You are on page 1of 16

.

HVKH%OXHSULQWHQ(VSDxRO
'LD3DUWH௙
XVWHGVHHQFXHQWUDHQ௙ 9HUVLyQSDUDYLVXDOL]DU 9HUVLyQ(GLWDEOH
௙
GRFXPHQWRRULJLQDOHQLQJOpV

(QHUJtD/LEUHD&DPELRGHOD3D]0XQGLDO

௙1R KD\ OtQHDV HQ HOVXHORGHHVWHSODQHWDQLHQQLQJ~QOXJDUHQHOXQLYHUVRSDUDVHSDUDUDODV
UD]DV \ FUHDFLRQHV XQDV GH RWUDV 4XH FRQ HVWD XQLGDG SDUD WRGRV ORV KRPEUHV OHV GHMH QR
VyOR FRPR XQ VRORFXHUSRVLQRFRPRXQDQDFLyQXQDFUHDFLyQ\XQFUHDGRUSDUDYLYLUHQSD]
VXYLGDHQHOXQLYHUVR௙ 07.HVKH

6L TXHUHPRV FUHDU HQHUJtD SODVPiWLFD OLEUH GHEHPRV WHQHU XQ ~QLFR GRFXPHQWR TXH VHD
FRKHUHQWH\FRQWHQJDLQVWUXFFLRQHVUHFXUULEOHVDFHUFDGHOSDVRDSDVRGHOSURFHGLPLHQWR
$VtTXHYDPRVDKDFHUFRQMXQWDPHQWHXQRHQWUHWRGRV

/D LGHD RULJLQDO KD VLGR WRPDGD GH XQ ௙
GRFXPHQWR HQ ,1*/e6 TXH HVWi VLHQGR DFWXDOL]DGR
FRQWLQXDPHQWH௙ 9HUVLyQSDUD9LVXDOL]DU 9HUVLyQ(GLWDEOH

6LGHVHDVHULQFOXLGRHQODOLVWDGHFRUUHRHOHFWUyQLFRGHO3UR\HFWR0DJUDY%OXHSULQWSRUIDYRU
SXOVH ௙
$48Ë R HQYtH XQ FRUUHR HOHFWUyQLFR D -RKQ 6KHUULIVSDFHVKHUULI#JPDLOFRPFRQHO
DVXQWR/,67$'(&255(2(/(&75Ï1,&2

3RUIDYRUSDUWLFLSHQHLQVHUWHQFRQWHQLGRRFRPHQWDULRVHQHOSUHVHQWHGRFXPHQWRRHQHORULJLQDO

1RWD GHO HGLWRU௙
 GHELGR D FRQWLQXRV \ GLDULRV ERLFRWV HQ OD HGLFLyQ GH ORV GRFXPHQWRV PH YHR HQ OD
REOLJDFLyQ GH UHWLUDU ORV SHUPLVRV GH HGLFLyQ DELHUWD VL DOJXLHQ TXLVLHUD FRODERUDU HQ HVWD WDUHD WDQ
VyORWLHQHTXHHQYLDUXQDSHWLFLyQDOSURSLHWDULR\VHDSUREDUiFRQJXVWR

>$YLVR@ +D\ XQ OtPLWH HQ FXDQWR D FXiQWDV SHUVRQDV SXHGHQ HGLWDU HVWD SiJLQD HQ XQ PRPHQWR GDGR
SRU OR WDQWR VH SLGH SRU IDYRU TXH QR DEUDQ YDULDV SHVWDxDV GH HVWH GRFXPHQWR HQ VX QDYHJDGRU \D
TXHSRGUtDLPSHGLUTXHRWUDVSHUVRQDVVHDQFDSDFHVGHHGLWDUHOGRFXPHQWR


£*UDFLDVDWRGRVSRUVXFRQWULEXFLyQ

$QH[R௙
 SXQWHHDTXt %OXHSULQW]LSHQ(VSDxRO௙
SXQWHHDTXt 0HGLGDVGH6HJXULGDG௙
SXQWHHDTXt 


ËQGLFH SXQWHHDTXt 8QLGDGGH(QHUJtD0DJ*UDY SXQWHHDTXt  *D16 3iJLQD



.HVKH%OXHSULQWHQ(VSDxRO
'LD3DUWH௙
XVWHGVHHQFXHQWUDHQ௙ 9HUVLyQSDUDYLVXDOL]DU 9HUVLyQ(GLWDEOH
௙
GRFXPHQWRRULJLQDOHQLQJOpV

,QVWUXFFLRQHV
௙

 6LPSOHPHQWHWRPHXQIUDJPHQWRGHYtGHRRGHWH[WR HOTXHJXVWHGHVGHGRQGHTXLHUD \
FRPLHQFHDWUDGXFLUDFRUGiQGRVHVLHPSUHGHLQFOXLUORVWLHPSRVGHLQLFLR\ILQDOGHOWUDPRGHO
YtGHRHQWUDGXFFLyQ
 &RODERUDPRVSDUDKDFHUXQDVYLxHWDVGHQRWDVIXHUDGHOWH[WRGHOSDVRDSDVR௙ ௙
¢&yPRKDFHUOR"


