLRDOXPQRVVHFFLyQ((%ƒ\ƒFLFORDOXPQRVVHFFLyQ
™ 3URPHGLRDOXPQRVVHFFLyQ((%ƒFLFORDOXPQRVVHFFLyQ
,1',&$'25(6'((),&$&,$
™ 7DVD GH UHSLWHQFLD ((% ƒ \ ƒ FLFOR WRWDO HQ HO VHFWRU RILFLDO HQ HO
SULYDGRVXEYHQFLRQDGR\HQHOSULYDGR
™ 7DVDGHUHSLWHQFLD((%ƒ FLFORWRWDOHQHOVHFWRURILFLDOHQHOSULYDGR
VXEYHQFLRQDGR\HQHOSULYDGR
™ 7DVDGHUHSLWHQFLDSRUJUDGRDxRƒƒƒƒƒƒ
ƒ ƒ FXUVR VLQ UHIRUPD HTXLYDOHQWH DO ƒ ƒ FXUVR VLQ UHIRUPD
HTXLYDOHQWHDOƒ
™ 7DVDGHVXSHUYLYHQFLDDOƒJUDGRFRPSUHQGHWRGRVORVJUDGRV\VHFWRUHVGHHGXFDFLyQ
™ &RHILFLHQWHGHHILFDFLD7DVDGHWpUPLQRGHOQLYHOSULPDULR
9HODU SRUTXH VHDQ DWHQGLGDV ODV
,1',&$'25(6'(+$%,/,'$'(63$5$/$9,'$
QHFHVLGDGHV GH DSUHQGL]DMH GH WRGRV ORV ™ 7DVDGHDOIDEHWLVPR FRUUHVSRQGLHQWHDOJUXSRGHDDxRVGHHGDG+RPEUHV
MyYHQHV\DGXOWRVPHGLDQWHXQDFFHVRHTXLWDWLYR
0XMHUHV8UEDQR5XUDO1RSREUH3REUH
D XQ DSUHQGL]DMH DGHFXDGR \ D SURJUDPDV GH
SUHSDUDFLyQSDUDODYLGDDFWLYD
3ODQ(GXFDFLRQDOfDQGXWL
3RUXQDHGXFDFLyQSDUDWRGRVFRQFDOLGDG\HTXLGDG
'LVPLQXLU DO DxR HO Q~PHUR GH
,1',&$'25(6'($1$/)$%(7,602 DGXOWRV DQDOIDEHWRV HQ XQ HQ SDUWLFXODU ™ 7DVDGHDQDOIDEHWLVPRFRUUHVSRQGLHQWHDOJUXSRGH\PiVSDtV+RPEUHV
PXMHUHV\IDFLOLWDUDWRGRVORVDGXOWRVXQDFFHVR
0XMHUHV 8UEDQR 5XUDO 1R SREUH 3REUH 8UEDQR
HTXLWDWLYR D OD HGXFDFLyQ EiVLFD \ OD HGXFDFLyQ
+RPEUHV8UEDQR0XMHUHV5XUDO+RPEUHV5XUDO0XMHUHV
SHUPDQHQWH
™ 3DULGDG GH JpQHUR 0XMHUHV+RPEUHV HQ DQDOIDEHWLVPR GH D DxRV SDtV XUEDQRUXUDOQRSREUHSREUH
6XSULPLU ODV GLVSDULGDGHV HQ OD
,1',&$'25(6'(,*8$/'$'(175(6(;26
HQVHxDQ]DSULPDULD\ VHFXQGDULDGHDTXtDODxR ™ ,QGLFHGHSDULGDGSRUJpQHUR((%\(GXF0HGLD
\ORJUDUDQWHVGHODxRPD\RUHTXLGDG ™ 3URSRUFLyQ GH PDWUtFXOD SRU VH[R VHJ~Q QLYHO 3UHHVFRODU KRPEUHV PXMHUHV VRFLDO GH JpQHUR \ pWQLFD HQ UHODFLyQ FRQ OD
((%ƒ\ƒFLFORKRPEUHVPXMHUHV((%ƒFLFORKRPEUHVPXMHUHV
HGXFDFLyQHQSDUWLFXODUJDUDQWL]DQGRDODVQLxDV
(GXFDFLyQ0HGLDKRPEUHVPXMHUHV
XQ DFFHVR SOHQR \ HTXLWDWLYR D XQD HGXFDFLyQ ™ 7DVDEUXWDGHHVFRODUL]DFLyQGHOSUHHVFRODUKRPEUHVPXMHUHV
EiVLFD GH EXHQD FDOLGDG DVt FRPR XQ EXHQ ™ 7DVDQHWDGHHVFRODUL]DFLyQGHSUHHVFRODUKRPEUHVPXMHUHV
UHQGLPLHQWR
™ 7DVDEUXWDGHHVFRODUL]DFLyQGH((%ƒ\ƒFLFORKRPEUHVPXMHUHV
™ 7DVDQHWDGHHVFRODUL]DFLyQGH((%ƒ\ƒFLFORKRPEUHVPXMHUHV
™ 7DVDEUXWDGHHVFRODUL]DFLyQGH((%ƒFLFORKRPEUHVPXMHUHV
™ 7DVDQHWDGHPDWUtFXODGH((%ƒFLFORKRPEUHVPXMHUHV
™ 7DVDEUXWDGHHVFRODUL]DFLyQGH(GXFDFLyQPHGLDKRPEUHVPXMHUHV
™ 7DVDQHWDGHHVFRODUL]DFLyQGH(GXFDFLyQPHGLDKRPEUHVPXMHUHV
™ 7DVDEUXWDGHDGPLVLyQKRPEUHV\PXMHUHV
™ 7DVDQHWDGHDGPLVLyQKRPEUHV\PXMHUHV
™ 7DVDGHUHSLWHQFLDKRPEUHV\PXMHUHV
™ 7DVDGHVXSHUYLYHQFLDDOƒJUDGRKRPEUHVPXMHUHV
™ 7DVDGHWUDQVLFLyQDODHQVHxDQ]DVHFXQGDULD+RPEUHVPXMHUHV
0HMRUDU WRGRV ORV DVSHFWRV FXDOLWDWLYRV
,1',&$'25(6'(/2*526(10$7(5,$'($35(1',=$-(
GH OD HGXFDFLyQ JDUDQWL]DQGR ORV SDUiPHWURV ™ GH ORJUR HQ 0DWHPiWLFD ƒ JUDGR DxR WRWDO XUEDQD UXUDO
PiV HOHYDGRV SDUD TXH WRGRV FRQVLJDQ
2ILFLDO3ULYDGR6XEYHQFLRQDGR
UHVXOWDGRV GH DSUHQGL]DMH UHFRQRFLGRV \ ™ GH ORJUR HQ PDWHPiWLFD ƒ JUDGR DxR WRWDO XUEDQD UXUDO
PHQVXUDEOHV HVSHFLDOPHQWH HQ OHFWXUD
2ILFLDO3ULYDGR6XEYHQFLRQDGR
HVFULWXUD DULWPpWLFD \ FRPSHWHQFLDV SUiFWLFDV ™ GH ORJUR HQ PDWHPiWLFD ƒ FXUVR DxR WRWDO XUEDQD UXUDO HVHQFLDOHV
2ILFLDO3ULYDGR6XEYHQFLRQDGR3ULYDGR
/RV LQGLFDGRUHV GH DOIDEHWLVPR \ DQDOIDEHWLVPR VRQ GDWRV GH OD '*((& 'LUHFFLyQ *HQHUDO GH (VWDGtVWLFD (QFX
HVWDV \ &HQVRV \ FRUUHVSRQGHQ D OD (,+
(QFXHVWD,QWHJUDGDGH+RJDUHV
3ODQ(GXFDFLRQDOfDQGXWL
3RUXQDHGXFDFLyQSDUDWRGRVFRQFDOLGDG\HTXLGDG
™ GH ORJUR HQ PDWHPiWLFD ƒ FXUVR +XPDQtVWLFR DxR WRWDO XUEDQD UXUDO2ILFLDO3ULYDGR6XEYHQFLRQDGR3ULYDGR
™ GHORJURHQPDWHPiWLFDƒFXUVR7pFQLFRDxRWRWDOXUEDQDUXUDO
2ILFLDO3ULYDGR6XEYHQFLRQDGR3ULYDGR
™ GHORJURHQFRPXQLFDFLyQƒJUDGRDxRWRWDOXUEDQDUXUDO
2ILFLDO3ULYDGR6XEYHQFLRQDGR
™ GHORJURHQFRPXQLFDFLyQƒJUDGRDxRWRWDOXUEDQDUXUDO
2ILFLDO3ULYDGR6XEYHQFLRQDGR
™ GH ORJUR HQ FRPXQLFDFLyQ ƒ FXUVR DxR WRWDO XUEDQD UXUDO
2ILFLDO3ULYDGR6XEYHQFLRQDGR3ULYDGR
™ GHORJURHQFRPXQLFDFLyQƒFXUVR+XPDQtVWLFRDxRWRWDOXUEDQD
UXUDO2ILFLDO3ULYDGR6XEYHQFLRQDGR3ULYDGR
™ GHORJURHQFRPXQLFDFLyQƒFXUVR7pFQLFRDxRWRWDOXUEDQDUXUDO
2ILFLDO3ULYDGR6XEYHQFLRQDGR3ULYDGR
'$QiOLVLVGHORVUHFXUVRVGHVWLQDGRVDORVWHPDVGH(GXFDFLyQSDUD7RGRV
'LVWULEXFLyQGHOSUHVXSXHVWRSRUQLYHOHVHGXFDWLYRV$xR
1LYHOHV
(GXFDFLyQ,QLFLDOR3UHHVFRODU
(GXFDFLyQ3ULPDULDR%iVLFD
6HFXQGDULD%DMDR(GXFDFLyQ0HGLD
6HFXQGDULD$OWD
(GXFDFLyQ6XSHULRU1R8QLYHUVLWDULD
(GXFDFLyQ6XSHULRU8QLYHUVLWDULD
,QYHVWLJDFLyQDYDQ]DGD'RFWRUDGR
2WURVVLQGLVWULEXFLyQSRUQLYHO
7RWDOHV
,QFOXLGRHQ
86
,QFOXLGRHQ
86
86
86
,QFOXLGRHQ
86
3ODQ(GXFDFLRQDOfDQGXWL
3RUXQDHGXFDFLyQSDUDWRGRVFRQFDOLGDG\HTXLGDG
*DVWRS~EOLFRSURPHGLRVHJ~QQLYHOHVHGXFDWLYRV
0HGLD
*DVWRSRUDOXPQR
1LYHOHV
(GXFDFLyQ,QLFLDOR3UHHVFRODU
,QFOXLGRHQ
(GXFDFLyQ3ULPDULDR%iVLFD
6HFXQGDULD %DMD R (GXFDFLyQ
,QFOXLGRHQ
6HFXQGDULD$OWD
(GXFDFLyQ
6XSHULRU
1R
8QLYHUVLWDULD
(GXFDFLyQ6XSHULRU8QLYHUVLWDULD
,QYHVWLJDFLyQ
DYDQ]DGD
'RFWRUDGR
7RWDOHV
,QFOXLGRHQ
86
86
86
86
86
2EVHUYDFLRQHV 7LSRGHFDPELRDGLFLHPEUHGH*SRU86
,QFOX\H(GXFDFLyQ,QLFLDO -DUGtQ0DWHUQDO H,QIDQWHV3UHHVFRODU\ODPRGDOLGDG 1R(VFRODUL]DGD (GXFDFLyQ(VFRODU%iVLFDƒ \ ƒ
FLFOR(GXFDFLyQ(VSHFLDO(GXFDFLyQGH-yYHQHV\$GXOWRVSURJUDPD(GXFDFLyQ%iVLFDGH$GXOWRV
,QFOX\H(GXFDFLyQ (VFRODU%iVLFD ƒ\ƒ(GXFDFLyQ0HGLD +XPDQtVWLFR \7pFQLFRƒDOƒFXUVR)RUPDFLyQ3URIHVLRQDO7pFQLFD
6XSHULRU
,QFOX\H)RUPDFLyQ'RFHQWH(GXFDFLyQ,QLFLDO(GXFDFLyQ(VFRODU%iVLFD0HGLD(VSHFLDOL]DFLyQGRFHQWH
,QFOX\H8QLYHUVLGDGHV1DFLRQDOHV$VXQFLyQ(VWH ,WDS~D\3LODU\FXUVRVGHSRVWJUDGR
(2EMHWLYRVGHO0DUFRGH$FFLyQGH'DNDU1DFLRQDOHV\GH3URJUDPDV
'DNDU
2EMHWLYRV GHO 0DUFR GH $FFLyQ GH
2EMHWLYRV1DFLRQDOHV
([WHQGHU \ PHMRUDU OD SURWHFFLyQ \
8QLYHUVDOL]DU FRQ FDOLGDG \
HGXFDFLyQ LQWHJUDOHV GH OD SULPHUD LQIDQFLD HTXLGDG UHVSHWDQGR OD GLYHUVLGDG HO
HVSHFLDOPHQWH SDUD ORV QLxRV PiV SUHHVFRODU \ DPSOLDU OD FREHUWXUD GH OD
YXOQHUDEOHV\GHVIDYRUHFLGRV
HGXFDFLyQLQLFLDOSDUDQLxRVDVPHQRUHVGH
DxRV
2EMHWLYRVGHSURJUDPDV
8QLYHUVDOL]DU FRQ FDOLGDG \ HTXLGDG
UHVSHWDQGR OD GLYHUVLGDG HO SUHHVFRODU
HVWDEOHFLHQGR YtQFXORV HQWUH OD FRPXQLGDG
IDPLOLD\HVFXHOD\DPSOLDUODFREHUWXUDGHOD
HGXFDFLyQLQLFLDOSDUDQLxRVDVPHQRUHVGH
DxRV
3ODQ(GXFDFLRQDOfDQGXWL
3RUXQDHGXFDFLyQSDUDWRGRVFRQFDOLGDG\HTXLGDG
9HODU SRUTXH DQWHV GHO WRGRV
ORVQLxRV \VREUHWRGRODVQLxDV \ORVQLxRV
TXH VH HQFXHQWUDQ HQ VLWXDFLRQHV GLItFLOHV \
ORV TXH SHUWHQHFHQ D PLQRUtDV pWQLFDV
WHQJDQ DFFHVR D XQD HQVHxDQ]D SULPDULD
JUDWXLWD \ REOLJDWRULD GH EXHQD FDOLGDG \ OD
WHUPLQHQ
3URSLFLDUHODFFHVRODUHWHQFLyQ\
FXOPLQDFLyQ HQ WRGRV ORV FLFORVGH OD ((%
FRQ FDOLGDG GH OD PD\RUtD GH ODV QLxDV \
QLxRV GDQGR SULRULGDG D QLxRVDV HQ
VLWXDFLRQHVGHYXOQHUDELOLGDG 5HRULHQWDU OD VRFLDOL]DFLyQ IDPLOLDU
FRPXQLWDULD H LQVWLWXFLRQDO GH PHQRUHV TXH
YLYHQ HQ FRQGLFLRQHV GH H[WUHPD SREUH]D
XUEDQD HVFXHODV GH ]RQDV LQXQGDEOHV
ULEHUHxDV HQ 3DUDJXD\ UHGXFLHQGR ODV
GHILFLHQFLDV \ ULHVJRV TXH OLPLWDQ VX
GHVDUUROORSHUVRQDOHLQWHJUDFLyQVRFLDO
3RVLELOLWDU RIHUWDV GLIHUHQFLDGDV \ GH
FDOLGDG SDUD ORV QLxRV \ QLxDV GH ]RQDV
UXUDOHV\XUEDQDVPDUJLQDOHV
0HMRUDUODFDOLGDGHGXFDWLYDGHORVODV
QLxRVDV HQ VX FRQWH[WR KLVWyULFR \ VRFLR
FXOWXUDO
9HODU SRUTXH VHDQ DWHQGLGDV ODV
QHFHVLGDGHV GH DSUHQGL]DMH GH WRGRV ORV
MyYHQHV \ DGXOWRV PHGLDQWH XQ DFFHVR
HTXLWDWLYR D XQ DSUHQGL]DMH DGHFXDGR \ D
SURJUDPDV GH SUHSDUDFLyQ SDUD OD YLGD
DFWLYD
$XPHQWR GH ORV DxRVGH SHUPDQHQFLD
GH ORV QLxRV \ QLxDV HQ ODV HVFXHODV ]RQDV
XUEDQDV\UXUDOHV
9HODU SRU OD DGHFXDFLyQ GH OD
'HVDUUROODU HQ ORV \ ODV SDUWLFLSDQWHV
HGXFDFLyQ D ODV QHFHVLGDGHV GH ODV DFWLWXGHV \ DSWLWXGHV EiVLFDV SDUD VX
DSUHQGL]DMHV SDUD OD YLGD GH MyYHQHV \ LQVHUFLyQHIHFWLYDDOPXQGRODERUDO
DGXOWRV
)RUPDU SURIHVLRQDOHV GH PDQGRV
PHGLRV SDUD DXPHQWDU VXV SRVLELOLGDGHV GH
LQVHUWDUVHDOPXQGRODERUDO
0HMRUDU OD FDOLGDG GH YLGD GH OD
SREODFLyQ PHGLDQWH OD GLQDPL]DFLyQ \
RUJDQL]DFLyQGHODVFRPXQLGDGHVHQODOXFKD
FRQWUD OD SREUH]D OD FDSDFLWDFLyQ SDUD HO
6RQ FRQVLGHUDGRV VHFWRUHV YXOQHUDEOHV ORV SREUHV KDELWDQWHV GH ]RQDV UXUDOHV \ XUEDQR
PDUJLQDOHV LQGtJHQDV WUDEDMDGRUHV GH OD FDOOH \ SHUVRQDV FRQ
QHFHVLGDGHVHVSHFLDOHV
3ODQ(GXFDFLRQDOfDQGXWL
3RUXQDHGXFDFLyQSDUDWRGRVFRQFDOLGDG\HTXLGDG
'LVPLQXLUDODxRHOQ~PHURGH
DGXOWRV DQDOIDEHWRV HQ XQ HQ
SDUWLFXODU PXMHUHV \ IDFLOLWDU D WRGRV ORV
DGXOWRV XQ DFFHVR HTXLWDWLYR DOD HGXFDFLyQ
EiVLFD\ODHGXFDFLyQSHUPDQHQWH
6XSULPLU ODV GLVSDULGDGHV HQ OD
HQVHxDQ]D SULPDULD \ VHFXQGDULD GH DTXt DO
DxR\ORJUDUDQWHVGHODxRPD\RU
HTXLGDGVRFLDOGHJpQHURHQUHODFLyQFRQOD
HGXFDFLyQ HQ SDUWLFXODU JDUDQWL]DQGR D ODV
QLxDV XQ DFFHVR SOHQR \ HTXLWDWLYR D XQD
HGXFDFLyQ EiVLFD GH EXHQD FDOLGDG DVt
FRPRXQEXHQUHQGLPLHQWR
0HMRUDU WRGRV ORV DVSHFWRV
FXDOLWDWLYRVGHODHGXFDFLyQJDUDQWL]DQGRORV
SDUiPHWURV PiV HOHYDGRV SDUD TXH WRGRV
FRQVLJDQ UHVXOWDGRV GH DSUHQGL]DMH
UHFRQRFLGRV \ PHQVXUDEOHV HVSHFLDOPHQWH
5HGXFLUDODxRHOQ~PHURGH
MyYHQHVDQDOIDEHWRVDODPLWDGHQSDUWLFX
ODUPXMHUHV\IDFLOLWDUDWRGRVORVDGXOWRV\
DGXOWDV XQ DFFHVR HTXLWDWLYR D OD (GXFD
FLyQ%iVLFD\OD(GXFDFLyQ3HUPDQHQWH
'LVPLQXLU ODV GLVSDULGDGHV HQ OD
((% \ OD (GXFDFLyQ PHGLD VXPLQLVWUDQGR
HTXLGDGGHOVHUYLFLRHGXFDWLYRHQFXDQWRD
DFFHVRHILFLHQFLD\FDOLGDGHQWUHJpQHURV
\SULRUL]DQGRD QLxRVDVHQ]RQDVUXUDOHV
WUDEDMR SURGXFWLYR \ DXWRJHVWLRQDULR OD
IRUPDFLyQSDUDODGHPRFUDFLDSDUWLFLSDWLYDHQ
XQ PDUFR VROLGDULR \ VLQ H[FOXVLRQHV HO
UHVFDWH GH QXHVWUD FXOWXUD \ HO GHVDUUROOR
VRVWHQLEOH
$SOLFDU XQ PpWRGR GH DOIDEHWL]DFLyQ
ELOLQJH WHQGLHQWH DO GHVDUUROOR KXPDQR GH
KRPEUHV \ PXMHUHV LQGtJHQDV HQ HO PDUFR
GHOUHVSHWRDVXLGHQWLGDG FXOWXUDO \HTXLGDG
GHJpQHUR
0HMRUDU HO QLYHO HGXFDWLYR GH ORV
FLXGDGDQRV \ ODV FLXGDGDQDV SDUDJXD\RVDV
PD\RUHV GH DxRV TXH QR KDQ WHQLGR
DFFHVR R QR KDQ FRQFOXLGR OD (GXFDFLyQ
(VFRODU%iVLFD
$XPHQWDU HO QLYHO HGXFDWLYR GH
MyYHQHV \ DGXOWRVDV PDUJLQDGRVDV GHO
VLVWHPDUHJXODUGHiUHDVGLVWDQWHV
*DUDQWL]DUODLJXDOGDGHQWUHKRPEUHV\
PXMHUHVHQGLJQLGDG\GHUHFKR\SURPRYHUOD
SURWHFFLyQ LQWHJUDO GH OD IDPLOLD GDQGR pQID
VLVDODPDWHUQLGDG\SDWHUQLGDGUHVSRQVDEOH
&RQWULEXLU SDUD OD H[LVWHQFLD GH
HVFXHODV
LQFOXVLYDV
TXH
UHVSRQGDQ
HILFD]PHQWHDODVQHFHVLGDGHVHGXFDWLYDVGH
WRGRVORVDOXPQRV\DOXPQDV
(OHYDU HO UHQGLPLHQWR FXDOLWDWLYR
3URPRYHU\DSOLFDUODSHUWLQHQFLDGH OD
GHODHGXFDFLyQSDUDTXHWRGRVDGTXLHUDQ HGXFDFLyQDFWLYDHQODVROXFLyQGHORVSUREOH
FRQRFLPLHQWRV GH FRPSHWHQFLDV EiVLFDV PDVHGXFDWLYRVGHOSDtV
HQHVSHFLDOHQOHFWXUDHVFULWXUDDULWPpWLFD
\FRPSHWHQFLDVSUiFWLFDVHVHQFLDOHV
0HMRUDU ORV SURFHVRV SHGDJyJLFRV \
3ODQ(GXFDFLRQDOfDQGXWL
3RUXQDHGXFDFLyQSDUDWRGRVFRQFDOLGDG\HTXLGDG
HQ OHFWXUD HVFULWXUD DULWPpWLFD
FRPSHWHQFLDVSUiFWLFDVHVHQFLDOHV
\
GH JHVWLyQ HQ ODV HVFXHODV DSXQWDQGR DO
PHMRUDPLHQWRGHODSUHQGL]DMHGHORVDOXPQRV
\ DOXPQDV HQ OHQJXDMH PDWHPiWLFD \
FLHQFLDV
2IUHFHU DOWHUQDWLYD GLIHUHQFLDGD GH
DSUHQGL]DMHSDUDORVODVQLxRVDVGH((%
)2EMHWLYRV\0HWDVGHO3ODQ1DFLRQDOGH(37
2EMHWLYRV
1DFLRQDOHV
GH(37
8QLYHUVDOL]DU
FRQ FDOLGDG \
HTXLGDG UHVSH
WDQGR OD GLYHUVL
GDG HO SUHHVFR
ODU \ DPSOLDU OD
FREHUWXUD GH OD
HGXFDFLyQ LQLFLDO
SDUD
QLxRVDV
PHQRUHV GH DxRV
$XPHQWDU OD FREHU
WXUD EUXWD GH HGXFDFLyQ
LQLFLDO GH OD SREODFLyQ GH
D DxRV HQ SXQWRV
SRUFHQWXDOHV
$XPHQWDU
FREHUWXUD
QHWD
SUHHVFRODUDO
0LQLVWHULRGH(GXFDFLyQ\&XOWXUD± 9LFHPLQLVWHULRGH(GXFDFLyQ