 1R VHSUHRFXSHSRUKDFHUORERQLWRVLXVWHGQRVDEHFyPR6LPSOHPHQWHFRPLHQFHDHVFULELURWUD
SHUVRQDORDUUHJODUi
 3XHGHDFRUWDUUHVXPLURHOLPLQDUFXDOTXLHUGLJUHVLyQTXHQRRIUH]FDLQIRUPDFLyQVREUHHOSURFHVR
GH FRQVWUXFFLyQ  SRU HMHPSOR > D   QLQJXQD LQVWUXFFLyQ VREUH HO SUR\HFWR@  SHUR
QR ROYLGH HVFULELU TXH XVWHG TXLWy XQ IUDJPHQWR SDUDTXHRWURVVHSDQTXHDOOtKDEtDXQDGLJUHVLyQ
GHO6U.HVKHHQODWUDQVFULSFLyQYtGHRRULJLQDO
 3RUIDYRUQRGHVWUX\DHOWUDEDMRGHRWUDVSHUVRQDVHQOXJDUGHHVRGHMHXQFRPHQWDULR«
 /RVHQODFHVGH\RXWXEHTXHHQOD]DQDFDGDWUDQVFULSFLyQHVWiQEDMRODVVHFFLRQHVGHEHUtDQWHQHUHO
WLHPSRGHFRPLHQ]R\DVHUSRVLEOHHOILQDO
 /RVHQODFHVGHLQIRUPDFLyQDGLFLRQDOFRPRSRGUtDVHUGyQGHFRPSUDUHOFDEOHVHDxDGLUiQHQHO
$QH[R
 6HKDUiQFRSLDVFRSLDVSHULyGLFDVGHVHJXULGDGSDUDHYLWDUXQDSRVLEOHGHVWUXFFLyQGHOGRFXPHQWR 


1RWD௙
 6HUtD GHVHDEOH TXH TXLHQHV HGLWHQ LQLFLHQ VHVLyQ HQ *RRJOH SDUD LQWHUFDPELDU LPSUHVLRQHV GH
PHMRUDVDWUDYpVGHOFKDW













$QH[R௙
 SXQWHHDTXt %OXHSULQW]LSHQ(VSDxRO௙
SXQWHHDTXt 0HGLGDVGH6HJXULGDG௙
SXQWHHDTXt 


ËQGLFH SXQWHHDTXt 8QLGDGGH(QHUJtD0DJ*UDY SXQWHHDTXt  *D16 3iJLQD



.HVKH%OXHSULQWHQ(VSDxRO
'LD3DUWH௙
XVWHGVHHQFXHQWUDHQ௙ 9HUVLyQSDUDYLVXDOL]DU 9HUVLyQ(GLWDEOH
௙
GRFXPHQWRRULJLQDOHQLQJOpV

ËQGLFHGH&RQWHQLGRV

+ROD3XHEORGHOD7LHUUD
,QVWUXFFLRQHV
ËQGLFHGHFRQWHQLGRV
7DOOHUHVGH³/D6HPDQDGHO%OXHSULQW´ 
 /XQHV2FWXEUH3DUWH௙ SXQWHHDTXt 

 /XQHV2FWXEUH3DUWH௙ SXQWHHDTXt ௙ 

 0DUWHV2FWXEUH3DUWH௙ SXQWHHDTXt 

 0DUWHV2FWXEUH3DUWH௙ SXQWHHDTXt ௙ 

 0LpUFROHV2FWXEUH3DUWH௙ SXQWHHDTXt 

 0LpUFROHV2FWXEUH3DUWH௙ SXQWHHDTXt ௙ 

 -XHYHV2FWXEUH3DUWH௙ SXQWHHDTXt 

 -XHYHV2FWXEUH3DUWH௙ SXQWHHDTXt ௙ 

 9LHUQHV2FWXEUH3DUWH௙ SXQWHHDTXt ௙ 

 9LHUQHV2FWXEUH3DUWH௙ SXQWHHDTXt ௙ 

VLQWUDQVFULELURWUDGXFLU 

௙
5HVXPHQGHIDEULFDFLyQGH8QLGDGGH(QHUJtD0DJ*UDY௙ SXQWHHDTXt 

3URFHVRVGHQDQRUHFXEULPLHQWR௙ SXQWHHDTXt 

%OXHSULQW]LSHQ(VSDxRO௙ SXQWHHDTXt 

*D16௙ SXQWHHDTXt 


$QH[R௙
 ௙
SXQWHHDTXt 

 /LVWDGHUHSURGXFFLyQGHORVWDOOHUHV LQJOpV ௙ SXQWHHDTXt 

 'yQGHFRPSUDUORVPDWHULDOHV௙ SXQWHHDTXt 

 0HGLGDVGH6HJXULGDG௙ SXQWHHDTXt 


$QH[R௙
 SXQWHHDTXt %OXHSULQW]LSHQ(VSDxRO௙
SXQWHHDTXt 0HGLGDVGH6HJXULGDG௙
SXQWHHDTXt 


ËQGLFH SXQWHHDTXt 8QLGDGGH(QHUJtD0DJ*UDY SXQWHHDTXt  *D16 3iJLQD



.HVKH%OXHSULQWHQ(VSDxRO
'LD3DUWH௙
XVWHGVHHQFXHQWUDHQ௙ 9HUVLyQSDUDYLVXDOL]DU 9HUVLyQ(GLWDEOH
௙
GRFXPHQWRRULJLQDOHQLQJOpV




325&20(1=$5$75$'8&,5


.)66,%OXHSULQW7HDFKLQJ:HHN WRWDOWLPHVHVLyQGHODWDUGHFRPLHQ]DHQHOPLQXWR
KWWSVZZZ\RXWXEHFRPZDWFK"Y H1HR2UY2(

.)66,%OXHSULQW7HDFKLQJ+'6HVVLRQ VHVLyQPDWLQDO
KWWSVZZZ\RXWXEHFRPZDWFK"Y 3B5:ISR4
5HHG+DUULV

>    DMXVWHV \ P~VLFD GH LQWURGXFFLyQ@
KWWSVZZZ\RXWXEHFRPZDWFK"Y 3B5:ISR4 IHDWXUH \RXWXEH W PV

   6L KDQ KHFKR ORV DQLOORV SRU IDYRU DVHJ~UHQVH GH GH TXH ORV DQLOORV HVWiQ FRPSOHWDPHQWH
QDQRUHFXELHUWRV GH TXH HVWiQ EDxDGRV HQ *D16 FRUUHFWDPHQWH \ GH TXH pVWRV VH KD\DQ VHFDGR GH IRUPD
DGHFXDGD 6L ORV DQLOORV QR HVWiQ DSURSLDGDPHQWH QDQRUHFXELHUWRV VX VLVWHPD QR IXQFLRQDUi $Vt TXH VL QR
HVWiQ VHJXURV SRQJDQ HO VLVWHPD HQ ORV *D16 SRU VHJXQGD YH] SDUD DVHJXUDUVH GH TXH HVWi FRPSOHWDPHQWH
FXELHUWRSRUTXHVLQHVWDVQDQRFDSDVQRKD\LQWHUDFFLyQ

  (O VLJXLHQWH SDVR GH GHVDUUUROORGHO%OXHSULQWSDUDDxDGLUDOVLVWHPDRFRQHFWDUORDODUHGSULQFLSDOHV
TXH VL FRQHFWD VX VLVWHPD \D WHUPLQDGR GH WUHV FRQMXQWRV DSLODGRV« RFXUUH XQ IDOOR HQ HO VRQLGR \ WLHQH TXH
KDFHUXQDSDXVD 

  /R TXH KHPRV YLVWR HV TXH VX VLVWHPD GHEHUtD HVWDU \D DSLODGR GH IRUPD WULSOH /R TXH KLFLHURQ R
GHEHUtDQ WHQHU KHFKR SRU DKRUD HV XQ DQLOOR FHQWUDO \ RWUR DQLOOR H[WHULRU HQ FDGD XQR GH ORV WUHV FRQMXQWRV
DSLODGRV 

௙  'HEHUtDQ WHQHU FRQHFWDGR XQD OtQHD GH HQWUDGDGHVGHVXJUDYLWDFLRQDOFHQWUDOLQIHULRU\GHEHUtDQWHQHUXQD
OtQHDGHVDOLGDGHVGHVXPDJQpWLFDH[WHULRUVXSHULRUGHVGHODWRUUHDDOLPHQWDUH[WHUQDPHQWH

$QH[R௙
 SXQWHHDTXt %OXHSULQW]LSHQ(VSDxRO௙
SXQWHHDTXt 0HGLGDVGH6HJXULGDG௙
SXQWHHDTXt 


ËQGLFH SXQWHHDTXt 8QLGDGGH(QHUJtD0DJ*UDY SXQWHHDTXt  *D16 3iJLQD



.HVKH%OXHSULQWHQ(VSDxRO
'LD3DUWH௙
XVWHGVHHQFXHQWUDHQ௙ 9HUVLyQSDUDYLVXDOL]DU 9HUVLyQ(GLWDEOH
௙
GRFXPHQWRRULJLQDOHQLQJOpV


  +DEUiQ FRQHFWDGR HO SRVLWLYR GH DTXt PDJQpWLFD H[WHULRU GH EDQGHMD LQIHULRU  DO QHJDWLYR GH DUULED
JUDYLWDFLRQDO FHQWUDO GH EDQGHMD GHO PHGLR  \ OR PLVPR HQ OD EDQGHMD VXSHULRU $KRUD WHQGUiQ XQD XQLGDG
SDUHFLGD D HVWD SHUR SDUD HVWDU KDELOLWDGD SDUD FRQHFWDU D OD UHG« SLGH D XQRV DVLVWHQWHV TXH JXDUGHQ
VLOHQFLR 



  7HQHPRV TXH WHQHU HQ FXHQWD TXH HVWD XQLGDG SXHGH VHU DxDGLGD D OD UHG GHVGH XQ H[WUHPR SROR
QHJDWLYR LQIHULRU  \ SXHGH VHUFRQHFWDGDDODFDUJDGHVGHHORWURH[WUHPR SRORSRVLWLYRVXSHULRU 3DUDFRQHFWDU
VX VLVWHPD GH IRUPD FRUUHFWD XVWHG QHFHVLWD DxDGLU GRV QXHYDV YtDV \WHQHUFRQHFWDGRVXVLVWHPDDOVXPLQLVWUR
GHHQHUJtD