3ODQ1DFLRQDOGH(GXFDFLyQSDUD7RGRV
$XPHQWDU
OD
FREHUWXUD
EUXWD
GH
HGXFDFLyQ LQLFLDO GH OD
SREODFLyQ GH D DxRV
HQ SXQWRVSRUFHQWXDOHV
$XPHQWDU
OD
FREHUWXUD
EUXWD
GH
HGXFDFLyQ LQLFLDO GH OD
SREODFLyQ GH D DxRV
HQ SXQWRVSRUFHQWXDOHV
OD
$XPHQWDU OD FREHU
0DQWHQHU
GHO WXUDQHWDGHOSUHHVFRODUD FREHUWXUD
QHWD
SUHHVFRODUD
OD
GHO
$XPHQWDU OD FREHU
$XPHQWDU
OD
$XPHQWDU
OD
WXUD EUXWD DO MDUGtQ GH FREHUWXUD EUXWD DO MDUGtQ FREHUWXUD EUXWD DO MDUGtQ
LQIDQWHV HQ SXQWRV GH LQIDQWHV HQ SXQWRV GH LQIDQWHV SXQWRV
SRUFHQWXDOHV
SRUFHQWXDOHV
SRUFHQWXDOHV
$XPHQWDU OD FREHU
$XPHQWDU
OD
$XPHQWDU
OD
WXUD EUXWD DO MDUGtQ FREHUWXUD EUXWD DO MDUGtQ FREHUWXUD EUXWD DO MDUGtQ
PDWHUQDO HQ SXQWR SRU PDWHUQDO SXQWR SRU PDWHUQDOHQ SXQWRVSRU
FHQWXDO
FHQWXDO
FHQWXDOHV
$XPHQWDU OD FREHU
$XPHQWDU
OD
WXUD EUXWD DO SUHHVFRODU FREHUWXUD
EUXWD
DO
HQOD]RQDUXUDOHQ SUHHVFRODU HQ OD ]RQD
UXUDOHQ
,QFUHPHQWDU JUD
GXDOPHQWH HQ XQ OD
DWHQFLyQ D ORVODV QL
xRVDV PHQRUHV GH DxRV
PHGLDQWH
DO
WHUQDWLYDV GH HGXFDFLyQ
QRIRUPDO
$XPHQWDU D QLYHO
$XPHQWDU D QLYHO
3URSLFLDU HO DF SDtVD
SDtVD
FHVR OD UHWHQ
7DVD QHWD GHO ƒ \
7DVD QHWD GHO ƒ \
FLyQ \ FXOPLQD ƒFLFORGHOD((%D ƒFLFORGHOD((%D
FLyQHQWRGRVORV
FLFORV GH OD ((%
7DVD EUXWD GHO ƒ
7DVD EUXWD GHO ƒ
FRQ FDOLGDG GH FLFORGH((%D
FLFORGH((%D
ODPD\RUtDGHODV
QLxDV \ QLxRV
,QFUHPHQWDU
OD
,QFUHPHQWDU
OD
GDQGR SULRULGDG 7DVD QHWD GH DFFHVR DO 7DVD QHWD GH DFFHVR DO
D QLxRVDV HQ VL HU JUDGR FRQ XQ HUJUDGRHQDxRV
WXDFLRQHVGHYXO FUHFLPLHQWR
SURPHGLR
QHUDELOLGDG
DQXDOGH
'LVPLQXLU HQ OD
'LVPLQXLU HQ OD ]RQDUXUDOHQ
$XPHQWDU
OD
FREHUWXUD
EUXWD
DO
SUHHVFRODU HQ OD ]RQD
UXUDOHQ
$XPHQWDU D QLYHO
SDtVD
7DVD QHWD GHO ƒ \
ƒ FLFOR GH OD ((% D
7DVD EUXWD GHO ƒ
FLFORGH((%D
,QFUHPHQWDU
OD
7DVD QHWD GH DFFHVR DO
HUJUDGRHQDxRV
'LVPLQXLU
HQ
OD
0HWDV GH UHWHQFLyQ HODERUDGDV HQ EDVH D SUR\HFFLRQHV GH PDWUtFXOD FRQ XQ JUDGR GH PHMRUD HQ OD HGXFDFLyQ
GLVPLQXFLyQGHOGHODUHSLWHQFLD\ODGHVHUFLyQHQFDGDDxRV
0HWDDVHUFRQVLGHUDGDHQEDVHDODSRVLELOLGDGGHJHQHUDUODLQIRUPDFLyQSRUSDUWHGHOD'*((&
6HJ~QWHQGHQFLD\VHJ~QPHWD3ODQ
0LQLVWHULRGH(GXFDFLyQ\&XOWXUD± 9LFHPLQLVWHULRGH(GXFDFLyQ
3ODQ1DFLRQDOGH(GXFDFLyQSDUD7RGRV
]RQDUXUDOHQ
ODUHSLWHQFLDGHO
ƒ\ƒFLFORGHOD((%
OD GHVHUFLyQ
GHO ƒ \ ƒ FLFOR GH OD
((%
ODUHSLWHQFLDGHO
ƒFLFORGHOD((%
OD GHVHUFLyQ
GHOƒFLFORGHOD((%
5HWHQFLyQ
GH
ORV QLxRVDV TXH
LQLFLDURQHOƒJUDGRHQHO
DxR FXOPLQHQ HO ƒ
JUDGRHQHODxR
/RJUDU OD QRH[FOX
VLyQ
UHSLWHQFLD
\
DEDQGRQR GHO GH
ORV QLxRV \ MyYHQHV FRQ
GLILFXOWDGHQHODSUHQGL]D
MH \R FRQ WUDVWRUQRV GH
FRQGXFWD SHUVRQDV FRQ
OLPLWDFLRQHV \ FDSD
FLGDGHVH[FHSFLRQDOHV
,QFRUSRUDU DO
GH OD SREODFLyQ SREUH HQ
OD((%WRGRVORVFLFORV
$OIDEHWL]DU D SHUVRQDV HQ HVSHFLDO GH
DDxRVFRQSURJUD
PDV
GH
HGXFDFLyQ
SHUPDQHQWH SDUD HO
WUDEDMR HQWUH HO DO
9HODU
SRU
OD
DGHFXDFLyQ GH OD
HGXFDFLyQ D ODV
QHFHVLGDGHV GH
DSUHQGL]DMHV SD
UD OD YLGD GH My
YHQHV\DGXOWRV
5HGXFLU
DO DxR HO
Q~PHUR
GH
MyYHQHV
DQDO
IDEHWRDODPLWDG
HQ SDUWLFXODU PX
MHUHV\IDFLOLWDUD
WRGRV ORV DGXOWRV
\ DGXOWDV XQ DF
FHVR HTXLWDWLYR D
OD (GXFDFLyQ %i
VLFD \ OD (GXFD
FLyQ 3HUPDQHQ
WH
5HGXFLU HQ HO Q~PHUR GH DQDO
IDEHWRVDV GH DxRV \
PiV FRQ SURJUDPDV GH
HGXFDFLyQ SHUPDQHQWH
HQWUHHODO
5HGXFLU GH DxRDOHO
QLYHOGHDQDOIDEHWLVPRGH
PXMHUHV UXUDOHV \ GH
D GH
KRPEUHVUXUDOHV
ODUHSLWHQFLDGHO
ƒ\ƒFLFORGHOD((%
OD GHVHUFLyQ
GHO ƒ \ ƒ FLFOR GH OD
((%
ODUHSLWHQFLDGHO
ƒFLFORGHOD((%
OD GHVHUFLyQ
GHOƒFLFORGHOD((%
(OHYDU DO OD
UHWHQFLyQ GH ORV QLxRVDV
TXH LQLFLDURQ HO ƒ JUDGR
HQ HO DxR FXOPLQHQ
HO ƒ JUDGR HQ HO DxR
VHJ~Q SUR\HFFLR
QHVGHOD'3(,
]RQDUXUDODHQ
ODUHSLWHQFLDGHO
ƒ\ƒFLFORGHOD((%
OD GHVHUFLyQ
GHO ƒ \ ƒ FLFOR GH OD
((%
ODUHSLWHQFLDGHO
ƒFLFORGHOD((%
OD GHVHUFLyQ
GHOƒFLFORGHOD((%
(OHYDU OD UHWHQFLyQ
DO GH ORV QLxRVDV
TXH LQLFLDURQ HO ƒ JUDGR
HODxRFXOPLQHHOƒ
JUDGRHQHODxR
,QFRUSRUDU DO GH OD SREODFLyQ SREUH HQ
,QFRUSRUDU DO OD((%WRGRVORVFLFORV GH OD SREODFLyQ SREUH HQ
OD((%WRGRVORVFLFORV
$OIDEHWL]DU
D
$OIDEHWL]DU
D
SHUVRQDV HQ SHUVRQDV HQ
HVSHFLDOGHDDxRV HVSHFLDOGHDDxRV
FRQSURJUDPDVGHHGXFD FRQSURJUDPDVGHHGXFD
FLyQ SHUPDQHQWH SDUD HO FLyQ SHUPDQHQWH SDUD HO
WUDEDMR HQWUH HO DO WUDEDMR HQWUH HO DO
5HGXFLU HQ HO Q~PHUR GH DQDOIDEH
WRVDVGH DxRV \PiV
FRQ
SURJUDPDV
GH
HGXFDFLyQ SHUPDQHQWH
HQWUHHODO
5HGXFLU D HO
QLYHOGHDQDOIDEHWLVPRGH
PXMHUHVUXUDOHV\D
GH KRPEUHV UXUDOHV FRQ
SURJUDPDV GH HGXFDFLyQ
SHUPDQHQWHHQWUHHO
DO
5HGXFLUHQ
HO Q~PHUR GH DQDOIDEH
WRVDVGH DxRV \PiV
FRQSURJUDPDVGHHGXFD
FLyQ SHUPDQHQWH HQWUH HO
DO
5HGXFLU DO HO
QLYHOGHDQDOIDEHWLVPRGH
PXMHUHVUXUDOHV\D
GH KRPEUHV UXUDOHV FRQ
SURJUDPDV GH HGXFDFLyQ
SHUPDQHQWH HQWUH HO
DO
0LQLVWHULRGH(GXFDFLyQ\&XOWXUD± 9LFHPLQLVWHULRGH(GXFDFLyQ
3ODQ1DFLRQDOGH(GXFDFLyQSDUD7RGRV
'LVPLQXLU
ODV
GLVSDULGDGHV HQ
OD ((% \ OD (GX
FDFLyQ
PHGLD
VXPLQLVWUDQGR
HTXLGDG GHO VHU
YLFLR HGXFDWLYR
HQ FXDQWR D DF
FHVRHILFLHQFLD\
FDOLGDGHQWUHJp
QHURV\SULRUL]DQ
GR D QLxRVDV HQ
]RQDVUXUDOHV
$XPHQWDU
HO
$XPHQWDU
HO
$XPHQWDU
HO
DFFHVRDOSULPHUFXUVRGH DFFHVRDOSULPHUFXUVRGH DFFHVRDOSULPHUFXUVRGH
OD(0D
OD(0DO
OD(0DO
$XPHQWDU OD FREHU
$XPHQWDU
OD
$XPHQWDU
OD
WXUD GHO SULPHU FXUVR D FREHUWXUD GHO SULPHU FREHUWXUD GHO SULPHU
FXUVRGHOD(0DO
FXUVRGHOD(0DO
$XPHQWDU
OD
$XPHQWDU
OD
$XPHQWDU OD FREHU FREHUWXUDQHWDGHOD(0D FREHUWXUD GH OD (0 D
WXUDQHWDGHOD(0D $XPHQWDU OD WDVD
$XPHQWDU OD WDVD
$XPHQWDU OD 7DVD
GH VXSHUYLYHQFLD SRU Jp GH VXSHUYLYHQFLD SRU Jp GH VXSHUYLYHQFLD SRU
QHURHQ
QHURHQ
JpQHURHQ
$XPHQWDU OD WDVD
$XPHQWDU OD WDVD
$XPHQWDU OD WDVD
GHWUDQVLFLyQHQGHOD GHWUDQVLFLyQHQGHOD GHWUDQVLFLyQHQGHOD
HQVHxDQ]D
VHFXQGDULD HQVHxDQ]D
VHFXQGDULD HQVHxDQ]D
VHFXQGDULD
SRUJpQHUR
SRUJpQHUR
SRUJpQHUR
$XPHQWDU OD WDVD
$XPHQWDU OD WDVD
$XPHQWDU OD WDVD
QHWD GH HVFRODUL]DFLyQ QHWD GH HVFRODUL]DFLyQ QHWD GH HVFRODUL]DFLyQ
SRU]RQDHQ
SRU]RQDHQ
SRU]RQDHQ
'LVPLQXLU OD WDVD
'LVPLQXLU OD WDVD
'LVPLQXLU OD WDVD
GHUHSLWHQFLDSRU]RQDHQ GHUHSLWHQFLDSRU]RQDHQ GHUHSLWHQFLDSRU]RQDHQ
$XPHQWDU OD WDVD
$XPHQWDU OD WDVD
$XPHQWDU OD WDVD
GH VXSHUYLYHQFLD SRU ]R GH VXSHUYLYHQFLD SRU ]R GH VXSHUYLYHQFLD SRU ]R
QDHQ
QDHQ
QDHQ
(OHYDU
HO UHQGLPLHQWR
FXDOLWDWLYR GH OD
HGXFDFLyQ SDUD
TXH
WRGRV
DGTXLHUDQ
FRQRFLPLHQWRV
GH FRPSHWHQFLDV
EiVLFDVHQ HVSH
FLDO HQ OHFWXUD
HVFULWXUD DULWPp
WLFD \ FRPSHWHQ
FLDV
SUiFWLFDV
HVHQFLDOHV
$XPHQWDU OD WDVD
GH WUDQVLFLyQ D OD HQVH
xDQ]D VHFXQGDULD SRU
]RQDHQ
(OHYDU ORV QLYHOHV
GH ORJURV HQ HQ &R
PXQLFDFLyQ HQ 0DWH
PiWLFD HQ WRGRV ORV JUD
GRVILQHVGHFLFORVGH ORV
QLYHOHVHGXFDWLYRV
$XPHQWDU OD WDVD
GH WUDQVLFLyQ D OD HQVH
xDQ]D VHFXQGDULD SRU
]RQDHQ
(OHYDU ORV QLYHOHV
GH ORJURV HQ HQ &R
PXQLFDFLyQ HQ 0DWH
PiWLFD HQ WRGRV ORV JUD
GRVILQHVGHFLFORVGH ORV
QLYHOHVHGXFDWLYRV
$XPHQWDU OD WDVD
GH WUDQVLFLyQ D OD HQVH
xDQ]D VHFXQGDULD SRU
]RQDHQ
(OHYDU ORV QLYHOHV
GH ORJURV HQ HQ &R
PXQLFDFLyQ HQ 0DWH
PiWLFD HQ WRGRV ORV JUD
GRVILQHVGHFLFORVGH ORV
QLYHOHVHGXFDWLYRV
+)RUWDOH]DV\GHELOLGDGHVTXHIDFLOLWDQXREVWDFXOL]DQHOORJURGHOREMHWLYR
)RUWDOH]DVGHO3ODQ1DFLRQDO(37
™ 0HMRUDPLHQWRJUDGXDOGHODVLQIUDHVWUXFWXUDVGHODVHVFXHODV\UHFXUVRVPDWHULDOHVSDUDOD
0LQLVWHULRGH(GXFDFLyQ\&XOWXUD± 9LFHPLQLVWHULRGH(GXFDFLyQ
3ODQ1DFLRQDOGH(GXFDFLyQSDUD7RGRV
FRQIRUPDFLyQGHXQDPELHQWHPiVDGHFXDGRSDUDHODSUHQGL]DMH
™ &DSDFLWDFLyQ D ORV GRFHQWHV VREUH WRGR HQ ODV iUHDV GH OHFWRHVFULWXUD PDWHPiWLFD \
JHVWLyQHGXFDWLYD
™ ,QVWDODFLyQ \ IXQFLRQDPLHQWR GH ORV HVSDFLRV GH FDSDFLWDFLyQ HQWUH GRFHQWHV FtUFXORVGH
DSUHQGL]DMH
™ 0D\RUDFWLWXGFUtWLFD\FUHDWLYDGHORVDOXPQRV\DOXPQDV
™ 0iVDFHUFDPLHQWRGHORVSDGUHV\ODVPDGUHVKDFLDVXVHVFXHODV
™ 1XHYR6LVWHPDGH6XSHUYLVLyQHQIXQFLRQDPLHQWR
™
™
™
™
™
™
™
™
™
'HELOLGDGHVGHO3ODQ1DFLRQDO(37
'pELOLQYROXFUDPLHQWRGHLQVWLWXFLRQHVHFRQyPLFDV\SROtWLFDVFRQORVREMHWLYRVHGXFDWLYRV
,QVXILFLHQWHYDORUDFLyQGHODHGXFDFLyQSRUSDUWHGHODSREODFLyQ
,QVXILFLHQWHFDSDFLGDGILQDQFLHUDGHO(VWDGRSDUDDVXPLUORVFRVWRVGHODHGXFDFLyQ
&DPELRVVXFHVLYRVGHDXWRULGDGHVPLQLVWHULDOHVORTXHLPSRVLELOLWDGDUFRQWLQXLGDGSOHQDD
ORVREMHWLYRVHGXFDWLYRV
%DMR LQYROXFUDPLHQWR GH ORV JUHPLRV GRFHQWHV HQ HO DSR\R D ORV REMHWLYRV HGXFDWLYRV
QDFLRQDOHV
%DMRLQYROXFUDPLHQWRGHORVPLHPEURVGHORV&RQVHMRV'HSDUWDPHQWDOHVGH(GXFDFLyQFRQ
ODWDUHDHGXFDWLYD
)DOWD GH FRRUGLQDFLyQ GH VXPLQLVWURV GH UHFXUVRV HQWUH HO 0(& JREHUQDFLRQHV \
PXQLFLSLRVHQEDVHDFULWHULRVGHSULRULGDGGHREMHWLYRV
,QVXILFLHQFLDGHOVLVWHPDHQIRUPDURSRUWXQDPHQWHHOQ~PHURGHGRFHQWHVUHTXHULGRVSDUD
LPSOHPHQWDUHVSHFLDOPHQWHHOƒFLFORGHOD((%\OD(GXFDFLyQ0HGLD
$XVHQFLD GH XQ SODQ GH FRQWUDWDFLyQ \ SURPRFLyQ GH GRFHQWHV HQ EDVH D FULWHULRV GH
HILFLHQFLDHQVXGHVHPSHxR
$PHQD]DVGHO3ODQ1DFLRQDO(37
™ ,QHVWDELOLGDGSROtWLFD
™ ,QVXILFLHQWHFDSDFLGDGWpFQLFDGHO0(&SDUDDIURQWDUORVFRPSURPLVRVGH(37
™ )RUPXODFLyQGHOSUHVXSXHVWRGHO0(&FRQHOFULWHULREDVHORTXHLPSLGHODH[SDQVLyQGHO
PLVPRHQEDVHDSULRULGDGHVHGXFDWLYDV
™ ,QVWDXUDFLyQSDUFLDOGHODGHPRFUDFLD
™ 'HFUHFLPLHQWRHFRQyPLFR\DOWRVQLYHOHVGHSREUH]D
™ ,QVXILFLHQFLD HQ OD UHFDXGDFLyQ ILVFDO OR TXH LPSLGH HO VXPLQLVWUR GH UHFXUVRVILQDQFLHURV
HQFXDQWtD\SHUWLQHQFLDDOVHFWRUHGXFDWLYR
,)RUWDOH]DV\GHELOLGDGHVSDUDHOFXPSOLPLHQWRGHORVREMHWLYRV\PHWDVDFRUWRSOD]R
2EMHWLYRV
1DFLRQDOHV(37
2EMHWLYRV
8QLYHUVDOL]DU
FRQ FDOLGDG \ HTXLGDG
UHVSHWDQGR
OD
GLYHUVLGDG
HO
SUHHVFRODU \ DPSOLDU OD
FREHUWXUD GH OD HGX
FDFLyQ LQLFLDO SDUD QL
xRVDV PHQRUHV GH DxRV
)RUWDOH]DV\'HELOLGDGHVSDUDHOFXPSOLPLHQWR
GHORV2EMHWLYRV\0HWDVHQHOFRUWRSOD]R
)RUWDOH]DV
'HELOLGDGHV
$XPHQWDU
OD
3ODQ1DFLRQDOGH
,QVXILFLHQWH
FREHUWXUD EUXWD GH (GXFDFLyQ
,QLFLDO Q~PHUR GH GRFHQWHV
HGXFDFLyQ LQLFLDO GH OD HODERUDGR
FRQ
IRUPDFLyQ
SREODFLyQ GH D HVSHFtILFD SDUD HO QLYHO
DxRV HQ SXQWRV
3UpVWDPR
GHO ,QLFLDO HQ HMHUFLFLR DOWR
SRUFHQWXDOHV
%,' SDUD OD HMHFXFLyQ Q~PHUR GH GRFHQWHV
GHO 3ODQ 1DFLRQDO GH FRQ IRUPDFLyQ SDUD
$XPHQWDU
OD (GXFDFLyQ,QLFLDO(,
((%ƒ\ƒFLFOR\HQ
FREHUWXUD QHWD GHO
IRUPDFLyQ
SUHHVFRODUDO
([SHULHQFLDV
SRVLWLYDV
HQ
OD
%DMR LQWHUpV GH
$XPHQWDU
OD HGXFDFLyQ QR HV ORV SDGUHV GH OD HGX
FREHUWXUD EUXWD DO FRODUL]DGD GH QLxRVDV FDFLyQ LQLFLDO HQ HVSH
MDUGtQ GH LQIDQWHV HQ PHQRUHVGHDxRV
FLDOHQHOLQWHULRU
SXQWRVSRUFHQWXDOHV
0LQLVWHULRGH(GXFDFLyQ\&XOWXUD± 9LFHPLQLVWHULRGH(GXFDFLyQ
3ODQ1DFLRQDOGH(GXFDFLyQSDUD7RGRV
&UHFLPLHQWR
$XPHQWDU
OD KLVWyULFR HOHYDGR GH OD
FREHUWXUD EUXWD DO PDWUtFXOD
GHO
MDUGtQ PDWHUQDO HQ 3UHHVFRODU
SXQWRSRUFHQWXDO
,QWHUpV GH ODV
$XPHQWDU
OD DXWRULGDGHV
SRU
FREHUWXUD EUXWD DO DXPHQWDU OD FREHUWXUD
SUHHVFRODU HQ OD ]RQD GHOSUHHVFRODU
UXUDOHQ
0DQGDWR HQ OD
,QFUHPHQWDU JUD /H\
*HQHUDO
GH
GXDOPHQWHHQXQOD (GXFDFLyQ
GH
DWHQFLyQ D ORVODV QL REOLJDWRULHGDG GHO SUH
xRVDV PHQRUHV GH HVFRODU
DxRV PHGLDQWH DOWHUQD
WLYDV GH HGXFDFLyQ QR
5HG GH WpFQLFRV
IRUPDO
]RQDOHV
\
GHSDUWDPHQWDOHV
RUJDQL]DGRV \ IRUPD
GRV SDUD HO QLYHO GH
(GXFDFLyQ,QLFLDO
,QVXILFLHQWHV
WpFQLFRV
HQ
OD
$GPLQLVWUDFLyQ &HQWUDO
GHO 0(& SDUD DIURQWDU
ORVUHTXHULPLHQWRV
,QVXILFLHQFLD GH
UHFXUVRV
ILQDQFLHURV
SDUD HO SDJR GH
YLiWLFRV
SDUD
HO
PRQLWRUHR HIHFWLYR GH
ORVSURJUDPDVGH(,
3RFD FUHDFLyQ
GH VHFFLRQHV GHELGR DO
EDMR
SUHVXSXHVWR
DVLJQDGR DO 0(& SDUD
FUHFHU DO ULWPR UHTXH
ULGRVHJ~QODWHQGHQFLD
GHODPDWUtFXOD
/D DXVHQFLD GH
SURJUDPDV TXH GHQ
,QWHUpV GH OD FXHQWD GHO tQGLFH R
6HFUHWDUtD GH OD 1LxH] QLYHO GH GHVDUUROOR GH
\ OD $GROHVFHQFLD HQ ORVODV QLxRVDV HQ ODV
DSR\DUDOSURJUDPD
IXQFLRQHV EiVLFDV GH
DSUHQGL]DMH HQ HO
PRPHQWRGHODFFHVRDO
ƒJUDGRGHOD((%
3URSLFLDU HO
DFFHVR OD UHWHQFLyQ \
FXOPLQDFLyQ HQ WRGRV
ORV FLFORV GH OD ((%
FRQ FDOLGDG GH OD
PD\RUtD GH ODV QLxDV \
QLxRV GDQGR SULRULGDG
D
QLxRVDV
HQ
VLWXDFLRQHV GH YXOQHUD
ELOLGDG
0DUFR OHJDO DOJR
FRQIXVR HQ FXDQWR D
ORVPDQGDWRVGHOD(,
,QVXILFLHQFLD GH
UHFXUVRV
ILQDQFLHURV
TXH
SHUPLWDQ
UHSRVLFLyQ GH OLEURV
FUHDFLyQ GH VHFFLRQHV
HQ
EDVH
D
ORV
UHTXHULPLHQWRV GHO FUH
FLPLHQWR YHJHWDWLYR GH
ODPDWUtFXOD
$XPHQWDUDQLYHO
3URJUDPD
GH
SDtVD
)RUWDOHFLPLHQWR GH OD
7DVD QHWD GHO ƒ ((%LPSOHPHQWDGR
\ ƒ FLFOR GH OD ((% D
&DQWLGDG
VXILFLHQWH GH GRFHQWHV
7DVDEUXWDGHOƒ SDUD((%ƒ\ƒFLFOR
FLFORGH((%D
1XHYR VLVWHPD
,QFUHPHQWDU OD GH
VXSHUYLVLyQ
WDVD QHWD GH DFFHVR DO HGXFDWLYD TXH SHUPLWH
,QVXILFLHQFLD GHO
HU JUDGR FRQ XQ XQ DFRPSDxDPLHQWR Q~PHUR GH GRFHQWHV
FUHFLPLHQWR SURPHGLR SHGDJyJLFR
PiV QHFHVDULRV SDUD ((%
DQXDOGH
HIHFWLYR
ƒ
FLFOR
TXH
DFRPSDxHQHODXPHQWR
'LVPLQXLU HQ OD
7UDQVIHUHQFLD
GHODPDWUtFXOD
]RQDUXUDOHQ
JUDGXDO
GH
OD UHSLWHQFLD FRPSHWHQFLDV GHO 1LYHO
([FHVR
GH
GHO ƒ \ ƒ FLFOR GH OD &HQWUDODODVLQVWDQFLDV GRFHQWHV SDUD ((% ƒ
0HWDV GH UHWHQFLyQ HODERUDGDV HQ EDVH D SUR\HFFLRQHV GH PDWUtFXOD FRQ XQ JUDGR GH PHMRUD HQ OD HGXFDFLyQ
GLVPLQXFLyQGHOGHODUHSLWHQFLD\ODGHVHUFLyQHQFDGDDxRV
0HWDDVHUFRQVLGHUDGDHQEDVHDODSRVLELOLGDGGHJHQHUDUODLQIRUPDFLyQSRUSDUWHGHOD'*((&
0LQLVWHULRGH(GXFDFLyQ\&XOWXUD± 9LFHPLQLVWHULRGH(GXFDFLyQ
3ODQ1DFLRQDOGH(GXFDFLyQSDUD7RGRV
((%
GHSDUWDPHQWDOHV
ODGHVHUFLyQ
GHO ƒ \ ƒ FLFOR GH OD
$SR\R GH HQWHV
((%
VXEQDFLRQDOHV \ GH ODV
OD UHSLWHQFLD $VRFLDFLRQHV
GHOƒFLFORGHOD((%
ODGHVHUFLyQ
0D\RU DSHUWXUD
GHOƒFLFORGHOD((% GH ODV HVFXHODV D OD
FRPXQLGDGHGXFDWLYD
5HWHQFLyQ
GH
ORV QLxRVDV TXH
6LVWHPD
GH
LQLFLDURQHOƒJUDGRHQ LQIRUPDFLyQ
\
HO DxR FXOPLQHQ HYDOXDFLyQ LPSOHPHQ
HO ƒ JUDGR HQ HO DxR WDGRSDUDKDFHUVHJXL
PLHQWRDOD5HIRUPDGH
OD((%
/RJUDU OD QR
H[FOXVLyQ UHSLWHQFLD \
DEDQGRQR GHO GH
ORVQLxRV\MyYHQHVFRQ
GLILFXOWDG
HQ
HO
DSUHQGL]DMH \R FRQ
WUDVWRUQRV GH FRQGXFWD
SHUVRQDV
FRQ
OLPLWDFLRQHV \ FDSD
FLGDGHV H[FHSFLRQD
OHV
,QFRUSRUDU
DO
GH OD SREODFLyQ
SREUH HQOD((%WRGRV
ORVFLFORV
$OIDEHWL]DU D SHUVRQDV HQ HVSH
FLDO GH D DxRV
FRQ SURJUDPDV GH
HGXFDFLyQ SHUPDQHQWH
SDUD HO WUDEDMR HQWUH HO
DO
\ ƒ FLFOR SDUD ORV
UHTXHULPLHQWRV GH OD
GHPDQGD FUHDQGR XQ
DOWR
Q~PHUR
GH
GHVHPSOHDGRV R OD
VXEXWLOL]DFLyQ GH ORV
PLVPRV
,QVXILFLHQWHV
WpFQLFRV
HQ
OD
$GPLQLVWUDFLyQ &HQWUDO
GHO0(&HQHOiUHDGH
((% \ &XUUtFXOXP SD
UD DIURQWDU ORV UHTXHUL
PLHQWRV
'pELO FDSDFLGDG
GH PRQLWRUHR GH ORV
SURJUDPDV SRU IDOWD GH
UHFXUVRV SDUD ORV
YLiWLFRV \ OD LQVXIL
FLHQFLD GHO Q~PHUR GH
VXSHUYLVRUHV WpFQLFR
SHGDJyJLFR HQ FLHUWDV
]RQDVGHOSDtV
9HODU SRU OD
DGHFXDFLyQ GH OD
HGXFDFLyQ
D
ODV
QHFHVLGDGHV
GH
DSUHQGL]DMHV SDUD OD
YLGDGHMyYHQHV\DGXO
WRV
3URJUDPD
GH
FDSDFLWDFLyQ
ODERUDO
EiVLFD HQ SURFHVR GH
UHIRUPD FRQ PLUDV D
VHU GHVDUUROODGR HQ
IRUPD
SDUDOHOD
DO
SURJUDPDGHHGXFDFLyQ
EiVLFD ELOLQJH GH
MyYHQHV\DGXOWRV
3URJUDPDV &,$&
FRQ LPSDFWR SRVLWLYR D
QLYHO GHSDUWDPHQWDO HQ
HO PHMRUDPLHQWR GH OD
FDOLGDG GH YLGD GH OD
SREODFLyQ\FRQSRVLEL
OLGDGHVGHVHUH[SDQGL
GDVDQLYHOQDFLRQDO
5HIRUPD
(GXFDWLYD GHO 1LYHO
0HGLR HQ PDUFKD ƒ
FXUVR HQ HO SUHVHQWH
DxR
,QVXILFLHQWH
LQYROXFUDPLHQWR
\
DFRPSDxDPLHQWR GH
ORV \ ODV VXSHUYLVR
UHVDV WpFQLFRSHGDJy
JLFRV DO QLYHO GH HGX
FDFLyQ SHUPDQHQWH HQ
OD HMHFXFLyQ GH SUR
JUDPDVQRIRUPDOHVGH
HGXFDFLyQSDUDODYLGD
)DOWD GH XQ
GLDJQyVWLFRGHODPDQR
GH REUD UHTXHULGD SRU
ORV
GHSDUWDPHQWRV
JHRJUiILFRV
0LQLVWHULRGH(GXFDFLyQ\&XOWXUD± 9LFHPLQLVWHULRGH(GXFDFLyQ
3ODQ1DFLRQDOGH(GXFDFLyQSDUD7RGRV
5HGXFLUDODxR
HO Q~PHUR GH
MyYHQHVDQDOIDEHWRDOD
PLWDG HQ SDUWLFXODU
PXMHUHV \ IDFLOLWDU D
WRGRV ORV DGXOWRV \
DGXOWDV XQ DFFHVR
HTXLWDWLYR
D
OD
(GXFDFLyQ %iVLFD \ OD
(GXFDFLyQ
3HUPDQHQWH
5HGXFLU
HQ
HO Q~PHUR GH
DQDOIDEHWRVDV GH DxRV \ PiV FRQ
SURJUDPDV GH HGX
FDFLyQ
SHUPDQHQWH
HQWUHHODO
5HGXFLU
GH
DxRDO
HO QLYHO GH
DQDOIDEHWLVPR
GH
PXMHUHV UXUDOHV \ D
GH KRPEUHVUXUD
OHV
3URJUDPD
352'(3$
HQ
HMHFXFLyQ \ FRQ SR
VLELOLGDGHV GH H[SDQ
VLyQ \ TXH FXHQWD FRQ
ILQDQFLDPLHQWR GHO *R
ELHUQR(VSDxRO
,QVXILFLHQWH
FDQWLGDG GH SHUVRQDO
WpFQLFR
HQ
OD
DGPLQLVWUDFLyQ FHQWUDO
GHO 0(& HGXFDFLyQ
SHUPDQHQWH
SDUD
DIURQWDU ORV UHTXHUL
PLHQWRVHQODHMHFXFLyQ
&DSDFLGDG
GH GH ORV QXHYRV SURJUD
JHVWLyQ GHO SURJUDPD PDVSURSXHVWRV
352'(3$
\
GHO
SURJUDPD
%L
$OWR FRVWR GH XQ
$OIDEHWL]DFLyQ
SURJUDPD
GH
(GXFDFLyQ
%iVLFD
%LOLQJH
,QVXILFLHQFLD H
LQDGHFXDGD IRUPDFLyQ
GH GRFHQWHV SDUD
HGXFDUDDGXOWRV
'pELO PRQLWRUHR
D
LQVWLWXFLRQHV
HGXFDWLYDV GH RIHUWD
SULYDGD
HQ
OD
PRGDOLGDG GH (GXFD
FLyQ%iVLFDGH-yYHQHV
\$GXOWRV
'LVPLQXLU ODV
GLVSDULGDGHVHQOD((%
\ OD (GXFDFLyQ PHGLD
VXPLQLVWUDQGR HTXLGDG
GHO VHUYLFLR HGXFDWLYR
HQ FXDQWR D DFFHVR
HILFLHQFLD\FDOLGDGHQ
WUH JpQHURV \ SULRUL
]DQGR D QLxRVDV HQ
]RQDVUXUDOHV
$XPHQWDU
HO
5HIRUPD
DFFHVR DO SULPHU FXUVR (GXFDWLYD GHO 1LYHO
GHOD(0D
0HGLR HQ PDUFKD ƒ
FXUVR HQ HO SUHVHQWH
$XPHQWDU
OD DxR
FREHUWXUD GHO SULPHU
FXUVRD
(YDOXDFLyQ GHO
SURJUDPD
35,20(
$XPHQWDU
OD SRVLWLYD SRU OR TXH VH
FREHUWXUD QHWD GH OD SUHWHQGHH[SDQGLUOR
(0D
3ODQ1DFLRQDOGH
$XPHQWDUODWDVD ,JXDOGDG
GH
GH VXSHUYLYHQFLD SRU RSRUWXQLGDGHV
HQWUH
JpQHURHQ
KRPEUHV \ PXMHUHV
DFWXDOPHQWH GLVHxDGR
$XPHQWDUODWDVD FRQ
HVWUDWHJLDV
GHWUDQVLFLyQHQGH HVSHFtILFDVHQHOVHFWRU
OD HQVHxDQ]D VHFXQ HGXFDFLyQ
GDULDSRUJpQHUR
,QGLFDGRUHV
%DMR Q~PHUR GH
PDWULFXODGRV HQ ]RQDV
GLVWDQWHV OR TXH HOHYD
VXVWDQFLDOPHQWHHOFRV
WRXQLWDULRSRUDOXPQRD
MyYHQHV\DGXOWRVDV
,QVXILFLHQFLD HQ
HO Q~PHUR GH WpFQLFRV
HQ OD DGPLQLVWUDFLyQ
FHQWUDO GHO 0(& GH OD
'LUHFFLyQGH(GXFDFLyQ
0HGLD SDUD DIURQWDU
ORVUHTXHULPLHQWRV
1~PHUR
GH
GRFHQWHV LQVXILFLHQWHV
HQODViUHDVUHTXHULGDV
SDUD LPSOHPHQWDU OD
5HIRUPD
GH
OD
(GXFDFLyQ0HGLD
'RFHQWHV
SOXULHPSOHDGRV PiV
FRQRFLGRV
FRPR
³GRFHQWHV WD[LV´ TXH
UHFRUUHQ GLVWLQWDV LQVWL
WXFLRQHVTXHQRSHUPL
0LQLVWHULRGH(GXFDFLyQ\&XOWXUD± 9LFHPLQLVWHULRGH(GXFDFLyQ
3ODQ1DFLRQDOGH(GXFDFLyQSDUD7RGRV
$XPHQWDUODWDVD HGXFDWLYRV
QHWD GH HVFRODUL]DFLyQ FXDQWLWDWLYRV FDVL HTXL
SRU]RQDHQ
WDWLYRV HQWUHKRPEUHV\
PXMHUHV
'LVPLQXLU OD WDVD
GH UHSLWHQFLD SRU ]RQD
,QFRUSRUDFLyQ R
HQ
WUDWDPLHQWR GH JpQHUR
FRPR HMH WUDQVYHUVDO
$XPHQWDUODWDVD GHO FXUUtFXOXP HQ ((%
GH VXSHUYLYHQFLD SRU \(GXFDFLyQ0HGLD
]RQDHQ
$XPHQWDUODWDVD
GHWUDQVLFLyQDODHQVH
xDQ]D VHFXQGDULD SRU
]RQDHQ
WHQ XQD LGHQWLILFDFLyQ
FRQODLQVWLWXFLyQGRQGH
HMHUFHQ
,QVXILFLHQFLD GH
UHFXUVRV
ILQDQFLHURV
TXH
SHUPLWDQ
OD
FUHDFLyQ GH VHFFLRQHV
HQ
EDVH
D
ORV
UHTXHULPLHQWRV
GHO
FUHFLPLHQWR YHJHWDWLYR
GH OD PDWUtFXOD GH ORV
FXUVRV D VHU UHIRUPD
GRV HQ OD (GXFDFLyQ
0HGLD SRU QR HVWDU
H[SUHVDPHQWH FRQVLGH
UDGR HQ IRUPD OHJDO GH
FDUiFWHUREOLJDWRULR
(O FDPELR GH OD
FXOWXUD
GH
GLVFULPLQDFLyQ KDFLD OD
PXMHUUHTXLHUHWLHPSR\
PXFKRV UHFXUVRV SDUD
HO FDPELR GH ODV
SUiFWLFDV GLVFULPLQDWR
ULDV
/D WRPD GH
GHFLVLRQHV VREUH ORV
PRQWRV D DVLJQDU D OD
GLVPLQXFLyQ GH ODV
GLVSDULGDGHV
GH
JpQHUR SXHGH HVWDU
VHVJDGD SRU FXOWXUDV
PDFKLVWDV
(OHYDU HO
UHQGLPLHQWR FXDOLWDWLYR
GH OD HGXFDFLyQ SDUD
TXH WRGRV DGTXLHUDQ
FRQRFLPLHQWRV
GH
FRPSHWHQFLDV EiVLFDV
HQ HVSHFLDO HQ OHFWXUD
HVFULWXUD DULWPpWLFD \
FRPSHWHQFLDVSUiFWLFDV
HVHQFLDOHV
(OHYDU
ORV
QLYHOHV GH ORJURV HQ
HQ &RPXQLFDFLyQ
HQ HQ 0DWHPiWLFD
HQ WRGRV ORV JUDGRV IL
QHV GH FLFORV GH ORV
QLYHOHVHGXFDWLYRV
'LVHxR
H
LPSOHPHQWDFLyQ
GH
SURJUDPDVWHQGLHQWHVD
HOHYDU OD FDOLGDG HGX
FDWLYD
,PSOHPHQWDFLyQ
GHO 6LVWHPD 1DFLRQDO
GH (YDOXDFLyQ GHO
3URFHVR
(GXFDWLYR
61(3( FRQ HO ILQ GH
PHGLU\HYDOXDUHOORJUR
HGXFDWLYR
%XHQD
$OWR FRVWR GH
H[SDQVLyQ HQ HO iUHD
UXUDO FRQ SREODFLyQ
GLVSHUVD
,QVXILFLHQWH
Q~PHUR \ QLYHO GH
IRUPDFLyQ GH WpFQLFRV
HQ OD $GPLQLVWUDFLyQ
&HQWUDOGHO0(&
,QVXILFLHQWH
UHFXUVRV GH JDVWRV
FRUULHQWHV SDUD OD
HODERUDFLyQ
\
HYDOXDFLyQGHORVFXUUt
FXOXP
,QVXILFLHQWH
FRPSURPLVR
GH
0LQLVWHULRGH(GXFDFLyQ\&XOWXUD± 9LFHPLQLVWHULRGH(GXFDFLyQ
3ODQ1DFLRQDOGH(GXFDFLyQSDUD7RGRV
SUHGLVSRVLFLyQ GH ODV
DXWRULGDGHV
PL
QLVWHULDOHV SDUD LPSXO
VDUDFFLRQHVWHQGLHQWHV
DPHMRUDUODFDOLGDG
DOJXQRV GRFHQWHV FRQ
OD PHMRUD GH OD FDOLGDG
GH
OD
HGXFDFLyQ
GHPRVWUDGRHQORVGtDV
GH KXHOJD GHO FRUULHQWH
DxR
5HYLVLyQ
\
GLVHxR GHO 6LVWHPD GH
3RFR
DFXHUGR
)RUPDFLyQ
'RFHQWH FRQ ORV GRFHQWHV SDUD
,QLFLDO\&RQWLQXD
LQFUHPHQWDU ODV GtDV \
KRUDV
GH
FODVHV
GHELGR
D
OD
LQVXILFLHQFLD GH UHFXU
VRV ILQDQFLHURV GHO (V
WDGR SDUD HO SDJR GH
VDODULRV VXSHULRUHV \
RWURV EHQHILFLRV D ORV
GRFHQWHV
-5HVXPHQGHODQiOLVLVGHYLDELOLGDGHQHOSDtV
%DMR QLYHO GH
ORJUR
GH
ORV
HVWXGLDQWHV GH IRU
PDFLyQ GRFHQWH VHJ~Q
ODVSUXHEDVVXPLQLVWUD
GDVSRUHO61(3(
/DDFWXDOFR\XQWXUDVRFLRHFRQyPLFDSRUODTXHDWUDYLHVDHOSDtVLQFLGHQGLUHFWDPHQWHHQHO
FXPSOLPLHQWRGHODVSROtWLFDVHGXFDWLYDVHQODVPHWDVSURSXHVWDVWHQLHQGRHQFXHQWDODUHGXFFLyQ
GHO JDVWR SRU XQ ODGR GHVGH HO 3URSLR 3UHVXSXHVWR *HQHUDO GH *DVWRV GH OD 1DFLyQ \ SRU RWUR
ODGRGHVGHHOVHFWRUSULYDGRODVSURSLDVIDPLOLDVVHYHQREOLJDGDVDUHGXFLUDOPtQLPRRHQHOSHRU
GH ORV FDVRV VH HQFXHQWUDQ WRWDOPHQWH LQVROYHQWHV SDUD DEVRUEHU ORV FRVWRV HGXFDWLYRV TXH OHV
FRUUHVSRQGHVHJ~QHOVHFWRUDTXHDFXGHQVXVKLMRVDVRILFLDOSULYDGR\VXEYHQFLRQDGR
6LQHPEDUJRDQLYHOQDFLRQDOOD5HIRUPD (GXFDWLYDLQLFLDGRHQODGpFDGDGHOQRYHQWDVH
KD FRQVWLWXLGR HQ XQD SROtWLFD GH (VWDGR FRQVLGHUDQGR TXH IXH \ VLJXH VLHQGR OD ~QLFD 5HIRUPD
TXHKDWUDVSDVDGRODVIURQWHUDVGHORV*RELHUQRVTXHVHKDQVXFHGLGRGHVGHKDVWDODIHFKD
6L ELHQ HV FLHUWR TXH VH KDQ WHQLGR DYDQFHV \ GLILFXOWDGHV OD UHIRUPD KD ORJUDGR LPSULPLU HQ OD
FRQFLHQFLDFROHFWLYDQDFLRQDOXQFRQVHQVRJHQHUDOL]DGRVREUHODLPSRUWDQFLDGHODHGXFDFLyQ\VH
KDFLIUDGRHQHOODODVH[SHFWDWLYDVSDUDDOFDQ]DUHOGHVDUUROORKXPDQRVRFLDO\HFRQyPLFRGHOSDtV
3RURWURODGRVHFXHQWDFRQHOPDUFROHJDOGDGRSRUODSURSLD&RQVWLWXFLyQ1DFLRQDOOD/H\
*HQHUDOGH(GXFDFLyQ\HO(VWDWXWRGHO(GXFDGRU
(QHVWHFRQWH[WRVHKDGHVDUUROODGRHLPSXOVDGRJUDGXDOPHQWHGHVGHHO0(&XQDSROtWLFD
GH DSHUWXUD SDUWLFLSDFLyQ \ FRQVWUXFFLyQ FROHFWLYD GH ORV SODQHV HGXFDWLYRV D WUDYpV GH OD
SDUWLFLSDFLyQGHGLVWLQWRVHVWDPHQWRVGHODVRFLHGDGFLYLOUHSUHVHQWDGRVHQWUHRWURVSRUSDGUHV\
PDGUHV GH IDPLOLDV QXFOHDGRV HQ $VRFLDFLRQHV GH &RRSHUDFLyQ (VFRODU $&(¶V H
LQVWLWXFLRQDOL]DGR HQXQD&RRUGLQDGRUD1DFLRQDO(VWDV LQVWDQFLDVHQORV~OWLPRVDxRV KDQ WHQLGR
XQUROSURWDJyQLFRHQDSR\RDODHGXFDFLyQGHOSDtVQDFLRQDOHVGHSDUWDPHQWDOHV\ORFDOHV
$GHPiV FRPR XQD SROtWLFD GH PHMRUDPLHQWR GH OD JHVWLyQ GHO 6LVWHPD VH KD LPSXOVDGR
JUDGXDOPHQWH OD GHVFRQFHQWUDFLyQ GH ORV VHUYLFLRV \ SURFHVRV GH JHVWLyQ HGXFDWLYR FUHDQGR H
LQVWDODQGRORV&RQVHMRV'HSDUWDPHQWDOHVGH(GXFDFLyQ\5HGLVHxDQGRHO6LVWHPDGH6XSHUYLVLyQ
(GXFDWLYD
(Q HO PDUFR GH WRGR HVWH SURFHVR HO 0(& VH HQFXHQWUD HQ XQD HWDSD GH DMXVWH \
UHGHILQLFLyQGHVXVFRPSHWHQFLDVDQLYHOFHQWUDOGHSDUWDPHQWDO\ORFDOFUHDQGRODVEDVHVGHXQD
JUDGXDOGHVFHQWUDOL]DFLyQ \GHXQDDXWRQRPtDLQVWLWXFLRQDODQLYHOGHORVFHQWURVHGXFDWLYRV(VWR
UHTXHULUi GH OD UHDGHFXDFLyQ \R DFWXDOL]DFLyQ GH ODV FRPSHWHQFLDV WpFQLFDV GH ORV 5HFXUVRV
0LQLVWHULRGH(GXFDFLyQ\&XOWXUD± 9LFHPLQLVWHULRGH(GXFDFLyQ
3ODQ1DFLRQDOGH(GXFDFLyQSDUD7RGRV
+XPDQRVHQFDOLGDG\FDQWLGDG
$QLYHO,QWHULQVWLWXFLRQDOHQWUHORVGLYHUVRVVHFWRUHVGHO*RELHUQRVHHQFXHQWUDHQPDUFKDHO