  6L OR FRQHFWDQ FRPR HVWi VX SRGHU GH UHVSXHVWD QR VHUi WDQ EXHQR \ OD IXHQWH GHDOLPHQWDFLyQSXHGH
VHUHUUiWLFD$VtTXHQHFHVLWDQDxDGLUGRVXQLGDGHVHQHOVLVWHPD

  8QD XQLGDG FUX]DQGR ODV WUHV EDQGHMDV OtQHD URMDL]TXLHUGD \RWUDXQLGDGFUX]DQGRHOVXPLQLVWUR OtQHD
URMDL]TXLHUGDTXHFRQHFWDHOFDEOHGHHQWUDGDDODXQLGDGFRQHOFDEOHGHHQWUDGDGHVXPLQLVWUR



$QH[R௙
 SXQWHHDTXt %OXHSULQW]LSHQ(VSDxRO௙
SXQWHHDTXt 0HGLGDVGH6HJXULGDG௙
SXQWHHDTXt 


ËQGLFH SXQWHHDTXt 8QLGDGGH(QHUJtD0DJ*UDY SXQWHHDTXt  *D16 3iJLQD



.HVKH%OXHSULQWHQ(VSDxRO
'LD3DUWH௙
XVWHGVHHQFXHQWUDHQ௙ 9HUVLyQSDUDYLVXDOL]DU 9HUVLyQ(GLWDEOH
௙
GRFXPHQWRRULJLQDOHQLQJOpV


(VWDV XQLGDGHV TXH OODPDPRV FDSDFLWRUHV R FRQGHQVDGRUHV VRQ HVHQFLDOHV GH RWUR PRGR QR FUHDUiQ OD
FRQGLFLyQ SDUD ILOWUDU HO VLVWHPD GHQWUR GHO SODVPD TXH HV OR TXH VH QHFHVLWD $Vt TXH QHFHVLWD SRQHU HQWUH HO
SXQWR GH HQWUDGD \ HO SXQWR GH VDOLGD  FRQGHQVDGRUHV GH SODVPD HQ SDUDOHOR HVWR OHV SHUPLWH HPSXMDU OD
SRWHQFLD\WRPDUODFRQGHQVDFLyQGHIXHUDGHOFRQMXQWR



$TXtDFDEDODWUDQVFULSFLyQLQJOHVDGHVGHHVWHSXQWRHOHGLWRUKDUiUHV~PHQHVGHORVGLiORJRVRWUDQVFULSFLRQHV
VHJ~QORHVWLPDRSRUWXQR\VXQLYHOGHLQJOpVVHORSHUPLWH*UDFLDVSRUVXFRPSUHQVLyQ

 7DPELpQ QHFHVLWDQ HO PLVPR FRQMXQWR GH FRQGHQVDGRUHV HQ SDUDOHOR FRQ HO VXPLQLVWUR GH SRWHQFLD
SHURHVWDYH]



'H HVWD PDQHUD HO VLVWHPD UHVSRQGH WRWDOPHQWH HQ XQ HVWDGR HTXLOLEUDGR (Q )LOLSLQDV HVWiQ XWLOL]DQGR
FRQGHQVDGRUHVQRUPDOHVHQ,WDOLDHVWDPRVXWLOL]DQGRFRQGHQVDGRUHVGHSODVPD

&yPRKDFHUFRQGHQVDGRUHVGHSODVPD
 7RPHXQSHGD]RGHDODPEUHGHFREUHQDQRUHFXELHUWR
 7RPHXQWUR]RGHSDSHOUHVLVWHQWHDOIXHJR SRUHMHPSORSDSHOSDUDKRUQHDU 
 $xDGD XQD SHTXHxD FDQWLGDG GH OD SDVWD GH*$16HQHOSDSHOSRQJDHQFLPDHODODPEUHQDQRUHFXELHUWR
\HQUROOHHQVHQWLGRDQWLKRUDULR
 +DJD SHTXHxDV ERELQDV HQ VHQWLGR DQWLKRUDULR  \ SRQJD HQVXLQWHULRUXQRGHORVDODPEUHVFRQHOSDSHO\
*$16
 $VHJ~UHORDM~VWHORFRQDLVODPLHQWRSDUDTXHWRGRTXHGHHQSRVLFLyQ
 (OH[WUHPRGHODODPEUHVHQFLOOR HQHOLQWHULRUGHODERELQD HVHOSXQWRQHJDWLYRGHOFRQGHQVDGRU HQWUDGD 
 (OH[WUHPRGHODERELQDHQVtHVHOSXQWRSRVLWLYRGHOFRQGHQVDGRU VDOLGD 



$QH[R௙
 SXQWHHDTXt %OXHSULQW]LSHQ(VSDxRO௙
SXQWHHDTXt 0HGLGDVGH6HJXULGDG௙
SXQWHHDTXt 


ËQGLFH SXQWHHDTXt 8QLGDGGH(QHUJtD0DJ*UDY SXQWHHDTXt  *D16 3iJLQD



.HVKH%OXHSULQWHQ(VSDxRO
'LD3DUWH௙
XVWHGVHHQFXHQWUDHQ௙ 9HUVLyQSDUDYLVXDOL]DU 9HUVLyQ(GLWDEOH
௙
GRFXPHQWRRULJLQDOHQLQJOpV

/DSRVLFLyQGHFRQH[LyQGHORVFRQGHQVDGRUHVHV
Ɣ (QWUDGD
 HOH[WUHPRVHQFLOORRSRORQHJDWLYRVHFRQHFWDDOFDEOHGHVXPLQLVWUR
 HOSRORSRVLWLYRVHFRQHFWDDOFDEOHGHHQWUDGDDODXQLGDG