3URJUDPD(15(3'(VWUDWHJLD1DFLRQDOGH5HGXFFLyQGHOD3REUH]D\OD'HVLJXDOGDGFRPRXQD
SROtWLFD LQWHUVHFWRULDO LQYROXFUDQGR HQ VX SURFHVR GH GLDJQyVWLFR \ GLVHxR D PiV GH ORV
2UJDQLVPRV *XEHUQDPHQWDOHV D UHSUHVHQWDQWHV GH WRGDV ODV LQVWDQFLDV UHSUHVHQWDWLYDV GH OD
6RFLHGDG S~EOLFDV SULYDGDV FLYLOHV (VWH 3URJUDPD FXHQWD FRQ HO DSR\R GHO 318' \ OD
FRRSHUDFLyQGHO%,'HO%DQFR0XQGLDOOD)XQGDFLyQ.RQUDG$GHQDXHU\OD2,7
7HQLHQGRHQFXHQWDTXHORVSURFHVRVGHFDPELRFXDQGRLQYROXFUDFDPELRHQORVSDWURQHV
FXOWXUDOHV\ODFRQIRUPDFLyQGHUHGHVGHSDUWLFLSDFLyQVRQPiVOHQWRVVLQHPEDUJRFRQVWLWX\HQHQ
VtPLVPDVXQLQVWUXPHQWRSRGHURVRSDUDODFRQFUHFLyQ\VRVWHQLELOLGDGGHODVSROtWLFDV\DFFLRQHV
SODQWHDGDVSDUDHOPHGLDQR\PiVD~QDODUJRSOD]R
3DUD HO FRUWR SOD]R DFWXDOPHQWH VH FXHQWD FRQ ILQDQFLDPLHQWR GHO %,' SDUD HO
IRUWDOHFLPLHQWR GH OD 5HIRUPD (GXFDWLYD GH OD (GXFDFLyQ (VFRODU %iVLFD \ HQ SUHSDUDFLyQ HO
3URJUDPDGH)RUWDOHFLPLHQWRGHOD(GXFDFLyQ,QLFLDOFRQILQDQFLDPLHQWR\DSR\RGHOD$(&,SDUD
OD LPSOHPHQWDFLyQ GH ORV 3URJUDPDV GH (GXFDFLyQ 3HUPDQHQWH DOIDEHWL]DFLyQ GH MyYHQHV \
DGXOWRVHQHWDSDGHSUHIDFWLELOLGDGHO3URJUDPDGHDSR\RDOD5HIRUPDGHOD(GXFDFLyQ0HGLD
&RQVLGHUDQGRWRGRVHVWRVHOHPHQWRVODYLDELOLGDGSROtWLFDGHO3ODQGH(GXFDFLyQSDUD7RGRV
HV SRVLEOH VLHPSUH \ FXDQGR VH GHQ ORV VXSXHVWRV GH FRQWDU FRQ ORV UHFXUVRV ILQDQFLHURV \
PDWHULDOHVVXILFLHQWHVWDQWRGHIXHQWHLQWHUQDFRPRH[WHUQD
0LQLVWHULRGH(GXFDFLyQ\&XOWXUD± 9LFHPLQLVWHULRGH(GXFDFLyQ
3ODQ1DFLRQDOGH(GXFDFLyQSDUD7RGRV
.3URJUDPDFLyQGHFRUWR\PHGLDQRSOD]R
2EMHWLYRV(VWUDWHJLDV\$FFLRQHV
2EMHWLYR GH 'DNDU ([WHQGHU \ PHMRUDU OD SURWHFFLyQ \ HGXFDFLyQ LQWHJUDOHV GH OD SULPHUD
LQIDQFLDHVSHFLDOPHQWHSDUDORVQLxRVPiVYXOQHUDEOHV\GHVIDYRUHFLGRV
2EMHWLYR 1DFLRQDO 8QLYHUVDOL]DU FRQ FDOLGDG \ HTXLGDG UHVSHWDQGR OD GLYHUVLGDG HO
SUHHVFRODU\DPSOLDUODFREHUWXUDGHODHGXFDFLyQLQLFLDOSDUDQLxRVDVPHQRUHVGHDxRV
(VWUDWHJLD0HMRUDUOD2IHUWD(GXFDWLYD
$FFLRQHV
D 5HYLVLyQ \ DQiOLVLV GHO FXUUtFXOR H[LVWHQWH SDUD DMXVWDUOR D ODV QHFHVLGDGHV \ H[LJHQFLDV DFWXDOHV D
WUDYpV GH HYDOXDFLRQHV SHUPDQHQWHV DWHQGLHQGR OD GLYHUVLGDG QDFLRQDO \ UHJLRQDO HO HQIRTXH GH
JpQHURODHWQLFLGDGHOELOLQJLVPR\ODVQHFHVLGDGHVHGXFDWLYDVHVSHFLDOHV
L 5HHODERUDFLyQ\SXEOLFDFLyQGHOGLVHxRFXUULFXODUGHOD(GXFDFLyQ,QLFLDO(,
LL &RQVXOWRUtDSDUDUHYLVLyQGHOGLVHxRFXUULFXODUH[SHUWRLQWHUQDFLRQDO\QDFLRQDO
LLL (ODERUDFLyQGHO3URJUDPDGH(VWXGLRVSDUDHO3UHHVFRODU
LY &RQVXOWRUtDSDUDODUHYLVLyQ\YDOLGDFLyQGHO3URJUDPD
Y 9DOLGDFLyQGHO3URJUDPDSRUMXLFLRGHH[SHUWRV\SRUXVXDULRV
YL (GLFLyQGHOQXHYR3URJUDPDGHO3UHHVFRODU
YLL (QWUHJDWpFQLFDGHORVSURJUDPDVDWpFQLFRVGHOQLYHOFHQWUDO
YLLL 0RQLWRUHRGHODLPSOHPHQWDFLyQFXUULFXODUHQHODXOD
L[ &DSDFLWDFLyQ GH ORV UHFXUVRV KXPDQRV GRFHQWHV HQ VHUYLFLR WpFQLFRV GH OD 5HG 1DFLRQDO
'LUHFWRUHV\6XSHUYLVRUHVHQODDSOLFDFLyQGHOQXHYRFXUUtFXOR
[ (ODERUDFLyQGHPDWHULDOHVGHDSR\RDODJHVWLyQGHOGRFHQWHGH(GXFDFLyQ,QLFLDO
[L (QFXHQWURVHGXFDWLYRVTXHHYLGHQFLHQODVH[SHULHQFLDVH[LWRVDVHQFXDQWRDLPSOHPHQWDFLyQGHO
FXUUtFXOXPGHOD(GXFDFLyQ,QLFLDOSRUGHSDUWDPHQWRVDQLYHOQDFLRQDO
E &RQVWUXFFLyQ\UHSDUDFLyQGHDXODV\GRWDFLyQGHHTXLSDPLHQWR
L 'LDJQyVWLFR GH ODV FRQGLFLRQHV GH LQIUDHVWUXFWXUD \ HTXLSDPLHQWR GH ODV LQVWLWXFLRQHV HGXFDWLYDV
TXHLPSDUWHQ(GXFDFLyQ,QLFLDOHQODViUHDV\VXVHVFXHODVDVRFLDGDV
LL 0HMRUDPLHQWR GH OD LQIUDHVWUXFWXUD GH ODV LQVWLWXFLRQHV HGXFDWLYDV TXH LPSDUWHQ (, PHGLDQWH OD
FRQVWUXFFLyQ GH DXODV \R EDxRV SDUD HO SUHHVFRODU FRQ HO DSR\R GH ODV $&(V SULRUL]DQGR ODV
]RQDVHGXFDWLYDVFRQEDMDFREHUWXUD\DOWDGHPDQGD
LLL +DELOLWDFLyQGHVHFFLRQHVGHSUHHVFRODUHQDTXHOODVHVFXHODVFHQWURTXHQRSRVHHQHVWHQLYHOGH
DFXHUGRDODGHPDQGD
LY 'RWDFLyQGHHTXLSDPLHQWRQHFHVDULRSDUDODVDXODVGHOSUHHVFRODU
F 'LVWULEXFLyQGHUHFXUVRVGLGiFWLFRVSDUDIDFLOLWDUHOSURFHVRGHHQVHxDQ]DDSUHQGL]DMH
L .LWVEiVLFRSDUDHOSUHHVFRODUQLxRVDV
LL 0DWHULDOHVSDUD ORVGRFHQWHV
LLL &UHDFLyQHLQVWDODFLyQGH&HQWUDOHV3HGDJyJLFDVH[SHULHQFLDSLORWR
G $PSOLDFLyQGHODFREHUWXUDGHO3URJUDPDGH&RPSOHPHQWR1XWULFLRQDOSDUDQLxRVDVGHDDxRV
TXHDFXGHQDODVHVFXHODVGH]RQDVPiVSREUHV
H $PSOLDFLyQGHODFREHUWXUD IRFDOL]DGDGHDFFHVRDOD(,GHQLxRVDVGHDxRVFX\DVIDPLOLDVYLYHQHQ
]RQDVXUEDQDVSULRUL]DQGRDORVPiVYXOQHUDEOHV
I )RUWDOHFLPLHQWRGHODViUHDVHGXFDWLYDV\VXVHVFXHODVDVRFLDGDV
L &UHDFLyQGHHVSDFLRVGHUHXQLyQHQODVHVFXHODViUHDV\VXVDVRFLDGDVSDUDSURPRYHUDFFLRQHV
FRRUGLQDGDV\HIHFWLYDV
LL )RUPDFLyQGHHTXLSRVGHJHVWLyQHVFRODULQYROXFUDQGRDDJHQWHVHGXFDWLYRVGHOQLYHOLQLFLDO
J (ODERUDFLyQ\HMHFXFLyQGHSURJUDPDVGHHVFXHODVLQFOXVLYDVFRPRDOWHUQDWLYDVGHDWHQFLyQDQLxRVDV
PHQRUHV GH DxRV FRQ QHFHVLGDGHV HGXFDWLYDV HVSHFLDOHV HQ ODV HVFXHODV VHOHFFLRQDGDV SRU HO
0(&
K (YDOXDFLyQ GH H[SHULHQFLDV HGXFDWLYDV FRQ JUXSRV pWQLFRV SDUD H[WHQGHUODV D RWUDV FRPXQLGDGHV \
UHJLRQHV
0LQLVWHULRGH(GXFDFLyQ\&XOWXUD± 9LFHPLQLVWHULRGH(GXFDFLyQ
3ODQ1DFLRQDOGH(GXFDFLyQSDUD7RGRV
L
M
6HQVLELOL]DFLyQ D WUDYpV GH ORV PHGLRV GH FRPXQLFDFLyQ H[LVWHQWHV HQ FDGD FRPXQLGDG VREUH OD
LPSRUWDQFLDGHOD(GXFDFLyQ,QLFLDORULHQWDQGRVREUHSDXWDVGHFULDQ]DDODVIDPLOLDV
,PSOHPHQWDFLyQGHSURJUDPDVGH(GXFDFLyQ,QLFLDO1R(VFRODUL]DGDGHVWLQDGDVDODVIDPLOLDVUXUDOHV
XELFDGDVHQ]RQDVJHRJUiILFDVGHGLItFLODFFHVRIRFDOL]DGDVSRUHO0(&PHGLDQWHODLPSOHPHQWDFLyQ
GHFRQYHQLRVFRQ21*¶VPXQLFLSLRV\DWUDYpVGHSURJUDPDVHGXFDWLYRVIDPLOLDUHVTXHLQFRUSRUHQD
PDGUHVSDGUHVDEXHORVDEXHODVOtGHUHVTXHWHQJDQKLMRVPHQRUHVGH DxRV
(VWUDWHJLD$UWLFXODUOD(GXFDFLyQ,QLFLDOFRQHO3ULPHU&LFORGHOD((%
$FFLRQHV
D 5HYLVLyQ\PHMRUDPLHQWRGHODVH[SHULHQFLDVUHODFLRQDGDVDODDUWLFXODFLyQFXUULFXODUHQWUH(,\((%
E $SOLFDFLyQ GH )RQGRV FRQFXUVDEOHV SDUD HO GHVDUUROOR GH LQQRYDFLRQHV HGXFDWLYDV HQ HO DXOD HQ HO
PDUFRGHODDUWLFXODFLyQHQWUHOD(GXFDFLyQ,QLFLDO\HO3ULPHU&LFORGHOD((%
F (ODERUDFLyQGHO3URJUDPDGHDUWLFXODFLyQSDUDGRFHQWHVGH(,\((%
(VWUDWHJLD)RUPDU\FDSDFLWDUDORV55++
$FFLRQHV
D )RUWDOHFLPLHQWRGHORV,QVWLWXWRV GH)RUPDFLyQ'RFHQWH
L 5HYLVLyQ\DMXVWHGHO&XUUtFXOR\ORV3URJUDPDVGH)RUPDFLyQ'RFHQWHGH(GXFDFLyQ,QLFLDO
LL 0HMRUDPLHQWRGHORVVLVWHPDVGHLQJUHVRDODFDUUHUDGHO3URIHVRUDGRGH(GXFDFLyQ,QLFLDO
LLL 'RWDFLyQ GH UHFXUVRV GH DSUHQGL]DMH GLGiFWLFRV WHFQROyJLFRV H LQIRUPiWLFRV SDUD ,QVWLWXWRV GH
)RUPDFLyQ 'RFHQWH ,)' RILFLDOHV ,QVWLWXWR 6XSHULRU GH (GXFDFLyQ \ &HQWURV 5HJLRQDOHV GH
(GXFDFLyQ
E )RUPDFLyQ ,QLFLDOGH ORVGRFHQWHVDFRUGHDORVUHTXHULPLHQWRVVRFLDOHVDFWXDOHV
L 5HIRUPXODFLyQGHODPDOODFXUULFXODUGHO3URIHVRUDGRGH(GXFDFLyQLQLFLDO
LL 3URJUDPDV GH UHFRQYHUVLyQ GH GRFHQWHV \ SURIHVLRQDOL]DFLyQ GH EDFKLOOHUHV TXH HMHUFHQ OD
GRFHQFLDHQ(,
LLL (MHFXFLyQGHLQYHVWLJDFLRQHVVREUHGRFHQWHV
F )RUPDFLyQ'RFHQWH &RQWLQXD
L 'LVHxRGHXQVLVWHPDIRFDOL]DGRGH)RUPDFLyQ&RQWLQXDSDUDEDFKLOOHUHV\GRFHQWHVHQHMHUFLFLR\
SDUDODIRUPDFLyQGHIRUPDGRUHVFRQHODSR\RGHXQLYHUVLGDGHVRFHQWURVGHIRUPDFLyQQDFLRQDOH
LQWHUQDFLRQDOHQHOPDUFRGHXQDSHUPDQHQWHDFWXDOL]DFLyQGHORVUHFXUVRVKXPDQRVGLVSRQLEOHV
LL 3URJUDPD GH FDSDFLWDFLyQ HQ VHUYLFLR D 'LUHFWRUHV 3URIHVRUHV GH SUHHVFRODU \ SULPHU JUDGR
DWHQGLHQGRODDUWLFXODFLyQHQWUHORVPLVPRV\RWURVSURIHVLRQDOHVOLJDGRVDOSUHHVFRODU
LLL 3URJUDPDGHFDSDFLWDFLyQGHODUHGWpFQLFRV]RQDOHVVXSHUYLVRUHVSHGDJyJLFRV
LY 3DVDQWtDVQDFLRQDOHVHLQWHUQDFLRQDOHVSDUDGRFHQWHVGHDXOD\WpFQLFRVGHOD5HG
(VWUDWHJLD)RUWDOHFHUODJHVWLyQGHOD(GXFDFLyQ,QLFLDOHQHOPDUFRGHO6LVWHPD1DFLRQDO
GH3URWHFFLyQDOD1LxH]\OD$GROHVFHQFLD
$FFLRQHV
D 5HYLVLyQ\ DGHFXDFLyQGHOPDUFROHJLVODWLYRQRUPDWLYRLQVWLWXFLRQDOGHOD(GXFDFLyQ,QLFLDO
L $MXVWH GHO PDUFR OHJLVODWLYR QRUPDWLYR LQVWLWXFLRQDO WHQLHQGR FRPR EDVH HO 3ODQ 1DFLRQDO GH
(GXFDFLyQ,QLFLDO
LL 5HDOL]DFLyQ GH PHVDV GH FRQVXOWDV FRQ DJHQWHV HGXFDWLYRV GHO QLYHO SDUD OD UHYLVLyQ \
UHIRUPXODFLyQGHOPDUFROHJLVODWLYRQRUPDWLYRHLQVWLWXFLRQDO
LLL (ODERUDFLyQGHODQXHYDQRUPDWLYDSDUDHOQLYHO
LY $FWXDOL]DFLyQGHO5HJODPHQWRGH(GXFDFLyQ,QLFLDO
E $PSOLDFLyQGHODFREHUWXUDGHO6LVWHPDGH(VWDGtVWLFDV&RQWLQXDV6,(&SDUDOD(GXFDFLyQ,QLFLDO
L $QiOLVLV GH ORV,QGLFDGRUHV GH (GXFDFLyQ ,QLFLDO H LGHQWLILFDFLyQ \ GHILQLFLyQ GH RWURV LQGLFDGRUHV
FXDOLRFXDQWLWDWLYRVVHJ~QQHFHVLGDG
LL $MXVWHGHORVLQVWUXPHQWRVGHUHFROHFFLyQGHGDWRV
LLL $MXVWHGHO6LVWHPD,QIRUPiWLFRGH3URFHVDPLHQWRGH(VWDGtVWLFD&RQWLQXD6,3(&
LY (ODERUDFLyQ GH XQ PDUFRQRUPDWLYRSDUDUHJLVWUR GH LQIRUPDFLyQ GH FHQWURVGH HGXFDFLyQ LQLFLDO
QRIRUPDO\GHILQLFLyQGHPHFDQLVPRVLQVWUXPHQWRV\GHOIOXMRSDUDGLFKRUHJLVWURLQYROXFUDQGRD
ODUHGGH WpFQLFRVGHHQODFHGH(GXFDFLyQ,QLFLDO
0LQLVWHULRGH(GXFDFLyQ\&XOWXUD± 9LFHPLQLVWHULRGH(GXFDFLyQ
3ODQ1DFLRQDOGH(GXFDFLyQSDUD7RGRV
F
E
F
G
Y &DSDFLWDFLyQ D ORV WpFQLFRV GH ODV 8'(¶V 8QLGDGHV 'HSDUWDPHQWDOHV GH (VWDGtVWLFD \ D ORV
WpFQLFRVGHHQODFHGHHGXFDFLyQLQLFLDO
YL )RUWDOHFLPLHQWR GH OD FDSDFLGDG DQDOtWLFD SDUD OD PDFUR \ PLFUR SODQLILFDFLyQ GH OD 'LUHFFLyQ GH
3ODQLILFDFLyQ
YLL 6LVWHPDWL]DFLyQ\GLIXVLyQGHODLQIRUPDFLyQ
YLLL $PSOLDFLyQGHODFREHUWXUDGHLQYHVWLJDFLyQDOQLYHOGH(GXFDFLyQ,QLFLDOHQFRRUGLQDFLyQHQWUHOD
'LUHFFLyQGH(GXFDFLyQ,QLFLDO\OD8QLGDGGH,QYHVWLJDFLyQGHO,6(
$SOLFDFLyQGHSUXHEDVGHO6LVWHPD1DFLRQDOGH(YDOXDFLyQGHO3URFHVR(GXFDWLYR61(3(OtQHDGH
EDVHSDUDHO3UHHVFRODU
L 'HILQLFLyQGHFRPSHWHQFLDVUHTXHULGDVSDUDHOSUHHVFRODU
LL (VWDEOHFLPLHQWRGHXQ3URJUDPDGHDVLVWHQFLDWpFQLFDPRQLWRUHR\HYDOXDFLyQDODVLQVWLWXFLRQHV
HGXFDWLYDVDHMHFXWDUVHDWUDYpVGHOD5HGGH(GXFDFLyQ,QLFLDO
LLL 6LVWHPDWL]DFLyQ\GLIXVLyQGHODLQIRUPDFLyQ
&RPXQLFDFLyQ \ PRYLOL]DFLyQ VRFLDO HQ EXVFD GH OD VHQVLELOL]DFLyQ VREUH OD LPSRUWDQFLD GH OD
(GXFDFLyQLQLFLDO
L &DPSDxDGHVHQVLELOL]DFLyQDODRSLQLyQS~EOLFDVREUHODDWHQFLyQDOD3ULPHUD,QIDQFLD
(QFXHVWDGHRSLQLyQS~EOLFD
'HILQLFLyQGHPHQVDMHV\HVWUDWHJLDVSDUDODFDPSDxDGHVHQVLELOL]DFLyQ
(VWUDWHJLDVGHFRPXQLFDFLyQUDGLDOWHOHYLVLYDHVFULWDHWF
(YDOXDFLyQGHLPSDFWR
(VWDEOHFHUXQ)RQGR&RPSHWLWLYRSDUDOD(GXFDFLyQ,QLFLDO\HOGHVDUUROORLQIDQWLO(GXFDFLyQ,QLFLDO1R
)RUPDO
L &RRUGLQDFLyQ GH DFFLRQHV HQWUH HO 0(& \ OD 6HFUHWDUtD GH OD 1LxH] \ OD $GROHVFHQFLD SDUD OD
DWHQFLyQGHODSULPHUDLQIDQFLD
LL 3URYLVLyQGHIRQGRVGHDSR\RSDUDODGLIXVLyQGHSURJUDPDVVREUHIDPLOLDHVFXHOD\FRPXQLGDG
OD PRGDOLGDG QR HVFRODUL]DGD \ OD SDUWLFLSDFLyQ \ FDSDFLWDFLyQ GH OtGHUHV FRPXQLWDULRV HQ
GHVDUUROORLQIDQWLO
(YDOXDFLyQ GH OD JHVWLyQ GH ORV 6XSHUYLVRUHV HQ UHODFLyQ D OD (GXFDFLyQ ,QLFLDO FRQVLGHUDQGR VXV
SURSXHVWDV\DSRUWHVFRQHOILQGHUHDOL]DUORVDMXVWHVSHUWLQHQWHVDODVQHFHVLGDGHVGHOQLYHOHQVXV
]RQDVRUHJLRQHV
(VWUDWHJLD $PSOLDU \ IRUWDOHFHU OD SDUWLFLSDFLyQ GH OD )DPLOLD \ OD &RPXQLGDG
SRWHQFLDQGRVXIXQFLyQHGXFDGRUDSDUDHOGHVDUUROORLQWHJUDOGHQLxRVDVPHQRUHVGHDxRV
$FFLRQHV
D 'LVHxDUSURSXHVWDVHGXFDWLYDVYLDEOHVTXHLQYROXFUHQDODIDPLOLD\DODFRPXQLGDG
E &DSDFLWDFLyQDGRFHQWHVSDUDHOWUDEDMRFRPXQLWDULRIDPLOLDVLQVWLWXFLRQHVRWURV
F &DSDFLWDFLyQ GH SDGUHV \ PDGUHV FRPR OtGHUHV FRPXQLWDULRV SDUD SURPRYHU OD SDUWLFLSDFLyQ GH OD
VRFLHGDGFLYLORUJDQL]DGD\QRRUJDQL]DGDHQWRUQRDOD(GXFDFLyQ,QLFLDO
G (ODERUDFLyQGHPDWHULDOHVGHDSR\R\JXtDVGLGiFWLFDVSDUDODJHVWLyQFRPXQLWDULD
H ,PSXOVDU OD FUHDFLyQ GH UHGHV GH DSR\R (VFXHOD GH 7UDEDMR 6RFLDO 21*¶V 0XQLFLSLRV
*REHUQDFLRQHVRWURV
2EMHWLYRGH'DNDU 9HODUSRUTXH DQWHVGHOWRGRVORVQLxRV\VREUHWRGRODVQLxDV \ORV QLxRV
TXH VH HQFXHQWUDQ HQ VLWXDFLRQHV GLItFLOHV \ ORV TXH SHUWHQHFHQ D PLQRUtDV pWQLFDVWHQJDQ DFFHVR D
XQDHQVHxDQ]DSULPDULDJUDWXLWD\REOLJDWRULDGHEXHQDFDOLGDG\ODWHUPLQHQ
2EMHWLYR1DFLRQDO3URSLFLDUHODFFHVRODUHWHQFLyQ\FXOPLQDFLyQUHQGLPLHQWRHQWRGRVORVFLFORV
GH OD ((% FRQ FDOLGDG GH OD PD\RUtD GH ODV QLxDV \ QLxRV GH D DxRV KDELHQGR DGTXLULGR ODV
FRPSHWHQFLDVIXQGDPHQWDOHVDVtFRPRODVFDSDFLGDGHVSDUDXQDHGXFDFLyQFRQWLQXDGDQGRSULRULGDG
DQLxRVDVHQVLWXDFLRQHVGHYXOQHUDELOLGDGSREUHVKDELWDQWHVGH]RQDVUXUDOHVGLVSHUVDVLQGtJHQDV
WUDEDMDGRUHVGHODFDOOH
0LQLVWHULRGH(GXFDFLyQ\&XOWXUD± 9LFHPLQLVWHULRGH(GXFDFLyQ
3ODQ1DFLRQDOGH(GXFDFLyQSDUD7RGRV
(VWUDWHJLD$PSOLDUODFREHUWXUDFRQFULWHULRVGHHILFLHQFLD\HTXLGDG
$FFLRQHV
D 5DFLRQDOL]DFLyQ \ FUHDFLyQ GHO Q~PHUR GH VHFFLRQHV UHTXHULGDV SDUD HO FUHFLPLHQWR YHJHWDWLYR SULRUL]DQGRHODFFHVRGHODVSREODFLRQHVHQVLWXDFLyQYXOQHUDEOH
L 5HYLVLyQ\DMXVWHGHQRUPDWLYDVYLJHQWHV
LL &RQVWUXFFLyQGHDXODVHQEDVHDOFUHFLPLHQWRYHJHWDWLYRGHODPDWUtFXOD
LLL (VWDEOHFLPLHQWR GH FULWHULRV HVFXHODV GH DOWR ULHVJR tQGLFH GH SREUH]D \ DFFHVR D PHGLRV GH
WUDQVSRUWH GH VHOHFFLyQ GH ODV SREODFLRQHV YXOQHUDEOHV SDUD OD UDFLRQDOL]DFLyQ \ FUHDFLyQ GH
VHFFLRQHV
LY ([SDQVLyQ GHO ƒ FLFOR GH OD ((% HQ iUHDV GH DOWD GHQVLGDG SREODFLRQDO FRPHQ]DQGR SRU
FRPSOHWDUODVHVFXHODVFHQWUR \HVFXHODVDVRFLDGDVFRQDOWDPDWUtFXOD
Y ([SDQVLyQGHODVFODVHVPXOWLJUDGR HQ]RQDVGHEDMDGHQVLGDGSREODFLRQDO
E 5HSDUDFLyQGHDXODVFRQDSR\RGHODFRPXQLGDGHGXFDWLYD
L $VHVRUDPLHQWRDODV$&(VSDUDHOPDQWHQLPLHQWRGHDXODV
LL 7UDQVIHUHQFLD GH UHFXUVRV GH ODV *REHUQDFLRQHV SDUD OD UHSDUDFLyQ GH ODV LQVWLWXFLRQHV PiV
FDUHQFLDGDV
F 'LVHxR H LPSOHPHQWDFLyQ H[SHULPHQWDO GH XQ VLVWHPD GLIHUHQFLDGR GH HYDOXDFLyQ SDUD OD SURPRFLyQ
DXWRPiWLFD \ IOH[LEOH RULHQWDGD D DOXPQRV GHO ƒ FLFOR GH OD HGXFDFLyQ HVFRODU EiVLFD VHJ~Q
HVWiQGDUHV GH ORJURV GH FRPSHWHQFLDV PtQLPDV HQ LQVWLWXFLRQHV GH GREOH HVFRODULGDG \ H[WHQVLYD D
LQVWLWXFLRQHVGHXQVRORWXUQRFRQQLYHOHVGHORJURGHDSUHQGL]DMHHOHYDGRV
(VWUDWHJLD0HMRUDUHOFXUULFXOXP\VXLPSOHPHQWDFLyQHIHFWLYD
$FFLRQHV
D 5HYLVLyQ \ DFWXDOL]DFLyQ SHULyGLFD GH OD YDOLGH] GH ORV GLVHxRV FXUULFXODUHV FDGD DxRV GH ORV
GLYHUVRV SURJUDPDV H LQFRUSRUDU FRQWHQLGRV D ORV FXUUtFXORV TXH SHUPLWDQ D DOXPQRV \ DOXPQDV
DGTXLULUODVFRPSHWHQFLDV\KDELOLGDGHVQHFHVDULDVSDUDHQIUHQWDUSRVLWLYDPHQWHODYLGD
L (GLFLyQGHOSURJUDPDGHHVWXGLRVGHOƒFLFORGHOD((%UHDMXVWDGRV
LL 5HYLVLyQDMXVWH\UHLPSUHVLyQGHORVSURJUDPDVGHHVWXGLRVGHOƒFLFORGHOD((%
LLL 5HYLVLyQ DMXVWH GH FRPSHWHQFLDV EiVLFDV GH WRGDV ODV iUHDV DFDGpPLFDV SDUD HO ƒ FLFOR GH OD
((%
LY (YDOXDFLyQFXUULFXODUGHOƒFLFORGHOD((%
Y 5HYLVLyQ\UHDMXVWHGHOGLVHxRFXUULFXODUGHODHGXFDFLyQELOLQJHHQOD((%
YL 'LVHxRHODERUDFLyQHLPSOHPHQWDFLyQGHHVWiQGDUHVGHORJURVGHFRPSHWHQFLDVEiVLFDVGHOƒƒ
\ƒGHOD((%
E 3URPRFLyQ\DSR\RSDUDHOXVRGH ODVQXHYDVWHFQRORJtDVGHLQIRUPDFLyQ\FRPXQLFDFLyQHQHODXOD
SULRUL]DQGRODLQWURGXFFLyQJUDGXDOGHODWHFQRORJtDFRQFULWHULRVGHHTXLGDG
F 'LVWULEXFLyQGHOLEURVGHOƒDOƒJUDGR
L 5HYLVLyQ\HYDOXDFLyQGHOLEURV
LL 5HLPSUHVLyQGHOLEURVGHƒDOƒJUDGR
LLL 'LVWULEXFLyQGHOLEURVGHƒDOƒJUDGR
(VWUDWHJLD0HMRUDUODFDOLILFDFLyQ\ODVFRQGLFLRQHVGHWUDEDMRGHORVGRFHQWHV
$FFLRQHV
D (OHYDUHOQ~PHURGHDxRVSDUDODIRUPDFLyQLQLFLDOGHORVGRFHQWHV(OHYDUDFDWHJRUtDXQLYHUVLWDULD
E &DSDFLWDUDPDHVWURVHQIRUPDDGHFXDGD\SHUPDQHQWHSDUDLPSOHPHQWDUHOSODQFXUULFXODUGHOD((%
HQWRGRVVXVFLFORV
&UHFLPLHQWRGHODPDWUtFXODGHFDGDDxRSRUODSURPRFLyQGHORVDOXPQRVGHJUDGRDJUDGR
6HUHTXLHUHVDEHUFXiQWDVGHODVHVFXHODVFHQWUR DFWXDOHVWLHQHQFRPSOHWRKDVWD HOƒJUDGRDQDOL]DUORVFULWHULRVGH
KDELOLWDFLyQ GH ODV HVFXHODV FHQWUR UHHYDOXDUODV \ GHWHUPLQDU VL VH DGHFXDQ D FULWHULRV DFWXDOL]DGRV \ D SDUWLU GH HOOR
UHIRUPXODUORV SDUD GHWHUPLQDU ORV UHTXLVLWRV TXH GHEHQ UHXQLU ODV HVFXHODV SDUD H
VU GHFODUDGDV ³FHQWUR´ HVSHFLDOPHQWH
DTXHOODVTXHFXPSOHQORVFULWHULRVGHDOWRULHVJRHGXFDWLYR
3XGLHQGRHVWDUHQPXOWLJUDGRFRPELQDFLRQHVGHOƒDOƒJUDGR\FRQXQDFDQWLGDGQRPD\RUDDOXPQRV
0LQLVWHULRGH(GXFDFLyQ\&XOWXUD± 9LFHPLQLVWHULRGH(GXFDFLyQ
3ODQ1DFLRQDOGH(GXFDFLyQSDUD7RGRV
L
,QFRUSRUDU HQ OD IRUPDFLyQ GH ORV GRFHQWHV FRPSRQHQWHV SDUDPDQHMDU VLWXDFLRQHV HVSHFLDOHV R
TXH SUHVHQWDQ GHVDItRVSDUWLFXODUHV PLQRUtDVpWQLFDV UDFLDOHV R FXOWXUDOHV YLROHQFLD LQGtJHQDV
YLROHQFLDHQODVHVFXHODVHWF
F 'LVHxR\HVWDEOHFLPLHQWRGHXQ 6LVWHPDSDUDODFDUUHUDGRFHQWH
L 2WRUJiQGROHVVDODULRVDFRUGHVDVXIRUPDFLyQ
LL (VWDEOHFLHQGRHVFDODIyQSRUQLYHOGHGHVHPSHxR
LLL 0HMRUDQGRVXSODQGHVHJXULGDGVRFLDOHQHO,QVWLWXWR3UHYLVLyQ6RFLDO,36
LY 5HYLVLyQHLPSOHPHQWDFLyQGHO0DQXDOGH6HOHFFLyQ
Y 3URPRFLyQGHUHGHVGHSURIHVRUHVFRPRPHFDQLVPRVGHGLiORJRSDUDH[SUHVLyQGHVXVRSLQLRQHV
\FRPSDUWLUVXVSUiFWLFDV
YL (ODERUDU VLVWHPDV GH HYDOXDFLyQ GHO GHVHPSHxR \ OD FDOLGDG GRFHQWH VREUH OD EDVH GH
HVWiQGDUHVEiVLFRVFRQVHQVXDGRV
(VWUDWHJLD,PSOHPHQWDUSROtWLFDVHGXFDWLYDVFRQFULWHULRVGHGLVFULPLQDFLyQSRVLWLYD
$FFLRQHV
D ,PSOHPHQWDUXQVLVWHPDGHHGXFDFLyQDGLVWDQFLDVHPLSUHVHQFLDOSDUDQLxRVDVGHOƒFLFORiUHDUXUDO
R 'LVHxR H LPSOHPHQWDFLyQ GH XQ VLVWHPD GLIHUHQFLDGR SDUD FXUVRV VHPLSUHVHQFLDOHV GLULJLGR D
DOXPQRVGHOƒFLFORFRQH[WUDHGDGGH]RQDVUXUDOHV\SREODFLRQHVGLVSHUVDV
E (YDOXDFLyQGHODHGXFDFLyQELOLQJHUHYLVLyQ\ UHRULHQWDFLyQGHOSURJUDPDSDUDJXDUDQtKDEODQWHVDILQ
GH VX IRUWDOHFLPLHQWR FRQ SUR\HFFLyQ GH DPSOLDU VX FREHUWXUD HQ ODV ]RQDV UXUDOHV FX\DV
FRPXQLGDGHVTXHORVGHPDQGH
F &UHDFLyQ GH HVWUDWHJLDV GLIHUHQFLDGDV GHQWUR GHO VLVWHPD UHJXODU SDUD OD DWHQFLyQ D OD HGXFDFLyQ
LQGtJHQD\DSHUVRQDVFRQQHFHVLGDGHVHGXFDWLYDVHVSHFLDOHV
G $WHQFLyQSUHIHUHQFLDOQLxRVDVGHVHUWRUHVDVHVFRODUHVUXUDOHVGHDDxRVHQVLWXDFLyQGHH[WUHPD
SREUH]D FRQ XQ SURJUDPD QDFLRQDO GH DSR\R DOLPHQWLFLR SURSRUFLRQDGR SRU ODV JREHUQDFLRQHV
VRSRUWHGHPDWHULDOHVHGXFDWLYRVSURSRUFLRQDGRSRUHO0(&VHUYLFLRGHVDOXGSULPDULD0LQLVWHULRGH
6DOXG\%LHQHVWDU6RFLDO\VXPLQLVWURGHEHFDVSURSRUFLRQDGRSRUOD6HFUHWDUtDGH$FFLyQ6RFLDO H 5HLQFRUSRUDDQLxRVDVWUDEDMDGRUHVGHiUHDVXUEDQDV\UXUDOHVGH DDxRVGHHGDGHQVLWXDFLyQ
GHH[WUHPDSREUH]DDOVLVWHPDHGXFDWLYRRWRUJDQGREHFDVHVFRODUHV
I 'LVHxR HQ LPSOHPHQWDFLyQ GH XQ SODQ GH PRQLWRUHR \ DFRPSDxDPLHQWR D ODV HVFXHODV LGHQWLILFDGDV
FRPRGHDOWRULHVJRHGXFDWLYRHQ]RQDV\iUHDVHGXFDWLYDV
J 3URJUDPDVGHDSR\RDQLxRVDVGHODFDOOH
K &RRUGLQDFLyQ LQWHUVHFWRULDO HQWUH ODV LQVWLWXFLRQHV GH HGXFDFLyQ \ VDOXG D QLYHO ORFDO YtD ODV
VXSHUYLVLRQHVHGXFDWLYDV
L ,PSOHPHQWDUHVWUDWHJLDVTXHLQFHQWLYHQDSDGUHV\ PDGUHVGH IDPLOLDDTXHGHFLGDQ PDQWHQHUDVXV
KLMRVHKLMDVGHQWURGHODVHVFXHODVGHOSDtVEHFDVSURYLVLyQGH~WLOHVFRPSOHPHQWRQXWULFLRQDO
(VWUDWHJLD)RUWDOHFHUHOVLVWHPD((%
$FFLRQHV
D (YDOXDFLyQ GH OD LPSOHPHQWDFLyQ GH ORV &RQVHMRV 'HSDUWDPHQWDOHV \ GHO QXHYR VLVWHPD GH
VXSHUYLVLyQ
E &RQVWLWXFLyQGHODUHGHGXFDWLYDDSDUWLUGHODUHGHILQLFLyQGHODViUHDVHGXFDWLYDV\GHORVFULWHULRVGH
ODVHVFXHODVFHQWURV
F 3DUWLFLSDFLyQ GH ODV IDPLOLDV \ OD VRFLHGDG FLYLO SDUD SURPRYHU HO GHVDUUROOR LQWHJUDO GH ORV QLxRV \
QLxDV
G &RQVROLGDFLyQ GH ORVVLVWHPDVGH LQIRUPDFLyQ \ HYDOXDFLyQ FRPR LQVWUXPHQWRV SDUDPHMRUDUOD WRPD
GHGHFLVLRQHVSROtWLFDV\GHPHMRUDPLHQWRGHOSURFHVRGHHQVHxDQ]DDSUHQGL]DMH
H (YDOXDFLyQDWUDYpVGHXQVLVWHPDGHLQGLFDGRUHVGHSDUWDPHQWDOHVHLQVWLWXFLRQDOHV
I )RUPDUDODFRPXQLGDG\WUDQVIHULUHOSRGHUGHWRPDGHGHFLVLRQHVDOLQWHULRUGHODHVFXHOD
L (VWDEOHFHUDFFLRQHVTXHSHUPLWDQHOLQYROXFUDPLHQWRGHODVIDPLOLDV\ODVRFLHGDGFLYLO
LL &DSDFLWDFLyQDODFRPXQLGDG
J &RRUGLQDFLyQGHDFFLRQHVFRQODVGLUHFFLRQHVLQWHUQDVDO0(&21*¶V\HQWHVVXEQDFLRQDOHV
IDPLOLDVVHUiQEHQHILFLDGDVFRQHOSURJUDPDGHEHFDVDVHURWRUJDGDVSRUOD6HFUHWDUtDGH$FFLyQ6RFLDO
0LQLVWHULRGH(GXFDFLyQ\&XOWXUD± 9LFHPLQLVWHULRGH(GXFDFLyQ
3ODQ1DFLRQDOGH(GXFDFLyQSDUD7RGRV
2EMHWLYR GH 'DNDU 9HODU SRUTXH VHDQ DWHQGLGDV ODV QHFHVLGDGHV GH DSUHQGL]DMH GH WRGRV
ORV MyYHQHV \ DGXOWRV PHGLDQWH XQ DFFHVR HTXLWDWLYR D XQ DSUHQGL]DMH DGHFXDGR \ D
SURJUDPDVGHSUHSDUDFLyQSDUDODYLGDDFWLYD
2EMHWLYR 1DFLRQDO 9HODU SRU OD DGHFXDFLyQ GH OD HGXFDFLyQ D ODV QHFHVLGDGHV GH
DSUHQGL]DMHVSDUDODYLGDGHMyYHQHV\DGXOWRV
(VWUDWHJLD$GHFXDUHOFXUUtFXORDODVQHFHVLGDGHVGHORVQLYHOHVGHOD(GXFDFLyQ0HGLD\
3HUPDQHQWH
$FFLRQHV
D &XUULFXOXP H[SHULPHQWDO GH OD (GXFDFLyQ 0HGLD 1R )RUPDO LPSOHPHQWDGR YDOLGDGR HQ FDPSR \
HYDOXDGRVLVWHPiWLFDPHQWH
L ,QVWLWXFLRQDOL]DFLyQGHOVLVWHPDGHGHVDUUROORFXUULFXODUSDUDOD(GXFDFLyQ0HGLD
LL &RQVWUXFFLyQ GH HVWiQGDUHV GH GHVHPSHxR SDUD ODV iUHDV GH PDWHPiWLFDV FLHQFLDV EiVLFDV
OHQJXD\OLWHUDWXUD\FLHQFLDVVRFLDOHV
LLL 5HYLVLyQ\DFWXDOL]DFLyQFDGDDxRVGHOFXUUtFXORHQIXQFLyQDODVQHFHVLGDGHVGHODVRFLHGDG
LY 6LVWHPDWL]DFLyQGHOGHVDUUROORFXUULFXODULQVWLWXFLRQDOL]DGR
E 'LVHxR H LPSOHPHQWDFLyQ GH PRGDOLGDGHV GH IRUPDFLyQ SURIHVLRQDO D GLVWDQFLD FRQ IOH[LELOLGDG D ODV
FRQGLFLRQHVGHOHGXFDQGR
F (ODERUDFLyQGHSURJUDPDGHOEDFKLOOHUDWRDGLVWDQFLDGHOƒ\ƒFLFORGHOD(GXFDFLyQ3HUPDQHQWHGH
-yYHQHV\$GXOWRV
L 5HYLVLyQ WpFQLFDGHORVSURJUDPDV
LL 9DOLGDFLyQSRUMXLFLRGHH[SHUWRV
LLL ,PSUHVLyQGHORVSURJUDPDV
LY (QWUHJDWpFQLFDDORVWpFQLFRVGHQLYHOFHQWUDO\VXSHUYLVRUHVWpFQLFRVSHGDJyJLFRV
Y &DSDFLWDFLyQGHORVGRFHQWHVGHOQLYHO
YL 0RQLWRUHR\VHJXLPLHQWR
G 5HYLVLyQ \ UHDMXVWH GH ORV SURJUDPDV GH ORV FLFORV GH OD (GXFDFLyQ 3HUPDQHQWH GH -yYHQHV \
$GXOWRV
(VWUDWHJLD)RUWDOHFHUODFXOWXUDFRPXQLWDULD\ODSURPRFLyQSDUDHOWUDEDMR\HOGHVDUUROOR
PHGLDQWHODHGXFDFLyQDPSOLDQGRODFREHUWXUDGHOSURJUDPD&,$&
$FFLRQHV
D (YDOXDFLyQGHODYLDELOLGDGGHODH[WHQVLyQGHORV&HQWURV,QWHJUDGRVGH$FFLyQ&RPXQLWDULDDWRGRV
ORVGHSDUWDPHQWRVGHOSDtV
E $PSOLDFLyQ GH OD &REHUWXUD GH &HQWURV ,QWHJUDGRV GH $FFLyQ &RPXQLWDULD D GHSDUWDPHQWRV TXH QR
FXHQWDQFRQHVWDRIHUWDHGXFDWLYDVHJ~QUHVXOWDGRVGHHYDOXDFLRQHV
F 5HYLVLyQ SHULyGLFD GH ORV FULWHULRV GH IRFDOL]DFLyQ GH ODV FRPXQLGDGHV EHQHILFLDGDV SULRUL]DQGR ORV
VHFWRUHVPiVFDUHQFLDGRV\YXOQHUDEOHV
G &UHDFLyQ GH XQD FRPLVLyQ ,QWHUGLVFLSOLQDULD 'LUHFFLyQ *HQHUDO GH (GXFDFLyQ 3HUPDQHQWH ',*(3
9LFHPLQLVWHULRGH &XOWXUDSDUDODLQVWLWXFLRQDOL]DFLyQGHODSURSXHVWD\ODFRQFHUWDFLyQGHREMHWLYRV \
HVWUDWHJLDVTXHDVHJXUHQODVRVWHQLELOLGDG\FRQWLQXLGDGGHOSURJUDPD
H (ODERUDFLyQGHPDWHULDOHVHGXFDWLYRVGHFDUiFWHUQRIRUPDOSDUDODDOIDEHWL]DFLyQ\HGXFDFLyQEiVLFD
YLQFXODGRVDORVVDEHUHVSRSXODUHV\HQIXQFLyQDODVQHFHVLGDGHVGHODFRPXQLGDG
I )RUPDFLyQ GH OtGHUHV \ HTXLSRV GH IDFLOLWDGRUHV HQ WpFQLFDV GH DQLPDFLyQ VRFLRFXOWXUDO SDUD HO
IRUWDOHFLPLHQWR GH OD RUJDQL]DFLyQ FRPXQLWDULD \ OD HMHFXFLyQ GH SUR\HFWRV SURGXFWLYRV
DXWRJHVWLRQDULRVYLQFXODGRVDVDEHUHVSRSXODUHV
J (YDOXDFLyQ GHO 5HGLVHxR GH 6XSHUYLVLyQ (GXFDWLYD DWHQGLHQGR DO URO GHO VXSHUYLVRU FRPR DJHQWH
IDFLOLWDGRUGHODHMHFXFLyQGHSURJUDPDVQRIRUPDOHVGHULYDGRVGHOD FUHDFLyQGHORV&,$&RULHQWDGRV
DOPHMRUDPLHQWRGHODFDOLGDGGHYLGDGHODVSREODFLRQHVHQVLWXDFLyQGHSREUH]D
(VWHREMHWLYRVHFRQFUHWDUiDWUDYpVGHSURJUDPDVHGXFDWLYRVGHFDUiFWHUQRIRUPDO
0LQLVWHULRGH(GXFDFLyQ\&XOWXUD± 9LFHPLQLVWHULRGH(GXFDFLyQ
3ODQ1DFLRQDOGH(GXFDFLyQSDUD7RGRV
(VWUDWHJLD 'HVDUUROODU XQ SURJUDPD GH DOIDEHWL]DFLyQ ELOLQJH LQWHQVLYD GLULJLGR D
MyYHQHV\DGXOWRVGHDxRV\PiV
$FFLRQHV
D &RQIRUPDFLyQGHXQLGDGHVRSHUDWLYDVFRRUGLQDFLRQHVSHGDJyJLFDV\HTXLSRVGHDOIDEHWL]DGRUHVSDUD
ODDOIDEHWL]DFLyQELOLQJHLQWHQVLYD
E 3URGXFFLyQ GH FRSLDV GH PDWHULDOHV GH DSR\R SDUD IDFLOLWDGRUHV JXtD GLGiFWLFD \ SDUWLFLSDQWHV
FDUWLOODV
F (VWDEOHFLPLHQWRGHFULWHULRV\IRFDOL]DFLyQGHSREODFLRQHVYXOQHUDEOHVSDUDODLPSOHPHQWDFLyQ
G &DSDFLWDFLyQGHORV55++SDUDODDOIDEHWL]DFLyQ
H (TXLSDPLHQWRGHXQLGDGHVRSHUDWLYDV\FtUFXORVGHDOIDEHWL]DFLyQ
I &RQFUHFLyQ GH FRQYHQLRV FRQ SRVLEOHVJUXSRV HMHFXWRUHV ,QVWLWXWRVGH )RUPDFLyQ 'RFHQWH 3DVWRUDO
6RFLDO6HFUHWDUtDGHOD0XMHU21*VHWFYROXQWDULRVRMyYHQHVREMHWRUHVGHFRQFLHQFLDTXHOOHYHQD