Ɣ 6DOLGD
 HO H[WUHPR VHQFLOOR R SROR QHJDWLYR VH FRQHFWD DO VHJXQGR FDEOH TXH VDOH GHO SXQWRGHVDOLGDGHOD
XQLGDG
 HOSRORSRVLWLYRVHFRQHFWDDOVHJXQGRFDEOHGHHQWUDGDDODXQLGDG

 (VWRV FRQGHQVDGRUHV VRQ ORV TXH SHUPLWHQ FRQYHUWLU OD &$ HQ SRWHQFLD GH SODVPD /DV XQLGDGHV
HQWUHJDGDV D ORV JRELHUQRV OOHYDQ WDQ VyOR XQ FRQGHQVDGRU VHxDOD OD OtQHD GH HQWUDGD  FRVD TXH SXHGH VHU
DPSOLDGDRUHHPSOD]DGD

 'LEXMD XQD OtQHD URMD D PRGR GHO DODPEUH VHQFLOOR XQDV FDSDV D]XOHV TXH VHUtDQ OD SDVWD GH *D16 \
XQDVOtQHDVYHUGHVTXHVHUtDQHOSDSHOLJQtIXJRURGHDQGRHVWHFRQMXQWRWHQGUtDPRVXQDERELQDDQWLKRUDULD


(Q XQSULQFLSLRFRORFDPRVGHHVWRVFRQGHQVDGRUHVHQSDUDOHORFRQHOSRORQHJDWLYRKDFLDVXPLQLVWURGHSRWHQFLD
\HOSRORSRVLWLYRKDFLDHOFDEOHGHHQWUDGDDOVLVWHPD


 /D FRQH[LyQ GH HVWH SDTXHWH GH FRQGHQVDGRUHV VH WLHQH TXH KDFHU HQWUH HO QHXWUR \ HO FDEOH
QDQRUHFXELHUWR GH HQWUDGD D OD XQLGDG HVGHFLUWHQHPRVXQFDEOHGREOHSDUDDOLPHQWDUHOVLVWHPDXQKLORQHXWUR
\ XQ KLOR GH IDVH HQWRQFHV HO SROR QHJDWLYR GHO SDTXHWH DQWHULRU HVWi FRQHFWDGR DO QHXWUR H[WHUQR \ HO SROR
SRVLWLYRGHOPLVPRSDTXHWHVHFRQHFWDDOFDEOHQDQRUHFXELHUWRGHODXQLGDG


< HQ OD PLVPD LPDJHQ YHPRV TXH HO RWUR SDTXHWH GH FRQGHQVDGRUHV YD HQWUH OD OtQHD GH HQWUDGD \ OD OtQHD GH
VDOLGDGHODXQLGDGSRORQHJDWLYRKDFLDODHQWUDGD\SRORSRVLWLYRKDFLDODVDOLGD


$QH[R௙
 SXQWHHDTXt %OXHSULQW]LSHQ(VSDxRO௙
SXQWHHDTXt 0HGLGDVGH6HJXULGDG௙
SXQWHHDTXt 


ËQGLFH SXQWHHDTXt 8QLGDGGH(QHUJtD0DJ*UDY SXQWHHDTXt  *D16 3iJLQD



.HVKH%OXHSULQWHQ(VSDxRO
'LD3DUWH௙
XVWHGVHHQFXHQWUDHQ௙ 9HUVLyQSDUDYLVXDOL]DU 9HUVLyQ(GLWDEOH
௙
GRFXPHQWRRULJLQDOHQLQJOpV

௙
3RU~OWLPRHOQHXWURFRQWLQ~DFRPRQHXWURGHVDOLGDKDFLDODWRPDTXHDOLPHQWDODFDUJD



eVWHHVHO%OXHSULQWHQVXWRWDOLGDG

 $GHPiV SRGHPRV DxDGLU XQ HOHPHQWR GH FRUWH GH VXPLQLVWUR SRU VL VH GLHUD XQD VXELGD H[FHVLYD GH
WHPSHUDWXUD HQ OD SURGXFFLyQ GH ODV XQLGDGHV RILFLDOHV VH KD FRORFDGR XQR HQWUH OD GREOH OtQHD GH HQWUDGD
GHVSXpVGHFRQGHQVDGRUHV\ODOtQHDGHVXPLQLVWURDQWHVGHFRQGHQVDGRUHV



 (VWR SURWHJHUi HOHTXLSRHQFDVRGHVREUHFDUJDHQODVDOLGDFRUWDQGRHOVXPLQLVWURDQWHVGHODVERELQDV
SRU OR TXH QR SRGUHPRV GDxDU HO HTXLSR 3DUD HOOR SRGHPRV FRORFDU XQ WHUPRVWDWR UHJXODGR HQ  ƒ&HQHVH
SXQWR