FDERHOVHUYLFLRFLYLOPHGLDQWHVXSDUWLFLSDFLyQHQHVWHSURJUDPD
(VWUDWHJLD'LVHxDUHLPSOHPHQWDUXQSURJUDPD GH&DSDFLWDFLyQ/DERUDO%iVLFD
$FFLRQHV
D $MXVWHYDOLGDFLyQHLPSUHVLyQGHSURJUDPDV\PyGXORVGHFDSDFLWDFLyQODERUDOEiVLFDTXHUHVSRQGDQ
DODVRULHQWDFLRQHVGHOFXUUtFXORGHODUHIRUPDGHMyYHQHV\DGXOWRV
E 5HDOL]DFLyQ GH GLDJQyVWLFRV GHSDUWDPHQWDOHV \R UHJLRQDOHV RULHQWDGRV D GHWHUPLQDU ORV UHFXUVRV
ORFDOHV \ ODV QHFHVLGDGHV UHDOHV GH &DSDFLWDFLyQ /DERUDO GH OD SREODFLyQ H[FOXLGD GHO 6LVWHPD
(GXFDWLYRUHJXODU
F (VWDEOHFLPLHQWR GH FULWHULRV GH IRFDOL]DFLyQ SDUD OD LPSOHPHQWDFLyQ JUDGXDO GH ORV SURJUDPDV GH
&DSDFLWDFLyQ/DERUDO
G &RQFUHFLyQGHFRQYHQLRVFRQHO6LVWHPD1DFLRQDOGH3URPRFLyQ3URIHVLRQDO6133\HO0LQLVWHULRGH
-XVWLFLD \ 7UDEDMR 0-7 SDUD OD DGDSWDFLyQ GH SURJUDPDV PyGXORV \ UHFXUVRV KXPDQRV H[LVWHQWHV
GHVWLQDGRVDODFDSDFLWDFLyQGHORV DJHQWHVHGXFDWLYRVTXHGHVDUUROODUiQORVSURJUDPDV
H (TXLSDPLHQWRGHXQLGDGHVRSHUDWLYDV
I ,PSOHPHQWDFLyQ GH 3URJUDPDVGH &DSDFLWDFLyQ /DERUDO %iVLFD D SDUWLUGHO ƒ &LFOR GH OD (GXFDFLyQ
%iVLFD%LOLQJHGH-yYHQHV\$GXOWRV
2EMHWLYRGH'DNDU'LVPLQXLU DODxRHOQ~PHURGHDGXOWRVDQDOIDEHWRVHQXQHQ
SDUWLFXODUPXMHUHV\IDFLOLWDUDWRGRVORVDGXOWRVXQDFFHVRHTXLWDWLYRDODHGXFDFLyQEiVLFD
\ODHGXFDFLyQSHUPDQHQWH
2EMHWLYR 1DFLRQDO 5HGXFLU DO DxR HO Q~PHUR GH MyYHQHV DQDOIDEHWRV D OD PLWDG HQ
SDUWLFXODU PXMHUHV \ IDFLOLWDU D WRGRV ORV DGXOWRV \ DGXOWDV XQ DFFHVR HTXLWDWLYR D OD
(GXFDFLyQ%iVLFD\OD(GXFDFLyQ3HUPDQHQWH
(VWUDWHJLD ,PSOHPHQWDU XQ FXUULFXOXP GH (GXFDFLyQ %iVLFD %LOLQJH SDUD MyYHQHV \
DGXOWRV \ PDWHULDOHV GH DSR\R GLULJLGR D SHUVRQDV GH DxRV \ PiVSULRULWDULDPHQWH SDUD
JXDUDQtKDEODQWHVVLQGHVDWHQGHURWUDVOHQJXDVPDWHUQDV
$FFLRQHV
D &UHDFLyQ \ IXQFLRQDPLHQWR GH XQD HVWUXFWXUD DGPLQLVWUDWLYD D QLYHO FHQWUDO DSURSLDGD SDUD OD
(GXFDFLyQ%iVLFD%LOLQJHGH SHUVRQDVPD\RUHVGHDxRVH[FOXLGDVGHOVLVWHPDHGXFDWLYRUHJXODU
L &RQVWUXFFLyQ \ HTXLSDPLHQWR GH XQ &HQWUR GH &DSDFLWDFLyQ \ GH ODV RILFLQDV GH OD 'LUHFFLyQ GH
(GXFDFLyQGH-yYHQHV\$GXOWRV'(-$
LL &RQIHFFLyQ\SXHVWDHQPDUFKDGHORUJDQLJUDPDRSHUDWLYR\PDQXDOGHIXQFLRQHVGHOD'(-$
LLL (ODERUDFLyQGHORVSUHVXSXHVWRVGHOD'(-$\ODEDVHGHGDWRVGHGRFHQWHV\SDUWLFLSDQWHV
LY (ODERUDFLyQ\DSOLFDFLyQGHXQSODQGHFDSDFLWDFLyQGHOSHUVRQDOGHOD'(-$\IRUPXODULRVSDUDHO
FRQWUROWpFQLFRDGPLQLVWUDWLYRGHFHQWURV\FtUFXORVGHDSUHQGL]DMH
Y ,QVWDODFLyQGH$XOD0HQWRU
YL (ODERUDFLyQGHODOH\GH(GXFDFLyQGH-yYHQHV\$GXOWRV
YLL *HVWLyQ\ILQDQFLDFLyQGHJDVWRVGHOSHUVRQDO\JDVWRVFRUULHQWHV
0LQLVWHULRGH(GXFDFLyQ\&XOWXUD± 9LFHPLQLVWHULRGH(GXFDFLyQ
3ODQ1DFLRQDOGH(GXFDFLyQSDUD7RGRV
E 'HVDUUROOR \ DSOLFDFLyQ GH XQ PRGHOR SHGDJyJLFR SURSLR GHO 6XEVLVWHPD GH (GXFDFLyQ %iVLFD SDUD
-yYHQHV\$GXOWRV'(-$
L (ODERUDFLyQLPSUHVLyQ\GLVWULEXFLyQGHPDWHULDOHVHGXFDWLYRVFXUULFXOXPSURJUDPDVGHHVWXGLR
JXtDV GLGiFWLFDV \ FXDGHUQRV SDUD SDUWLFLSDQWHV SDUD OD LPSOHPHQWDFLyQ GHO ƒ DO ƒ FLFOR GH OD
(GXFDFLyQ%iVLFD%LOLQJH
LL &DSDFLWDFLyQSHUPDQHQWHGHLQWHJUDQWHVGHO(TXLSR7pFQLFR&HQWUDO\GRFHQWHVTXHLPSOHPHQWDQ
HO3URJUDPD
LLL 'LVHxR H LPSOHPHQWDFLyQ GH XQ SURJUDPD GH SURPRFLyQ \ GLIXVLyQ GHO 3URJUDPD GH -yYHQHV \
$GXOWRV
LY &RQWUDWDFLyQGHSURPRWRUHV\IDFLOLWDGRUHV
Y 6HOHFFLyQDSHUWXUD\HTXLSDPLHQWRGHFtUFXORVGHDSUHQGL]DMH
YL 'LVWULEXFLyQGHNLWVHVFRODUHV
YLL 3XHVWDHQIXQFLRQDPLHQWRFRQWUROVHJXLPLHQWR\FRRUGLQDFLyQGHORVFtUFXORVGHDSUHQGL]DMH\GH
ODVVHFFLRQHV
YLLL 5HFDWHJRUL]DFLyQSURJUHVLYDGHOUXEURDVLJQDGRDGRFHQWHVGH(GXFDFLyQGH-yYHQHV\$GXOWRV
F $PSOLDFLyQJUDGXDOGHODFREHUWXUDGHO3URJUDPDGH(GXFDFLyQGH-yYHQHV\$GXOWRVSULRUL]DQGRORV
VHFWRUHVPiVFDUHQFLDGRV\YXOQHUDEOHV
L 5HLPSUHVLyQGHPDWHULDOHVSDUDƒƒƒ\ƒFLFORGHOD(GXFDFLyQ%iVLFD%LOLQJHGH-yYHQHV\
$GXOWRVFXDGHUQRVSDUDSDUWLFLSDQWHVSURJUDPDVFXUUtFXOXP\JXtDVPHWRGROyJLFDV
LL &DSDFLWDFLyQGHGRFHQWHV
LLL &UHDFLyQGHQXHYDVVHFFLRQHV
LY )RUWDOHFLPLHQWRGHVHFFLRQHVH[LVWHQWHV
Y &RQWUDWDFLyQGHSURPRWRUHV\IDFLOLWDGRUHV
YL 6HOHFFLyQDSHUWXUD\HTXLSDPLHQWRGH&tUFXORVGH$SUHQGL]DMH
YLL 3XHVWDHQIXQFLRQDPLHQWRFRQWUROVHJXLPLHQWR\FRRUGLQDFLyQGHORV&tUFXORVGH$SUHQGL]DMH\GH
ODVVHFFLRQHV
YLLL 'LVHxRHLPSOHPHQWDFLyQGHXQSURJUDPDGHSURPRFLyQ\GLIXVLyQ
L[ 0RQLWRUHR\HYDOXDFLyQFRQWLQXD
(VWUDWHJLD(ODERUDFLyQHLPSOHPHQWDFLyQGHXQSURJUDPDGH(GXFDFLyQ%iVLFD%LOLQJH
D GLVWDQFLD SRU UDGLR SDUD SHUVRQDV JXDUDQtKDEODQWHV \ RWUDV OHQJXDV HQ WRGRV ORV
GHSDUWDPHQWRV
$FFLRQHV
D (VWDEOHFLPLHQWR GH XQD XQLGDG HQFDUJDGD GH JHUHQFLDU HO SURJUDPD SURGXFFLyQ GH SURJUDPDV GH
HGXFDFLyQ SRU UDGLRPDVWHU GH JUDEDFLyQ \ PDWHULDOHV LPSUHVRV GH DSR\RSDUD SHUVRQDV JXDUDQt
KDEODQWHV\RWUDVOHQJXDV
E 5HDOL]DFLyQ GHXQUHOHYDPLHQWR GHGDWRVTXHSHUPLWDLGHQWLILFDULQVWLWXFLRQHV \X RUJDQL]DFLRQHVFRQ
H[SHULHQFLDHQSURJUDPDVVLPLODUHVSDUDHODFXHUGRGHDOLDQ]DVHVWUDWpJLFDV
F ,PSUHVLyQGHPDWHULDOHVGHDSR\RSDUDSHUVRQDVJXDUDQtKDEODQWHV\RWUDVOHQJXDVPyGXORV
G &RQFUHFLyQ GH FRQYHQLRV FRQ ODV 6HFUHWDUtDV GH (GXFDFLyQ GH ODV *REHUQDFLRQHV &RQVHMRV
'HSDUWDPHQWDOHV &RRUGLQDFLRQHV 'HSDUWDPHQWDOHV GH 6XSHUYLVLyQ (GXFDWLYD 2*V 21*V \ 5DGLRV
&RPXQLWDULDVSDUDHOGHVDUUROORGH3URJUDPDVVHPLSUHVHQFLDOHVGH(GXFDFLyQ%iVLFDDSR\DGRVHQHO
XVRGHODVUDGLRVORFDOHV
H &DSDFLWDFLyQGHLQWHJUDQWHVGHODXQLGDGHQFDUJDGDGHJHUHQFLDUHOSURJUDPD
I $VHVRUDPLHQWR \ DSR\R WpFQLFR D IDFLOLWDGRUHV HQFDUJDGRV GH OD FRQGXFFLyQ GHO FRPSRQHQWH
SUHVHQFLDO
J 5HLQJHQLHUtD GH WpFQLFRV \ HGXFDGRUHV GH OD 'LUHFFLyQ GH (GXFDFLyQ GH -yYHQHV \ $GXOWRV SDUD HO
GHVDUUROORGHOFRPSRQHQWHSUHVHQFLDOGHOSURJUDPD
K (VWDEOHFLPLHQWR GH XQLGDGHV GHSDUWDPHQWDOHV HQFDUJDGDV GHO GHVDUUROOR GH ORV SURJUDPDV HQ ORV
'HSDUWDPHQWRVEHQHILFLDGRV
(VWUDWHJLD'LVHxRHLPSOHPHQWDFLyQGHXQ3URJUDPDGH$WHQFLyQ'LIHUHQFLDGDGLULJLGRD
DGROHVFHQWHVGHDDxRVTXHQRHVWiQPDWULFXODGRVHQODHVFXHOD
$FFLRQHV
D 5HDOL]DFLyQGHXQDLQYHVWLJDFLyQTXHSHUPLWDLGHQWLILFDUFDUDFWHUL]DU\IRFDOL]DUODSREODFLyQPHWD
0LQLVWHULRGH(GXFDFLyQ\&XOWXUD± 9LFHPLQLVWHULRGH(GXFDFLyQ
3ODQ1DFLRQDOGH(GXFDFLyQSDUD7RGRV
E 'LVHxR GH XQ FXUUtFXOR \ SURJUDPDV GLIHUHQFLDGRV FRQ HQIRTXH GH JpQHUR DGDSWDGR D ODV
FDUDFWHUtVWLFDV\QHFHVLGDGHVGHODSREODFLyQH[FOXLGDGHO6LVWHPD(GXFDWLYRUHJXODU\FRPSURPHWLGD
HQHVWDIUDQMDHWiUHD
F )RFDOL]DFLyQGHODSREODFLyQEHQHILFLDULD
G ,PSUHVLyQ GH PDWHULDOHV HGXFDWLYRV SDUD GRFHQWHV \ SDUWLFLSDQWHV FXUUtFXOR SURJUDPDV JXtDV
PHWRGROyJLFDVFXDGHUQRVSDUDSDUWLFLSDQWHV
H &DSDFLWDFLyQSHUPDQHQWHGHDJHQWHVHGXFDWLYRVLQYROXFUDGRVHQODLPSOHPHQWDFLyQ
I 'LVHxR \ HMHFXFLyQ GH XQ SODQ GH PRQLWRUHR \ DFRPSDxDPLHQWR D ORV FHQWURV HGXFDWLYRV TXH
LPSOHPHQWDQHOSURJUDPD
J ,QVWDODFLyQGHEDVHGHGDWRVGHGRFHQWHV\SDUWLFLSDQWHV
K (ODERUDFLyQGHXQDSURSXHVWDSDUDODUHLQVHUFLyQGHORVSDUWLFLSDQWHVDSUREDGRVDO6LVWHPD(GXFDWLYR
5HJXODUVHJ~QODOHJLVODFLyQYLJHQWH
L ,PSOHPHQWDFLyQGHOSURJUDPDGHDWHQFLyQGLIHUHQFLDGDFRPRH[SHULHQFLDIRFDOL]DGDHQ]RQDVFRQDOWR
SRUFHQWDMHGHDGROHVFHQWHVGHDDxRVTXHQRHVWiQPDWULFXODGRVHQODVHVFXHODV
(VWUDWHJLD $SURYHFKDU ODV LQLFLDWLYDV SULYDGDV GH JHVWLyQ S~EOLFD SDUD GLVHxDU H
LPSOHPHQWDU XQ FXUUtFXOXP \ SURJUDPDV PRGXODUHV GH IRUPDFLyQ SURIHVLRQDO EiVLFD SRU
IDPLOLDVSURIHVLRQDOHV
$FFLRQHV
D (VWDEOHFLPLHQWR GH DOLDQ]DV HVWUDWpJLFDV FRQ ,QVWLWXFLRQHV TXH GHVDUUROODQ SURJUDPDV GH )RUPDFLyQ
3URIHVLRQDO SDUD LPSXOVDU OD 5HIRUPD GH HVWD RIHUWD HGXFDWLYD HQ HO PDUFR GH OD (GXFDFLyQ
3HUPDQHQWH
E 'LVHxR UHYLVLyQ \ YDOLGDFLyQ GHO FXUUtFXOXP \ ORV SURJUDPDV GH )RUPDFLyQ 3URIHVLRQDO %iVLFD FRQ
HQIRTXH PRGXODU \ SRU IDPLOLDV SURIHVLRQDOHV DWHQGLHQGR D ODV FRPSHWHQFLDV ODERUDOHV EiVLFDV TXH
SUHWHQGHGHVDUUROODUFDGD PyGXOR
F (ODERUDFLyQ GH FULWHULRV SDUD OD SURPRFLyQ GH HJUHVDGRV GH )RUPDFLyQ 3URIHVLRQDO %iVLFD D OD
)RUPDFLyQ3URIHVLRQDOGH1LYHO0HGLRGHILQLFLyQGHWUD\HFWRV
G 'LVHxR \ HMHFXFLyQ GH XQ SODQ GH PRQLWRUHR \ DFRPSDxDPLHQWR D ORV &HQWURV HGXFDWLYRV TXH
LPSOHPHQWDQHOSURJUDPD
H ,PSUHVLyQGHPDWHULDOHVHGXFDWLYRVSDUDVXSHUYLVRUHV\GRFHQWHV
I &DSDFLWDFLyQGHDJHQWHVHGXFDWLYRVSDUDODLPSOHPHQWDFLyQGHORVQXHYRVSURJUDPDV
J ,PSOHPHQWDFLyQGHQXHYRVSURJUDPDVGHIRUPDFLyQSURIHVLRQDO
(VWUDWHJLD,QFRUSRUDUODRIHUWDHGXFDWLYDSULYDGDFRPRRSFLyQGHDFFHVRDOD(GXFDFLyQ
%iVLFDGH-yYHQHV\$GXOWRV\DODHGXFDFLyQPHGLDHQODPRGDOLGDGSUHVHQFLDO\DGLVWDQFLD
HQHOPDUFRGHODHGXFDFLyQSHUPDQHQWH
$FFLRQHV
D 5HYLVLyQ \ SURSRVLFLyQ GH DMXVWHV D SUR\HFWRV SUHVHQWDGRV FRPR DOWHUQDWLYDV GH DFFHVR D OD
HGXFDFLyQ
E 5HYLVLyQ DMXVWH \ DSOLFDFLyQ VHJ~Q OD OHJLVODFLyQ YLJHQWH GH ORV FULWHULRV SDUD OD KDELOLWDFLyQ \
IXQFLRQDPLHQWRGH,QVWLWXFLRQHVHGXFDWLYDVSULYDGDV
F &DSDFLWDFLyQ SHUPDQHQWH GH LQWHJUDQWHV GHO UHGLVHxR GH VXSHUYLVLyQ HGXFDWLYD SDUD HO
DFRPSDxDPLHQWR GH OD LPSOHPHQWDFLyQ GH SURJUDPDV DOWHUQDWLYRV GH HGXFDFLyQ FRQIRUPH D ORV
UHTXHULPLHQWRVEiVLFRVGHQLYHOHV\PRGDOLGDGHV
G (YDOXDFLyQSHUPDQHQWHGHODFDOLGDGGHODVH[SHULHQFLDVGHVDUUROODGDV
2EMHWLYRGH'DNDU6XSULPLUODVGLVSDULGDGHVHQODHQVHxDQ]DSULPDULD\VHFXQGDULDGHDTXt
DODxR\ORJUDUDQWHVGHODxRPD\RUHTXLGDGVRFLDOGHJpQHUR\pWQLFDHQUHODFLyQ
FRQODHGXFDFLyQHQSDUWLFXODUJDUDQWL]DQGRDODVQLxDVXQDFFHVRSOHQR \HTXLWDWLYRDXQD
HGXFDFLyQEiVLFDGHEXHQDFDOLGDGDVtFRPRXQEXHQUHQGLPLHQWR
0LQLVWHULRGH(GXFDFLyQ\&XOWXUD± 9LFHPLQLVWHULRGH(GXFDFLyQ
3ODQ1DFLRQDOGH(GXFDFLyQSDUD7RGRV
2EMHWLYR 1DFLRQDO 'LVPLQXLU ODV GLVSDULGDGHV HQ OD ((% \ OD (GXFDFLyQ 0HGLD
VXPLQLVWUDQGRHTXLGDGGHOVHUYLFLRHGXFDWLYRHQFXDQWRDDFFHVRHILFLHQFLD\FDOLGDGHQWUH
JpQHURV\SULRUL]DQGRDQLxRVDVHQ]RQDVUXUDOHV
(VWUDWHJLD,PSOHPHQWDUSROtWLFDVTXHUHGX]FDQODVGLVFULPLQDFLRQHVGHJpQHUR
$FFLRQHV
D ,QWURGXFFLyQ H LPSOHPHQWDFLyQ HQ ORV FXUUtFXORV HVFRODUHV \ GH IRUPDFLyQ GRFHQWH OD SHUVSHFWLYD GH
JpQHUR FRPR WHPD WUDQVYHUVDO LQFRUSRUDQGR HQ HVSHFLDO HQ WRGRV ORV QLYHOHV LQIRUPDFLyQ VREUH
LQVWUXPHQWRV \ QRUPDV LQWHUQDFLRQDOHV GH GHUHFKR KXPDQRV FRQ pQIDVLV HQ ORV GHUHFKRV FLYLOHV
ODERUDOHVVRFLDOHVHFRQyPLFRVFXOWXUDOHV\SROtWLFRVGHODVPXMHUHVDVtFRPRVREUHORVGHUHFKRVGH
QLxRV\QLxDV
E &DSDFLWDFLyQDORVHGXFDGRUHVHQORVGHUHFKRVLQWHUQDFLRQDOHV
F )RPHQWRGHODGLIXVLyQHQORVPHGLRVGHFRPXQLFDFLyQ\HQLQVWLWXFLRQHVGHHQVHxDQ]DORVWHPDVGH
JpQHUR/H\HVGHLJXDOGDGUHSDUWRLJXDOLWDULRGHODVUHVSRQVDELOLGDGHVGHPXMHUHV\KRPEUHVHQORV
TXHKDFHUHV GHO KRJDU \ ODV UHVSRQVDELOLGDGHV IDPLOLDUHV YLROHQFLD GRPpVWLFD \ YLROHQFLD FRQWUD OD
PXMHUHQWUHRWURVWHPDV
G 3URPRFLyQGHODHTXLGDGGHJpQHURHQHODFFHVRSURFHVR\UHVXOWDGRVGHODHGXFDFLyQ
H &UHDFLyQHLPSOHPHQWDFLyQGHSURJUDPDVGHLQIRUPDFLyQHGXFDFLyQ \FRPXQLFDFLyQ,(&HQWHPDV
GHVDOXGVH[XDO\UHSURGXFWLYDHQFRRUGLQDFLyQFRQORVGLIHUHQWHVVHFWRUHVTXHFRQIRUPDQODVRFLHGDG
FLYLO
I 5HWHQFLyQGHQWURGHOVLVWHPDHGXFDWLYRDODVQLxDV\ DGROHVFHQWHVHPEDUD]DGDV
J ,QFRUSRUDFLyQDQLxRVDV\MyYHQHVFRQQHFHVLGDGHVHVSHFLDOHVDVHUYLFLRVHGXFDWLYRVHQHVSHFLDOORV
TXHYLYHQHQVLWXDFLyQGHSREUH]D
K (YDOXDFLyQGHODSUiFWLFDGRFHQWHHQDXODSDUDGHWHUPLQDUVXFRPSRUWDPLHQWRHQFXDQWRDJpQHUR
L ,PSXOVRGHHVWXGLRVHLQYHVWLJDFLRQHVHQFXDQWRDJpQHUR
(VWUDWHJLD$ILDQ]DUOD5HIRUPDGHOD(GXFDFLyQ0HGLD
$FFLRQHV
D 0HMRUDPLHQWRGHOD&DSDFLGDGGH*HVWLyQGHORVyUJDQRVGHFRQGXFFLyQHGXFDWLYD
L 5HGLVHxRGHORVSURFHVRVDGPLQLVWUDWLYRV
LL 'LVHxR\GHVDUUROORGHQXHYRV6LVWHPDVSDUDOD*HUHQFLDGHORV5HFXUVRV+XPDQRV
LLL ,QYHUVLRQHV HQ LQIUDHVWUXFWXUD \ HTXLSDPLHQWR HQ HO 0(& \ &RRUGLQDFLRQHV 'HSDUWDPHQWDOHV GH
6XSHUYLVLyQDFRUGHDOQXHYRUHGLVHxRGHVXSHUYLVLyQHGXFDWLYD
LY 0HMRUDPLHQWR GH OD FDSDFLGDG GH SODQLILFDFLyQ HQ ORV QLYHOHV FHQWUDO \ GHSDUWDPHQWDO FRQ HO
GHVDUUROORGHXQ3RUWDO(GXFDWLYR\GHVDUUROORGHLQYHVWLJDFLRQHV
Y )RUWDOHFLPLHQWRGHODHYDOXDFLyQGHOD&DOLGDG(GXFDWLYDSRUPHGLRGHO61(3(
E 0HMRUDPLHQWRGHODFDSDFLGDGGH*HVWLyQGHODV,QVWLWXFLRQHV(GXFDWLYDV
L 5HGLVHxRGHOPRGHORGHRUJDQL]DFLyQHVFRODU\GHJHVWLyQSHGDJyJLFDDFRUGHDOD5HIRUPDGHOD
(GXFDFLyQ0HGLD5(0
LL 'LVHxR H LPSODQWDFLyQ GH XQ VLVWHPD GH VHOHFFLyQ FRQWUDWDFLyQ \ FHUWLILFDFLyQ SHULyGLFD GH ORV
SURIHVLRQDOHVGHODHGXFDFLyQ
LLL 'HVDUUROOR GH FDSDFLGDGHV SDUD HO GLVHxR H LPSOHPHQWDFLyQ GH ORV 3UR\HFWRV (GXFDWLYRV
,QVWLWXFLRQDOHV3(,¶VRULHQWDGRVDOPHMRUDPLHQWRGHODFDOLGDGHGXFDWLYD
LY $FWXDOL]DFLyQ\SHUIHFFLRQDPLHQWRGHORV'LUHFWRUHVDQLYHOSLORWR
Y &DSDFLWDFLyQHQHOXVRGHLQIRUPDFLyQSDUDPHMRUDUODSUiFWLFDSHGDJyJLFD
F 3URJUDPDGHEHFDVHQHVSHFLDOFRQHORWRUJDPLHQWRGHEHFDVDMyYHQHVGHVHUWRUHVGHDDxRV
HQVLWXDFLyQGHH[WUHPDSREUH]DGHiUHDVXUEDQDV\UXUDOHV
G 'LVHxR LPSOHPHQWDFLyQ \ HYDOXDFLyQ GH (GXFDFLyQ 0HGLD $ELHUWD GLULJLGD D HVWXGLDQWHV GH ]RQDV
UXUDOHV\MyYHQHVWUDEDMDGRUHV
L 'LVHxRLPSOHPHQWDFLyQ\HYDOXDFLyQGHOFXUUtFXOR
LL 5HJODPHQWDFLyQ\RHVWDEOHFLPLHQWRGHORVFULWHULRVSDUDODLPSOHPHQWDFLyQGHOD(GXFDFLyQ0HGLD
$ELHUWD
H 'LVHxRLPSOHPHQWDFLyQ\HYDOXDFLyQGHQXHYDVPRGDOLGDGHVGH%DFKLOOHUDWR7pFQLFR\&LHQWtILFR
GHDFXHUGRDODGHPDQGDODERUDOVRFLRSURGXFWLYD
0LQLVWHULRGH(GXFDFLyQ\&XOWXUD± 9LFHPLQLVWHULRGH(GXFDFLyQ
3ODQ1DFLRQDOGH(GXFDFLyQSDUD7RGRV
I
0HMRUDPLHQWRGHODFDOLGDGGHORV5HFXUVRV+XPDQRV
L )RUPDFLyQGHORVQXHYRVSURIHVLRQDOHVGHOD(0
LL 6LVWHPDGH)RUPDFLyQ'RFHQWH&RQWLQXDGHSURIHVLRQDOHVGH(0
)RUPDFLyQ,QLFLDO
)RUPDFLyQHQ6HUYLFLR
D &DOLILFDFLyQGHORVGRFHQWHVHQVHUYLFLR
E 3URJUDPDWUDQVLWRULRGHWLWXODFLyQ
J (VSDFLRVHGXFDWLYRV\DSR\RFXUULFXODU
L 0XOWLPHGLDHQDPELHQWHDGHFXDGRHQORV&HQWURVGH5HFXUVRVGH$SUHQGL]DMH&5$
LL 7H[WRV\PDWHULDOHVGHUHIHUHQFLD
LLL /DERUDWRULRVGH&LHQFLDV
LY 7UHVRFLQFRSURWRWLSRVGHFROHJLRVHQ]RQDVXUEDQDVPDUJLQDOHV
K &UHDUHLPSOHPHQWDU3UR\HFWRV6RFLRFRPXQLWDULRV\3URGXFWLYRV363GHDFXHUGRDOD]RQD\DODV
GHPDQGDVGHODFRPXQLGDG
L 3URPRYHU HO XVR GH ODV WHFQRORJtDV GH LQIRUPDFLyQ \ FRPXQLFDFLyQ 7,& HQ HGXFDFLyQ FRPR IDFWRU
SUHSRQGHUDQWHHQHODFFHVR\ODLJXDOGDGGHRSRUWXQLGDGHVHQHODSUHQGL]DMH\ODYLGDDFWLYD
2EMHWLYRGH'DNDU0HMRUDUWRGRVORVDVSHFWRVFXDOLWDWLYRVGHODHGXFDFLyQJDUDQWL]DQGRORV
SDUiPHWURVPiVHOHYDGRVSDUDTXHWRGRVFRQVLJDQUHVXOWDGRVGHDSUHQGL]DMHUHFRQRFLGRV\
PHQVXUDEOHV HVSHFLDOPHQWH HQ OHFWXUD HVFULWXUD DULWPpWLFD \ FRPSHWHQFLDV SUiFWLFDV
HVHQFLDOHV
2EMHWLYR 1DFLRQDO (OHYDU HO UHQGLPLHQWR FXDOLWDWLYR GH OD HGXFDFLyQ SDUD TXH WRGRV
DGTXLHUDQ FRQRFLPLHQWRV HQ HVSHFLDO HQ OHFWXUD HVFULWXUD DULWPpWLFD \ FRPSHWHQFLDV
SUiFWLFDVHVHQFLDOHV
(VWUDWHJLD )RUWDOHFHU XQ VLVWHPD GH VHJXLPLHQWR \ HYDOXDFLyQ GH OD FDOLGDG GH OD
HGXFDFLyQHQWRGRVORVQLYHOHV
$FFLRQHV
D &RQFHUWDFLyQ GH DFFLRQHV SDUD OD LQFOXVLyQ GHO SURJUDPD GH OD 5HIRUPD GH OD (GXFDFLyQ %iVLFD GH
-yYHQHV\$GXOWRVHQHO61(3(
E 'LVHxR GH XQ SODQ GH HYDOXDFLyQ GHO UHQGLPLHQWR GH ORV SDUWLFLSDQWHV GH OD HGXFDFLyQ GH MyYHQHV \
DGXOWRV
F 'LVHxRHLPSOHPHQWDFLyQGHXQSURJUDPDGHGLIXVLyQGHORVUHVXOWDGRVREWHQLGRVHQWRGRVORVQLYHOHV
G 'HWHUPLQDFLyQGHIDFWRUHVDVRFLDGRVDOEDMRUHQGLPLHQWRHQWRGRVORVQLYHOHV
H 'LVHxR GH XQ SURJUDPD GH DFRPSDxDPLHQWR D FHQWURV HGXFDWLYRV HQ TXH ORV SDUWLFLSDQWHV KD\DQ
DOFDQ]DGRVRORXQPtQLPRGHODVFRPSHWHQFLDVEiVLFDVUHTXHULGDVHQWRGRVORVQLYHOHV
I (ODERUDFLyQGHPDWHULDOHVGHDSR\RSDUDGRFHQWHVHQDVLJQDWXUDVFRQVLGHUDGDVGHILFLWDULDVDSDUWLUGH
ORVUHVXOWDGRVGHO61(3(
J ,PSOHPHQWDFLyQGHHVWUDWHJLDVGHFDSDFLWDFLyQTXHFRQVLGHUHQODFUHDFLyQGHFtUFXORVGHDSUHQGL]DMH
HQWUHGRFHQWHVGHWRGRVORVQLYHOHV
(VWUDWHJLD $GHFXDU HO FXUUtFXOR GH ODV PDWHULDV IXQGDPHQWDOHV D QLYHO SDtV
GHSDUWDPHQWDOHLQVWLWXFLRQDO
$FFLRQHV
D
E
F
G
H
I
(VWDEOHFHUHOFXUUtFXORGHSDUWDPHQWDOFRQFULWHULRVVRFLRHFRQyPLFRVGHODUHJLyQ
,QFRUSRUDULQIRUPDFLRQHVRFRQWHQLGRVDWHQGLHQGRDODGHPDQGDVRFLRODERUDOGHO'SWR
,PSOHPHQWDFLyQGHOSURJUDPD
(YDOXDFLyQGHOSURJUDPDFDGDDxRV
(ODERUDFLyQGH3UR\HFWRV(GXFDWLYRV,QVWLWXFLRQDOHVTXHUHVSRQGDQDORVREMHWLYRVGHSDUWDPHQWDOHV\
QDFLRQDOHV
'LVHxRGHXQSURJUDPDGHLQWHUYHQFLyQSHGDJyJLFDTXHSHUPLWDHOHYDUORVQLYHOHVGHUHQGLPLHQWR
0LQLVWHULRGH(GXFDFLyQ\&XOWXUD± 9LFHPLQLVWHULRGH(GXFDFLyQ
3ODQ1DFLRQDOGH(GXFDFLyQSDUD7RGRV
(VWUDWHJLD 'LVHxDU H LPSOHPHQWDU SURJUDPDV GH IRUPDFLyQ \ IRUWDOHFLPLHQWR GH ORV
UHFXUVRVKXPDQRVLQYROXFUDGRVHQOD(GXFDFLyQ%iVLFDGH-yYHQHV\$GXOWRV
$FFLRQHV
D 2UJDQL]DFLyQGHOFXUVRGHSRVWJUDGRSDUDIRUPDGRUHVGH(GXFDFLyQGH-yYHQHV\$GXOWRVDGLVWDQFLD
L )LUPDGHFRQYHQLRFRQHO,6(
LL ,QFOXVLyQ GHO FXUVR HQ OD HVWUXFWXUD $GPLQLVWUDWLYD GHO ,6( \ DVLJQDFLyQ GH XQ GRFHQWH GH VX
SODQWLOODSDUDHOVHJXLPLHQWRGHOPLVPR
LLL 5HYLVLyQ\DMXVWHGHPDWHULDOHVSDUDHOFXUVR
LY $SHUWXUD\IXQFLRQDPLHQWRGHOFXUVR
E &UHDFLyQGHODHVSHFLDOLGDGGH(GXFDFLyQGH$GXOWRVHQHOFXUUtFXOXPGH)RUPDFLyQ'RFHQWH
L 5HGDFFLyQ\VRFLDOL]DFLyQGHOGRFXPHQWRGHMXVWLILFDFLyQFRQUHVSRQVDEOHVXQLYHUVLWDULRV\GH,)'
LL )LUPDGHFRQYHQLRVFRQ,)'
LLL 'LVHxRGHODHVSHFLDOLGDG
LY 'LVHxRHLPSUHVLyQGHPDWHULDOHVGLGiFWLFRVSDUDFRRUGLQDGRUHVGRFHQWHV\SDUWLFLSDQWHV
Y $SHUWXUD\IXQFLRQDPLHQWRGHOFXUVR
F ,QFOXVLyQ GH FRQWHQLGRV HVSHFtILFRV HQ HO FXUUtFXOXP GH IRUPDFLyQ GRFHQWH D SDUWLU GHO ƒ DxR
FXUULFXOXP SURJUDPDV \ PDWHULDOHV GH DSR\RSDUD OD (GXFDFLyQ GH MyYHQHV \ $GXOWRV 0pWRGRV \
WpFQLFDVGHODHGXFDFLyQGHSHUVRQDVMyYHQHV\DGXOWDV3VLFRORJtDGHODGXOWR'LGiFWLFD(VSHFLDO
3RWHQFLDOLGDGHV\OLPLWDFLRQHVGHOMRYHQ\HODGXOWR
L 5HYLVLyQ\DMXVWHFXUULFXODU
LL 'LVHxR\HODERUDFLyQGHPDWHULDOHVGLGiFWLFRV
G )RUPDFLyQ \ IRUWDOHFLPLHQWR GH ORV UHFXUVRV KXPDQRV LQYROXFUDGRV HQ OD FDSDFLWDFLyQ ODERUDO
KDELOLWDFLyQSHGDJyJLFD\IRUPDFLyQFRQWLQXD
L $FXHUGRFRQHO,6(\FHQWURVUHJLRQDOHVSDUDODLPSOHPHQWDFLyQ
LL 'LVHxRGHXQSURJUDPD\PDWHULDOHVHGXFDWLYRVSDUDODKDELOLWDFLyQSHGDJyJLFDGHFDSDFLWDGRUHV
ODERUDOHV
LLL $SHUWXUD\IXQFLRQDPLHQWRGHOFXUVR
(VWUDWHJLD ,QFUHPHQWDU ODV KRUDV HIHFWLYDV GH FODVH HQ HVSHFLDO HQ OHFWXUD HVFULWXUD
DULWPpWLFD\FRPSHWHQFLDVSUiFWLFDVHVHQFLDOHV
$FFLRQHV
D $FXHUGRV FRQ ORV FRRUGLQDGRUHV GHSDUWDPHQWDOHV GH VXSHUYLVLyQ \ ORV PLHPEURV GH ORV &RQVHMRV
'HSDUWDPHQWDOHVSDUDLQFUHPHQWDUORVGtDVGHFODVH
E &DPSDxDGHFRQFLHQWL]DFLyQGHODLPSRUWDQFLDGHODHGXFDFLyQFRQODFRPXQLGDGHGXFDWLYD
/2EMHWLYRV(VWUDWHJLDV\6HFWRUHVLQYROXFUDGRV
2EMHWLYRVGHO0DUFR
GH$FFLyQGH'DNDU
([WHQGHU \ PHMRUDU OD
SURWHFFLyQ
\
HGXFDFLyQ
LQWHJUDOHV GH OD SULPHUD
LQIDQFLD HVSHFLDOPHQWH SDUD
ORV QLxRV PiV YXOQHUDEOHV \
GHVIDYRUHFLGRV
9HODUSRUTXHDQWHVGHO
WRGRV ORV QLxRV \ VREUH
WRGR ODV QLxDV \ ORV QLxRV TXH
VH HQFXHQWUDQ HQ VLWXDFLRQHV
GLItFLOHV \ ORVTXH SHUWHQHFHQ D
PLQRUtDV pWQLFDV WHQJDQ DF
FHVRDXQDHQVHxDQ]DSULPDULD
JUDWXLWD \ REOLJDWRULD GH EXHQD
FDOLGDG\ODWHUPLQHQ
2EMHWLYRV
8QLYHUVDOL]DU FRQ
FDOLGDG \ HTXLGDG UHVSHWDQGR
OD GLYHUVLGDG HO SUHHVFRODU \
DPSOLDU OD FREHUWXUD GH OD
HGXFDFLyQ LQLFLDO SDUD QLxRVDV
PHQRUHVGHDxRV
3URSLFLDU HO DFFHVR OD
UHWHQFLyQ \ FXOPLQDFLyQ HQ
WRGRV ORV FLFORV GH OD ((% FRQ
FDOLGDG GH OD PD\RUtD GH ODV
QLxDV\QLxRVGDQGRSULRULGDGD
QLxRVDV HQ VLWXDFLRQHV GH
YXOQHUDELOLGDG
0LQLVWHULRGH(GXFDFLyQ\&XOWXUD± 9LFHPLQLVWHULRGH(GXFDFLyQ
3ODQ1DFLRQDOGH(GXFDFLyQSDUD7RGRV
(VWUDWHJLDV
0HMRUDU OD 2IHUWD
(GXFDWLYD
$UWLFXODU OD (GXFDFLyQ ,QLFLDO
FRQHO3ULPHU&LFORGHOD((%
)RUPDU \ FDSDFLWDU D
ORV55++
)RUWDOHFHU OD JHVWLyQ
GH OD (GXFDFLyQ ,QLFLDO HQ HO
PDUFR GHO 6LVWHPD 1DFLRQDOGH
3URWHFFLyQ D OD 1LxH] \ OD
$GROHVFHQFLD
$PSOLDU \ IRUWDOHFHU OD
SDUWLFLSDFLyQ GH OD )DPLOLD \ OD
&RPXQLGDG SRWHQFLDQGR VX
IXQFLyQ HGXFDGRUD SDUD HO
GHVDUUROOR LQWHJUDO GH QLxRVDV
PHQRUHVGHDxRV
$PSOLDU OD FREHUWXUD
FRQ FULWHULRV GH HILFLHQFLD \
HTXLGDG
0HMRUDUHOFXUULFXOXP\
VXLPSOHPHQWDFLyQHIHFWLYD
0HMRUDU OD FDOLILFDFLyQ
\ ODV FRQGLFLRQHV GH WUDEDMR GH
ORVGRFHQWHV
,PSOHPHQWDU SROtWLFDV
HGXFDWLYDV FRQ FULWHULRV GH
GLVFULPLQDFLyQ
)RUWDOHFHU HO VLVWHPD
((%
6HFWRUHVLQYROXFUDGRV
0LQLVWHULRGH(GXFDFLyQ\
&XOWXUD
6HFUHWDUtD1DFLRQDOGHOD
,QIDQFLD\OD$GROHVFHQFLD
$VRFLDFLRQHV
GH
&RRSHUDFLyQ(VFRODU
0LQLVWHULR GH 6DOXG
3~EOLFD\%LHQHVWDU6RFLDO
&RQVHMRV
'HSDUWDPHQWDOHVGH(GXFDFLyQ
*REHUQDFLRQHV
0XQLFLSDOLGDGHV
2UJDQLVPRV
1R
*XEHUQDPHQWDOHV21*¶V
0LQLVWHULRGH+DFLHQGD
3DUODPHQWR1DFLRQDO
0LQLVWHULRGH(GXFDFLyQ\
&XOWXUD
0LQLVWHULR GH 6DOXG
3~EOLFD\%LHQHVWDU6RFLDO
'LUHFFLyQ *HQHUDO GH
(VWDGtVWLFD
(QFXHVWDV
\
&HQVRV
6HFUHWDUtD GH $FFLyQ
6RFLDO
$VRFLDFLRQHV
GH
&RRSHUDFLyQ(VFRODU
&RQVHMRV
'HSDUWDPHQWDOHVGH(GXFDFLyQ
*UHPLRVGRFHQWHV
0LQLVWHULRGH+DFLHQGD
3DUODPHQWR1DFLRQDO
9HODU SRUTXH VHDQ
9HODU
SRU
OD
$GHFXDU HO FXUUtFXOR D
0LQLVWHULRGH(GXFDFLyQ\
DWHQGLGDV ODV QHFHVLGDGHV GH DGHFXDFLyQ GH OD HGXFDFLyQ D ODV QHFHVLGDGHV GH ORV QLYHOHV &XOWXUD
0LQLVWHULRGH(GXFDFLyQ\&XOWXUD± 9LFHPLQLVWHULRGH(GXFDFLyQ
3ODQ1DFLRQDOGH(GXFDFLyQSDUD7RGRV
DSUHQGL]DMH GH WRGRV ORV ODV
QHFHVLGDGHV
GH
MyYHQHV \ DGXOWRV PHGLDQWH XQ DSUHQGL]DMHVSDUDODYLGDGHMy
DFFHVR HTXLWDWLYR D XQ YHQHV\DGXOWRV
DSUHQGL]DMH DGHFXDGR \ D
SURJUDPDVGHSUHSDUDFLyQSDUD
ODYLGDDFWLYD
'LVPLQXLU DO DxR HO
Q~PHUR
GH
DGXOWRV
DQDOIDEHWRV HQ XQ HQ
SDUWLFXODU PXMHUHV \ IDFLOLWDU D
WRGRV ORV DGXOWRV XQ DFFHVR
HTXLWDWLYRDODHGXFDFLyQEiVLFD
\ODHGXFDFLyQSHUPDQHQWH
5HGXFLUDODxRHO
Q~PHUR GH MyYHQHV DQDOIDEHWRV
D OD PLWDG HQ SDUWLFXODU PX
MHUHV \ IDFLOLWDU D WRGRV ORV
DGXOWRV \ DGXOWDV XQ DFFHVR
HTXLWDWLYR D OD (GXFDFLyQ %i
VLFD \ OD (GXFDFLyQ 3HUPDQHQ
WH
GH OD (GXFDFLyQ 0HGLD \
3HUPDQHQWH
)RUWDOHFHU OD FXOWXUD
FRPXQLWDULD\ODSURPRFLyQSDUD
HO WUDEDMR \ HO GHVDUUROOR
PHGLDQWH
OD
HGXFDFLyQ
DPSOLDQGR OD FREHUWXUD GHO
SURJUDPD&,$&
'HVDUUROODU
XQ
SURJUDPD GH DOIDEHWL]DFLyQ
ELOLQJH LQWHQVLYD GLULJLGR D
MyYHQHV \ DGXOWRVGHDxRV \
PiV
'LVHxDUHLPSOHPHQWDU
XQ SURJUDPD GH &DSDFLWDFLyQ
/DERUDO%iVLFD
,PSOHPHQWDU
XQ
FXUULFXOXPGH(GXFDFLyQ%iVLFD
%LOLQJH SDUD MyYHQHV \ DGXOWRV
\ PDWHULDOHV GH DSR\R GLULJLGR
D SHUVRQDV GH DxRV \ PiV
SULRULWDULDPHQWH SDUD JXDUDQt
KDEODQWHV VLQGHVDWHQGHU RWUDV
OHQJXDVPDWHUQDV
(ODERUDFLyQ
H
LPSOHPHQWDFLyQ
GH
XQ
SURJUDPD GH (GXFDFLyQ %iVLFD
%LOLQJH D GLVWDQFLD SRU UDGLR
SDUD
SHUVRQDV
JXDUDQt
KDEODQWHV \ RWUDV OHQJXDV HQ
WRGRVORVGHSDUWDPHQWRV
'LVHxR
H
LPSOHPHQWDFLyQ
GH
XQ
3URJUDPD GH $WHQFLyQ 'LIH
UHQFLDGD GLULJLGR D DGROHVFHQ
WHV GH D DxRV TXH QR
HVWiQ PDWULFXODGRV HQ OD
HVFXHOD
$SURYHFKDU
ODV
6HUYLFLR 1DFLRQDO GH
3URPRFLyQ3URIHVLRQDO
(PSUHVDV GHO VHFWRU
SULYDGR\21*¶V
'LUHFFLyQ *HQHUDO GH
(VWDGtVWLFD
(QFXHVWDV
\
&HQVRV
&RQVHMRV
'HSDUWDPHQWDOHVGH(GXFDFLyQ
0LQLVWHULRGH+DFLHQGD
3DUODPHQWR1DFLRQDO
0LQLVWHULRGH(GXFDFLyQ\
&XOWXUD
&RQVHMRV
'HSDUWDPHQWDOHVGH(GXFDFLyQ
21*¶V LQYROXFUDGDV FRQ
DFFLRQHV GHVWLQDGDV D ORV
DGROHVFHQWHV
(PSUHVDV GHO VHFWRU
SULYDGR
'LUHFFLyQ *HQHUDO GH
(VWDGtVWLFD
(QFXHVWDV
\
&HQVRV
0LQLVWHULRGH+DFLHQGD
3DUODPHQWR1DFLRQDO
0LQLVWHULRGH(GXFDFLyQ\&XOWXUD± 9LFHPLQLVWHULRGH(GXFDFLyQ
3ODQ1DFLRQDOGH(GXFDFLyQSDUD7RGRV
6XSULPLU
ODV
GLVSDULGDGHV HQ OD HQVHxDQ]D
SULPDULD\VHFXQGDULDGHDTXtDO
DxR\ORJUDUDQWHVGHODxR
PD\RU HTXLGDG VRFLDO GH
JpQHUR HQ UHODFLyQ FRQ OD
HGXFDFLyQ
HQ
SDUWLFXODU
JDUDQWL]DQGR D ODV QLxDV XQ
DFFHVRSOHQR\HTXLWDWLYRDXQD
HGXFDFLyQ EiVLFD GH EXHQD
FDOLGDG DVt FRPR XQ EXHQ
UHQGLPLHQWR
0HMRUDU WRGRV ORV
DVSHFWRV FXDOLWDWLYRV GH OD
HGXFDFLyQ JDUDQWL]DQGR ORV
SDUiPHWURVPiVHOHYDGRVSDUD