(VWRHVORTXHSXHGHQHQFRQWUDUHQODFDMDD]XO ODXQLGDGTXHSURGXFHOD)XQGDFLyQ 

6LWRGRVLJXHHOGHVDUUROORGHVHDGRSUy[LPDPHQWHPRVWUDUHPRVHQORVWDOOHUHVXQVLJXLHQWHSDVRGHGHVDUUROORSRU
HO FXDO\DQRQHFHVLWDUiQPiVHOVXPLQLVWURGHSRWHQFLDH[WHUQR7DPELpQVLHVWDPRVHQORFLHUWR\SHQVDPRVTXH
HV DVt HQVHxDUHPRV XQ FRPSRQHQWH QXHYR TXH QRV SHUPLWLUi FRQHFWDU DSDUDWRV GH UHVLVWHQFLD FRPR
FDOHQWDGRUHV DKRUD PLVPR OD XQLGDGHVWiGLVHxDGDSDUDDSDUDWRVQRUHVLVWLYRVSHURFRQGLFKRQXHYRVXSOHPHQWR
SRGUiQFRQHFWDUORTXHTXLHUDQ7HQGUiHODVSHFWRGHXQHQFKXIHDGDSWDGRU

 /R TXH KHPRVYLVWRKDVWDDKRUDHQORVWDOOHUHVVHPDQDOHVHVTXHGHVSXpVGHDOJXQDVVHPDQDVGHHVWDU
HO VLVWHPD FRQHFWDGR D FDUJDV QR UHVLVWLYDV SRGtDPRV HPSH]DU D FRQHFWDU FDUJDV UHVLVWLYDV HQ XQ  GHO
WRWDOGHODFDUJD


$QH[R௙
 SXQWHHDTXt %OXHSULQW]LSHQ(VSDxRO௙
SXQWHHDTXt 0HGLGDVGH6HJXULGDG௙
SXQWHHDTXt 


ËQGLFH SXQWHHDTXt 8QLGDGGH(QHUJtD0DJ*UDY SXQWHHDTXt  *D16 3iJLQD



.HVKH%OXHSULQWHQ(VSDxRO
'LD3DUWH௙
XVWHGVHHQFXHQWUDHQ௙ 9HUVLyQSDUDYLVXDOL]DU 9HUVLyQ(GLWDEOH
௙
GRFXPHQWRRULJLQDOHQLQJOpV

 /D VHPDQD SUy[LPD DPSOLDUHPRV OD VHPDQD GHO %OXHSULQW SDUD PRVWUDU DOJXQDV GH HVWDV FRVDV \
HVWDUHPRV HQ GLVSRVLFLyQ GH PRVWUDU FyPR SRGHPRV JHQHUDU HO VXPLQLVWUR GH HQWUDGD GH SRWHQFLD DOJR TXH VH
SUHJXQWDFRQVWDQWHPHQWHDOD)XQGDFLyQ

 3DUD HOOR WHQGUtDPRV TXH IDEULFDU XQD VHJXQGD XQLGDG HVSHFLDOPHQWH SUHSDUDGD SDUD HOOR HVWD PLVPD
PDGUXJDGD SDUHFH TXH KHPRV HQFRQWUDGR OD YLEUDFLyQ TXH YHQtDPRV EXVFDQGR SDUD OOHYDU HVWR D FDER
SUy[LPDPHQWH OD )XQGDFLyQ SRGUi FRPHQ]DU D SURGXFLU QXHYDV XQLGDGHV TXH \D WHQGUiQ LQFRUSRUDGDV HVWD
PRGLILFDFLyQ DPRGRGHXQDQXHYDSLODGHEDQGHMDVHQODSDUWHVXSHULRUSRUORTXHVHYHUtDFRPRXQDXQLGDGPiV
DOWD 7RGR HOOR LPSOLFD XQ FDPELR HQ OD HVWUXFWXUD XQ FDPELR HQ OD WHFQRORJtD \ D~Q WHQHPRV TXH UHFRUUHU ORV
DOWLEDMRVTXHHVWRVFDPELRVFRQOOHYDQ

 9ROYLHQGR D ORV FRQGHQVDGRUHV KD\ TXH SUHVWDU DWHQFLyQ D TXH OD ERELQDHVWpPX\DSUHWDGDWLHQHTXH
DMXVWDUVH FRPSOHWDPHQWH DO SDTXHWH LQWHULRU SDUD TXH QR KD\D SpUGLGDV HV LPSRUWDQWH TXH OD SDVWD GH *D16QR
FRQWHQJD DJXD SHUR TXH FRQVHUYH XQD WH[WXUD K~PHGD \ WDPELpQKD\TXHGHMDUTXHORVDQLOORVGHODERELQDHVWpQ
VHSDUDGRVHQWUHHOORV

 (O OXQHV R PDUWHV GH OD VHPDQD SUy[LPD  GH QRYLHPEUH GH   WDQWR ODV XQLGDGHV SDUD FRFKHV
FRPRODVXQLGDGHVGHHQHUJtDGHVHDPRVTXH\DVHHQFXHQWUHQYLDMDQGRKDFLDVXVGHVWLQDWDULRV