TXH WRGRV FRQVLJDQ UHVXOWDGRV
GH DSUHQGL]DMH UHFRQRFLGRV \
PHQVXUDEOHVHVSHFLDOPHQWHHQ
OHFWXUD HVFULWXUD DULWPpWLFD \
FRPSHWHQFLDV
SUiFWLFDV
HVHQFLDOHV
'LVPLQXLU
ODV
GLVSDULGDGHV HQ OD ((% \ OD
(GXFDFLyQ
0HGLD
VXPLQLVWUDQGR HTXLGDG GHO VHU
YLFLR HGXFDWLYR HQ FXDQWR D DF
FHVRHILFLHQFLD \FDOLGDGHQWUH
JpQHURV \ SULRUL]DQGR D QL
xRVDVHQ]RQDVUXUDOHV
(OHYDU HO UHQGLPLHQWR
FXDOLWDWLYRGHODHGXFDFLyQSDUD
TXH WRGRV DGTXLHUDQ FRQRFL
PLHQWRV GH FRPSHWHQFLDV EiVL
FDV HQ HVSHFLDO HQ OHFWXUD
HVFULWXUD DULWPpWLFD \ FRPSH
WHQFLDVSUiFWLFDVHVHQFLDOHV
LQLFLDWLYDV SULYDGDV GH JHVWLyQ
S~EOLFD SDUD GLVHxDU H
LPSOHPHQWDU XQ FXUUtFXOXP \
SURJUDPDV
PRGXODUHV
GH
IRUPDFLyQ SURIHVLRQDO EiVLFD
SRUIDPLOLDVSURIHVLRQDOHV
,QFRUSRUDU OD RIHUWD
HGXFDWLYD SULYDGD FRPR RSFLyQ
GH DFFHVR D OD (GXFDFLyQ
%iVLFDGH-yYHQHV\$GXOWRV\
D OD HGXFDFLyQ PHGLD HQ OD
PRGDOLGDG SUHVHQFLDO \ D
GLVWDQFLD HQ HO PDUFR GH OD
HGXFDFLyQSHUPDQHQWH
,PSOHPHQWDU SROtWLFDV
TXH
UHGX]FDQ
ODV
GLVFULPLQDFLRQHVGHJpQHUR
'LVPLQXLU LQHTXLGDGHV
GH FREHUWXUD \ FDOLGDG HQWUH OD
((%\OD(GXFDFLyQ0HGLD
$GHFXDU ORV LQVXPRV
HGXFDWLYRV QHFHVDULRV SDUD
LQFUHPHQWDUODFREHUWXUD
)RUWDOHFHU XQ VLVWHPD
GHVHJXLPLHQWR\HYDOXDFLyQGH
OD FDOLGDG GH OD HGXFDFLyQ HQ
WRGRVORVQLYHOHV
$GHFXDUHOFXUUtFXORGH
ODV PDWHULDV IXQGDPHQWDOHV D
QLYHO SDtV GHSDUWDPHQWDO H
LQVWLWXFLRQDO
'LVHxDUHLPSOHPHQWDU
SURJUDPDV GH IRUPDFLyQ \
IRUWDOHFLPLHQWR GH ORV UHFXUVRV
KXPDQRV LQYROXFUDGRV HQ OD
(GXFDFLyQ%iVLFDGH-yYHQHV\
0LQLVWHULRGH(GXFDFLyQ\
&XOWXUD
&RQVHMRV
'HSDUWDPHQWDOHVGH(GXFDFLyQ
6HFUHWDUtDGHOD0XMHU
6HFUHWDUtD GH OD ,QIDQFLD
\OD$GROHVFHQFLD
6HFUHWDUtD GH $FFLyQ
6RFLDO
0LQLVWHULRGH+DFLHQGD
3DUODPHQWR1DFLRQDO
0LQLVWHULRGH(GXFDFLyQ\
&XOWXUD
&RQVHMRV
'HSDUWDPHQWDOHVGH(GXFDFLyQ
21*¶V LQYROXFUDGDV FRQ
DFFLRQHV GHVWLQDGDV D ORV
MyYHQHV
&RQVHMRV
'HSDUWDPHQWDOHVGH(GXFDFLyQ
0LQLVWHULRGH+DFLHQGD
3DUODPHQWR1DFLRQDO
0LQLVWHULRGH(GXFDFLyQ\&XOWXUD± 9LFHPLQLVWHULRGH(GXFDFLyQ
3ODQ1DFLRQDOGH(GXFDFLyQSDUD7RGRV
$GXOWRV
,QFUHPHQWDU ODV KRUDV
HIHFWLYDV GH FODVH HQ HVSHFLDO
HQ OHFWXUD HVFULWXUD DULWPpWLFD
\FRPSHWHQFLDVSUiFWLFDVHVHQ
FLDOHV
0LQLVWHULRGH(GXFDFLyQ\&XOWXUD± 9LFHPLQLVWHULRGH(GXFDFLyQ
3ODQ1DFLRQDOGH(GXFDFLyQSDUD7RGRV
3$57(6'(/3/$1'((37(1352&(62'((/$%25$&,Ï1
05HFXUVRVILQDQFLHURVSDUD3URJUDPDVSULRULWDULRV
5HFXUVRV ILQDQFLHURV HQ PLOHV GH XQLGDGHV PRQHWDULDV QHFHVDULDV SDUD OD HMHFXFLyQ GH ORV
SURJUDPDVSULRULWDULRVGXUDQWHORVSUy[LPRVDxRV
8QLGDGPRQHWDULDXWLOL]DGD
3URJUDPDV
1)XHQWHVGHILQDQFLDPLHQWRGHORV3URJUDPDVSULRULWDULRV
3/$11$&,21$/
325352*5$0$6
2%UHYHGHVFULSFLyQGHORVSURFHGLPLHQWRVLQWHUQRV\HYDOXDFLyQGHO3ODQ1DFLRQDOGH
(GXFDFLyQ SDUD7RGRV
36tQWHVLV
6tQWHVLVGHORVWHPDVGH(GXFDFLyQSDUD7RGRVHQHOSDtV
(QHOSDtVODVLWXDFLyQGHORVWHPDVGH(GXFDFLyQSDUD7RGRVHVODVLJXLHQWH
,QGLFDGRUHVQDFLRQDOHVGHODVLWXDFLyQGH(GXFDFLyQSDUD7RGRV
42EMHWLYRV\0HWDV1DFLRQDOHVSDUDORV7HPDVGH(GXFDFLyQSDUD7RGRV
2EMHWLYRV
0HWDV
0LQLVWHULRGH(GXFDFLyQ\&XOWXUD± 9LFHPLQLVWHULRGH(GXFDFLyQ
3ODQ1DFLRQDOGH(GXFDFLyQSDUD7RGRV
52EMHWLYRV\(VWUDWHJLDVSDUDORV7HPDVGH(GXFDFLyQSDUD7RGRV
2EMHWLYRV
(VWUDWHJLDV
65HFXUVRVGLVSRQLEOHVSDUDORV7HPDVGH(GXFDFLyQSDUD7RGRV
$QiOLVLVGHOD'LVWULEXFLyQGHO3UHVXSXHVWRSRU1LYHOHV
$QiOLVLVGHO*DVWRSRUDOXPQR
$QH[RV
N
O
0LQLVWHULRGH(GXFDFLyQ\&XOWXUD± 9LFHPLQLVWHULRGH(GXFDFLyQ
3ODQ1DFLRQDOGH(GXFDFLyQSDUD7RGRV
3ODQHV(VWUDWpJLFRV
L 3DUDJXD\
LL 3ODQGH(GXFDFLyQ,QLFLDO
LLL 3ODQ(VWUDWpJLFRGHOD(GXFDFLyQ0HGLD
3UR\HFFLRQHVGHPDWUtFXODSRUQLYHOHVHGXFDWLYRV
0LQLVWHULRGH(GXFDFLyQ\&XOWXUD± 9LFHPLQLVWHULRGH(GXFDFLyQ
3ODQ1DFLRQDOGH(GXFDFLyQSDUD7RGRV
*ORVDULRGH7pUPLQRV
$QDOIDEHWLVPR
3HUVRQDVGHDxRV\PiVGHHGDGTXHQR WLHQHQHOVHJXQGRJUDGRDSUREDGRHQHOPRPHQWRGH
UHDOL]DUVHODHQFXHVWDRHOFHQVR
(PSOHR
/DVGHILQLFLRQHVVREUHHPSOHRHVWiQEDVDGDVHQODVDGRSWDGDVSRUOD2UJDQL]DFLyQ,QWHUQDFLRQDO
GHO 7UDEDMR 2,7 HQ OD 7HUFHUD &RQIHUHQFLD ,QWHUQDFLRQDO GH (VWDGtVWLFDV GHO 7UDEDMR UHDOL]DGD HQ
*LQHEUDHQ
3REODFLyQHQ(GDGGH7UDEDMDU3(7
&RPSUHQGH D WRGDV ODV SHUVRQDV GH DxRV \ PiV GH HGDG TXH VXPLQLVWUDQ PDQR GH REUD
GLVSRQLEOHSDUDODUHDOL]DFLyQGHXQDDFWLYLGDGHFRQyPLFD
3REODFLyQ(FRQyPLFDPHQWH$FWLYD3($
(V HO FRQMXQWR GH SHUVRQDV GH DxRV \ PiV GH HGDG TXH HQ HO SHUtRGR GH UHIHUHQFLD GDGR
VXPLQLVWUDQPDQRGHREUDSDUD ODSURGXFFLyQGHELHQHV\VHUYLFLRVHFRQyPLFRVRTXHHVWiQGLVSRQLEOHV
\KDFHQJHVWLRQHVSDUDLQFRUSRUDUVHDGLFKDSURGXFFLyQ
3REODFLyQ2FXSDGD
(VHOFRQMXQWRGHSHUVRQDVHQODIXHU]DGHOWUDEDMRTXHWUDEDMDURQFRQRVLQUHPXQHUDFLyQHQHO
SHUtRGRGHUHIHUHQFLDRTXHDXQTXHQRKXELHUDQWUDEDMDGRWHQtDQHPSOHRGHOFXDOHVWXYLHURQDXVHQWHV
SRUPRWLYRVFLUFXQVWDQFLDOHVHQIHUPHGDGOLFHQFLDYDFDFLRQHVSDUREHFDHWF
'HVHPSOHR$ELHUWR
6RQODVSHUVRQDVHQODIXHU]DGHWUDEDMRTXHHVWDEDQVLQWUDEDMRHQORV~OWLPRVGtDVTXHHVWiQ
GLVSRQLEOHV SDUD WUDEDMDU GH LQPHGLDWR \ TXH KDEtDQ WRPDGRPHGLGDV FRQFUHWDV GXUDQWH ORV~OWLPRV GtDVSDUDEXVFDUXQHPSOHRDVDODULDGRRXQHPSOHRLQGHSHQGLHQWH
6HLQFOX\HQWDPELpQHQHVWDFDWHJRUtDDODVSHUVRQDVTXHQR EXVFDURQDFWLYDPHQWHWUDEDMRHQORV
~OWLPRVGtDVSRUUD]RQHVGHHQIHUPHGDGPDOWLHPSRRHVWiQHVSHUDQGRQRWLFLDV
'HVHPSOHR2FXOWR
6RQ ODV SHUVRQDV TXH QR HVWDEDQ WUDEDMDQGR HQ ORV ~OWLPRV GtDV \ TXH VH OH RIUHFLHUDQ XQ
WUDEDMRHQHVHPRPHQWRWUDEDMDUtDQ SHURQR EXVFDURQWUDEDMRHQ HVHSHUtRGR GHUHIHUHQFLDSRUTXHQR
FUHHQSRGHUHQFRQWUDUORVHFDQVDURQGHEXVFDURQRVDEHQGRQGHFRQVXOWDU
'HVHPSOHR7RWDO
0LQLVWHULRGH(GXFDFLyQ\&XOWXUD± 9LFHPLQLVWHULRGH(GXFDFLyQ
3ODQ1DFLRQDOGH(GXFDFLyQSDUD7RGRV
(VXQDGHILQLFLyQPiVDPSOLDGHOGHVHPSOHRHQODTXHVHLQFOX\HQQRVyORDORVGHVHPSOHDGRV
DELHUWRVVLQRWDPELpQDORVRFXOWRV
3REODFLyQ(FRQyPLFDPHQWH,QDFWLYD3(,
(V HO FRQMXQWR GH SHUVRQDV GH DxRV \ PiV GH HGDG QR FODVLILFDGDV FRPR RFXSDGDV QL
GHVRFXSDGDVGXUDQWHXQSHUtRGRGHUHIHUHQFLD
3REODFLyQ6XERFXSDGD
6HJ~Q ODVUHFRPHQGDFLRQHV GHOD2,7H[LVWHFXDQGRODVLWXDFLyQGHHPSOHRGHXQDSHUVRQDHV
LQDGHFXDGDFRQUHVSHFWRDGHWHUPLQDGDVQRUPDVFRPRHOYROXPHQGHHPSOHR6XEHPSOHR9LVLEOHRHO
QLYHOGHLQJUHVR6XEHPSOHR,QYLVLEOH
6XERFXSDGD9LVLEOH
6HUHILHUHDODVSHUVRQDVRFXSDGDVTXHWUDEDMDQPHQRVGHXQWRWDOGHKRUDVSRUVHPDQDHQ
VX RFXSDFLyQ SULQFLSDO \ HQ VXV RWUDV RFXSDFLRQHV VLODVWLHQHQ TXH GHVHDQ WUDEDMDUPiVKRUDV SRU
VHPDQD\HVWiQGLVSRQLEOHVSDUDKDFHUOR
6XERFXSDGD,QYLVLEOH
6HUHILHUHD ODVSHUVRQDVRFXSDGDVTXHWUDEDMDQXQ WRWDO GHKRUDV RPiVSRU VHPDQDHQVX
RFXSDFLyQ SULQFLSDO \ HQ VXV RWUDV RFXSDFLRQHV VL ODV WLHQHQ \ VX LQJUHVR PHQVXDO HV LQIHULRU D XQ
PtQLPROHJDOHVWDEOHFLGRHQHOSHUtRGRGHUHIHUHQFLD
(QHVWDHGLFLyQHOVXEHPSOHRLQYLVLEOHVHFDOFXODVyORSDUDORVDVDODULDGRV
7DVDGH$FWLYLGDG
(V HO FRFLHQWH HQWUH HO Q~PHUR WRWDO GH DFWLYRV \ OD SREODFLyQ GH \ PiV DxRV GH HGDG 6H
FDOFXOD SDUD DPERV VH[RV \ SDUD FDGD XQR GH HOORV SRU VHSDUDGR 3DUD XQ LQWHUYDOR GH HGDG
GHWHUPLQDGR HV HO FRFLHQWH HQWUH HO Q~PHUR GH DFWLYRV GH HVDV HGDGHV \ OD SREODFLyQ HQ HGDG GH
WUDEDMDUFRUUHVSRQGLHQWHDGLFKRLQWHUYDOR
7DVDGH'HVHPSOHR$ELHUWR7'$
/D7DVDGH'HVHPSOHR$ELHUWRGHQRPLQDGDWDPELpQ7DVDGH'HVRFXSDFLyQHVHOSRUFHQWDMHGH
'HVHPSOHDGRV$ELHUWRVFRQUHVSHFWRDOD3($
7DVDGH'HVHPSOHR2FXOWR7'2
/D7DVDGH'HVHPSOHR2FXOWRHVHOSRUFHQWDMHGH'HVHPSOHDGRV2FXOWRV'2FRQUHVSHFWRDOD
3($PiVORV'HVHPSOHDGRV2FXOWRV
7DVDGH'HVHPSOHR7RWDO7'7
/D7DVDGH'HVHPSOHR7RWDOHVHOSRUFHQWDMHGHOWRWDOGH'HVHPSOHDGRV$ELHUWRV'$\2FXOWRV
'2FRQUHVSHFWRDOD3($PiVORV'HVHPSOHDGRV2FXOWRV
7DVDGH6XERFXSDFLyQ
/D7DVDGH6XERFXSDFLyQHVHOSRUFHQWDMH GHVXERFXSDGRVFRQUHVSHFWRDOD3($
3URGXFWR,QWHUQR%UXWR3,%
(VHOYDORUPRQHWDULRGHELHQHV\VHUYLFLRVILQDOHVSURGXFLGRVHQXQDHFRQRPtDHQHOSHULRGRGH
XQDxR
0LQLVWHULRGH(GXFDFLyQ\&XOWXUD± 9LFHPLQLVWHULRGH(GXFDFLyQ
3ODQ1DFLRQDOGH(GXFDFLyQSDUD7RGRV
%LEOLRJUDItD
'*((& 'LUHFFLyQ *HQHUDO GH (VWDGtVWLFD (QFXHVWDV \ &HQVRV 3ULQFLSDOHV UHVXOWDGRV GH OD (QFXHVWD
,QWHJUDGDGH+RJDUHV 3DUDJXD\
'*((& 'LUHFFLyQ *HQHUDO GH (VWDGtVWLFD (QFXHVWDV \ &HQVRV &RQGLFLRQHV GH YLGD GH OD SREODFLyQ
SDUDJXD\D(YLGHQFLDVGHOD(QFXHVWD,QWHJUDGDGH+RJDUHV3DUDJXD\
0(&&$5(0LQLVWHULRGH(GXFDFLyQ\&XOWXUD&RQVHMR$VHVRUGHOD5HIRUPD(GXFDWLYD$YDQFHVGHOD
5HIRUPD(GXFDWLYD3HUVSHFWLYDVHVWUDWHJLDV\SROtWLFDVGHODHGXFDFLyQSDUDJXD\D
$VXQFLyQ
3DUDJXD\
0(& &$5( 0LQLVWHULR GH (GXFDFLyQ \ &XOWXUD &RQVHMR $VHVRU GH OD 5HIRUPD (GXFDWLYD (QIUHQWHPRVMXQWRVHOGHVDItRHGXFDWLYR3ODQ(VWUDWpJLFRGHOD5HIRUPD(GXFDWLYD
$VXQFLyQ
(O GHVDItR
0(& &$5( 0LQLVWHULR GH (GXFDFLyQ \ &XOWXUD &RQVHMR $VHVRU GH OD 5HIRUPD (GXFDWLYD HGXFDWLYR8QDSURSXHVWDSDUDHOGLiORJRVREUHODVRSRUWXQLGDGHVHGXFDWLYDVHQHO3DUDJXD\$VXQFLyQ
0(& '3(, 0LQLVWHULR GH (GXFDFLyQ \ &XOWXUD 'LUHFFLyQ GH 3ODQLILFDFLyQ (VWDGtVWLFD H ,QIRUPDFLyQ (YROXFLyQGHORVLQGLFDGRUHVGHO6LVWHPD(GXFDWLYR1DFLRQDO
$VXQFLyQ
0(& 2($ ,QVWLWXWR,QWHUQDFLRQDO GH 3ODQHDPLHQWR GH OD (GXFDFLyQ GH OD 81(6&2 0LQLVWHULR GH (GXFDFLyQ\
&XOWXUD 2UJDQL]DFLyQ GH (VWDGRV $PHULFDQRV (VWUDWHJLDV VLVWpPLFDV GH DWHQFLyQ DOD GHVHUFLyQ OD
UHSLWHQFLD\ODVREUHHGDGHQHVFXHODVGHFRQWH[WRVGHVIDYRUHFLGRV(WDSD/RVHVWXGLRVGHSDtV$VXQFLyQ
0(&61(3(0LQLVWHULRGH(GXFDFLyQ\&XOWXUD6LVWHPD1DFLRQDOGH(YDOXDFLyQGHO3URFHVR(GXFDWLYR
3UXHEDV1DFLRQDOHVGHORV,QVWLWXWRVGH)RUPDFLyQ'RFHQWH$VXQFLyQ
0(&61(3(0LQLVWHULRGH(GXFDFLyQ\&XOWXUD6LVWHPD1DFLRQDOGH(YDOXDFLyQGHO3URFHVR(GXFDWLYR
fDPERKDSHSRUDYHKDJXDxDQHUHPELDSR,QIRUPHGHODV3UXHEDV1DFLRQDOHV
$VXQFLyQ
0(&9LFHPLQLVWHULRGH(GXFDFLyQ0LQLVWHULRGH(GXFDFLyQ\&XOWXUD(GXFDFLyQSDUD7RGRV(YDOXDFLyQ
$xR,QIRUPHGH3DUDJXD\$VXQFLyQ
1RWLFLDV (O 'LDULR 6HFFLyQ (FRQRPtD3,% FDHUi HQ VHJ~Q HVWLPDFLyQ GHO )0,'RPLQJR GH
QRYLHPEUHGHSS
6$6318'%,'.RQUDG$GHQDXHU6WLIWXQJ%02,76HFUHWDUtDGH$FFLyQ6RFLDO3URJUDPDGHODV1DFLRQHV
8QLGDVSDUD HO'HVDUUROOR %DQFR ,QWHUDPHULFDQRGH'HVDUUROOR %DQFR 0XQGLDO 2UJDQL]DFLyQ,QWHUQDFLRQDO
ULDO
SDUDHO7UDEDMR(VWUDWHJLD1DFLRQDOGH5HGXFFLyQGHOD3REUH]D\OD'HVLJXDOGDG(15(3'0DWH
GLGiFWLFR\GHGLVFXVLyQSUHSDUDGRSDUDORVWDOOHUHVGHGLYXOJDFLyQGHOD(153'
$VXQFLyQ
3ODQ
6$6 318' 6HFUHWDUtD GH $FFLyQ 6RFLDO 3URJUDPD GH ODV 1DFLRQHV 8QLGDV SDUD HO 'HVDUUROOR (VWUDWpJLFR GH 'HVDUUROOR 6RFLDO 8QD FRQYRFDWRULD D OD VRFLHGDG SDUDJXD\D 'RFXPHQWR GH 'LVFXVLyQ
$VXQFLyQ
(GXFDFLyQSDUD
81(6&22UJDQL]DFLyQGHODV1DFLRQHV8QLGDVSDUDOD(GXFDFLyQOD&LHQFLD\OD&XOWXUD
7RGRV0DUFRGH$FFLyQSDUDODV$PpULFDV$GRSWDGRHQOD&RQIHUHQFLDGHODV$PpULFDVVREUH(GXFDFLyQSDUD
7RGRV6WR'RPLQJR5FD'RPLQLFDQDIHEUHURGH
)RUR0XQGLDO
81(6&2 2UJDQL]DFLyQGHODV1DFLRQHV8QLGDV SDUDOD(GXFDFLyQ OD&LHQFLD\OD&XOWXUD VREUH OD (GXFDFLyQ 0DUFR GH $FFLyQ GH 'DNDU (GXFDFLyQ SDUD 7RGRV FXPSOLU QXHVWURV FRPSURPLVRV
FRPXQHV'DNDU6HQHJDOGH DEULOGH
81(6&2 2UJDQL]DFLyQ GH ODV 1DFLRQHV 8QLGDV SDUD OD (GXFDFLyQ OD &LHQFLD \ OD &XOWXUD $QiOLVLV GH
3URVSHFWLYDVGHOD(GXFDFLyQHQ$PpULFD/DWLQD\HO&DULEH6DQWLDJRGH&KLOH
0LQLVWHULRGH(GXFDFLyQ\&XOWXUD± 9LFHPLQLVWHULRGH(GXFDFLyQ
3ODQ1DFLRQDOGH(GXFDFLyQSDUD7RGRV
(GXFDFLyQSDUD
81(6&2 2UJDQL]DFLyQGHODV1DFLRQHV 8QLGDVSDUDOD(GXFDFLyQOD&LHQFLD\OD&XOWXUDVI
7RGRV(QE~VTXHGDGHODHTXLGDGHQ$PpULFD/DWLQD6DQWLDJRGH&KLOH
81(6&2,QVWLWXWRGH(VWDGtVWLFD2UJDQL]DFLyQGHODV1DFLRQHV8QLGDVSDUDOD(GXFDFLyQOD&LHQFLD\OD&XOWXUD
$PpULFD/DWLQD\HO&DULEH,QIRUPH5HJLRQDO3DtVHV
81(6&2 25($/& 2UJDQL]DFLyQ GH ODV 1DFLRQHV 8QLGDV SDUD OD (GXFDFLyQ OD &LHQFLD \ OD &XOWXUD2ILFLQD
5HJLRQDO GH (GXFDFLyQ SDUD $PpULFD /DWLQD \ HO &DULEH 6LWXDFLyQ HGXFDWLYD GH $PpULFD /DWLQD \ HO
&DULEH3UR\HFWR3ULQFLSDOGH(GXFDFLyQ6DQWLDJRGH&KLOH
Descargar