5RQGDGHSUHJXQWDVGHORVDVLVWHQWHV
Ɣ /DV LQVWUXFFLRQHV GH FRQH[LyQ WDQWR GH ODV XQLGDGHVGHHQHUJtDFRPRGHODVXQLGDGHVSDUDFRFKHVHVWiQ
GLVSRQLEOHV HQ ,QWHUQHW D WUDYpV GH XQ OLQN TXH HQFRQWUDUiQ HQ ODV LQVWUXFFLRQHV TXH YLHQHQ GHQWUR GH ORV
SDTXHWHVGHODVXQLGDGHV
Ɣ $TXHOODV FRVDV TXH SRQJDQ HQ SUiFWLFD D PRGR H[SHULPHQWDFLyQ D UDt] GH OD LQIRUPDFLyQ GH ORV WDOOHUHV
FRPSDUWDQOD SDUD TXH YHDPRV TXp IXQFLRQD \ TXp SUREOHPDV QRVHQFRQWUDPRVFRPSDUWDQVXVDYDQFHV\
GHVFXEULPLHQWRV +D\ JHQWH TXH EDMR VX UHVSRQVDELOLGDG H[SHULPHQWDQ D SRQHU *D16 HQ OD EDWHUtD GHO
FRFKH D DxDGLU QDQRPDWHULDOHV HWF (VR Vt QR FRORTXHQ FRQGHQVDGRUHV HQ HO FLUFXLWR HOpFWULFR GHOFRFKH
SRUTXHQRHVWiSUHSDUDGRSDUDIXQFLRQDUGHHVHPRGR
Ɣ /RV FKLFRV GH SURGXFFLyQ YDQ SUREDQGR DYDQFHV D PHGLGD TXH VH YDQ SURGXFLHQGR SRU HMHPSOR HQ ODV
SUy[LPDV VHPDQDV VH IDEULFDUiQXQRVHQFKXIHVTXHFRQHFWDGRVDOVLVWHPDSURGXFLUiQDJXD(VWR\DHVWi
FRPSOHWDPHQWHSUREDGR\SXHGHQSURGXFLUKDVWDOLWURVGHDJXDDOGtD
Ɣ /RVFRQGHQVDGRUHVSXHGHQWHQHUXQDVYXHOWDV
Ɣ  8QR GH ORVFKLFRVGHODIDFWRUtDHQ)LOLSLQDVHQVHxDRQOLQHVXVDYDQFHV(QVHxDXQDJUDQFDMDHQ
OD TXH KDQ LQWHUFRQHFWDGR WUHV SLODV GHFRQMXQWRVHVGHFLUFRQMXQWRVGHERELQDVDSLODGRVGHIRUPDWULSOH
&RQ HOOR GLFH TXHKDQFRQVHJXLGRXQDVDOLGDGH¶NZDGHPiVFXHQWDTXHHVWiQXVDQGRFRQGHQVDGRUHV
GH SODVPD MXQWR FRQ FRQGHQVDGRUHV QRUPDOHV HQ WRWDO KDQ XWLOL]DGR  FRQGHQVDGRUHV ORV FXDOHV KDQ
KHFKRFRQJLURV


YHPRV ODFDMDGHSRWHQFLDDOIRQGRDODL]TXLHUGD\HQSULPHUSODQRXQRGHORV

FRQGHQVDGRUHVQRUPDOHVXWLOL]DGRVHQHOODࣱ

$QH[R௙
 SXQWHHDTXt %OXHSULQW]LSHQ(VSDxRO௙
SXQWHHDTXt 0HGLGDVGH6HJXULGDG௙
SXQWHHDTXt 


ËQGLFH SXQWHHDTXt 8QLGDGGH(QHUJtD0DJ*UDY SXQWHHDTXt  *D16 3iJLQD



.HVKH%OXHSULQWHQ(VSDxRO
'LD3DUWH௙
XVWHGVHHQFXHQWUDHQ௙ 9HUVLyQSDUDYLVXDOL]DU 9HUVLyQ(GLWDEOH
௙
GRFXPHQWRRULJLQDOHQLQJOpV

 ௙
HQ HVWD LPDJHQ QRV PXHVWUD ORV FRQGHQVDGRUHV GH SODVPD TXH
KDQLGHDGR\HQVHJXQGRSODQRYHPRVODFDUFDVDHQODTXHVHLQWHJUDQORVFRQMXQWRVGHERELQDVࣱ 

7DPELpQHQVHxDXQEROtJUDIRGHVDQDFLyQ



 +D\ RWUD PDQHUD PiV VHQFLOOD TXH OD XVDGD SRU HO HTXLSR GH )LOLSLQDV FRQ OD TXH FRQVHJXLUtDPRV HQWUH
 NZ 3ULPHUR YDPRV D GHMDUTXHODJHQWHWHUPLQHVXVSULPHUDVXQLGDGHV\PiVDGHODQWHHQVHxDUHPRVFyPR
LQFUHPHQWDUODSRWHQFLDKDVWDORTXHQHFHVLWHPRV

௙ (VPX\LPSRUWDQWHTXHWRGDODFRQH[LyQGHODXQLGDGHVWpFRUUHFWDPHQWHUHDOL]DGD

 1R ROYLGHQ TXH SURPHWLPRV D ORVJRELHUQRVGDUODVGLUHFFLRQHVGHODVSHUVRQDVDODVTXHPDQGDPRVODV
XQLGDGHV GHVGH KDFH WLHPSR LQIRUPDPRV GH D TXp SDtV HQYLDPRV FXiQWDV XQLGDGHV \ TXp SRWHQFLD WLHQH FDGD
XQLGDG \ HQWRQFHV XVWHGHV KDFHQ OR PLVPR LQIRUPDQ D VX JRELHUQR TXp HVWiQ XVDQGR \ TXp SRWHQFLD HVWiQ
XVDQGRFRQHOSURSyVLWRGHTXHODVRFLHGDGIXQFLRQHFRUUHFWDPHQWH

 7UDWHQ GH HVWDEOHFHU XQD GHPDQGD FRQWLQXD HQ VXV FLUFXLWRVVLJQLILFDQGRTXHQRHVWpQFRQVWDQWHPHQWH
HQFKXIDQGR \ GHVHQFKXIDQGR SRUTXH FDGD YH] TXH OR KDFHQ FUHDQ XQ FDPELR \ HO SODVPD QHFHVLWD HQFRQWUDUVX
HTXLOLEULR SDUD HQFRQWUDU VX HTXLOLEULR WRPD HQHUJtD GH OD UHG 6L WLHQH XQ FDOHQWDGRU GHMH IXQFLRQDQGR HO
FDOHQWDGRUVLWLHQHXQDVOXFHVGHMHODVOXFHVHQFHQGLGDVSRUTXHGHVGHHVWHPRPHQWRODHQHUJtDHVJUDWXLWD

 9HiPRVOR GH RWUR PRGR (VWH HVHOPD\RUHVWDEOHFLPLHQWRVLFROyJLFRJUDFLDVDODSRWHQFLDGHVXPLQLVWUR
&XDQGR XVDPRV XQD OX] QRV GLFHQ TXH DKRUUHPRV HQHUJtD SRUTXH KD\ DOJR TXH WXYR TXH VHU TXHPDGR SDUD
FRQYHUWLUOR HQ HQHUJtD DKRUD VL HQWLHQGHQ FyPR IXQFLRQD OD WHFQRORJtD GH SODVPD XVWHGHV HVWiQ FRQYLUWLHQGR OD
HQHUJtD HQ DOJR PiV (O DUJXPHQWR GH TXH KD\ TXH DSDJDU ODV OXFHV SDUD DKRUUDU HQHUJtDKDPXHUWRGHVGHKR\
WLHQHQ TXH HQWHQGHU TXHODFRQYHUVLyQGHODHQHUJtDSHUPLWHFRQYHUWLUDXQRHQRWURFRQYHUWLUHOSODVPDHQOX]\OD
OX]DIHFWDDRWUDFRVDPiVORFRQYLHUWHHQDOJRPiVTXHHOPHGLRDPELHQWHQHFHVLWD


$QH[R௙
 SXQWHHDTXt %OXHSULQW]LSHQ(VSDxRO௙
SXQWHHDTXt 0HGLGDVGH6HJXULGDG௙
SXQWHHDTXt 


ËQGLFH SXQWHHDTXt 8QLGDGGH(QHUJtD0DJ*UDY SXQWHHDTXt  *D16 3iJLQD



.HVKH%OXHSULQWHQ(VSDxRO
'LD3DUWH௙
XVWHGVHHQFXHQWUDHQ௙ 9HUVLyQSDUDYLVXDOL]DU 9HUVLyQ(GLWDEOH
௙
GRFXPHQWRRULJLQDOHQLQJOpV

 (VWRV VLVWHPDV QR QHFHVLWDQ VHU UHFDUJDGRV OD HQHUJtD HV FRQWLQXD (O SODVPD OLEHUD VX HQHUJtD
FRQVWDQWHPHQWH XQD YH] TXH HQFXHQWUDQ OD YLEUDFLyQ GH DTXHOOR TXH TXLHUHQ FRQVHJXLU HVD YLEUDFLyQ HV
FRQVWDQWH

 (V PX\ VHQFLOOR FUHDU DLUH DFRQGLFLRQDGRFRQHVWRVVLVWHPDVSRUTXHORVQDQRPDWHULDOHVWUDEDMDQHQIUtR
HV VX SURSLHGDG QDWXUDO FUHDU FDORU FRQ HOORV HV PX\ GLItFLO (V XQD FDUDFWHUtVWLFD GH ORV VXSHUFRQGXFWRUHV HO
IXQFLRQDU HQ IUtR (VWR OR KHPRV YLVWR HQ ORV WDOOHUHV KHPRV H[SXHVWR DODPEUHV GH FREUH QDQRUHFXELHUWRVDXQD
JUDQ WHPSHUDWXUD \ PLHQWUDV HO FREUH TXHGDED GHUUHWLGR ODV QDQRFDSDV TXHGDEDQ LQWDFWDV VH KDEtDQ TXHGDGR
VLQHODUPD]yQLQWHULRU

$ UDt] GH XQD SUHJXQWD HO 6U .HVKH H[SOLFD SRU TXp QRVHSXHGHQDQRFRQYHUWLUHOFREUHHQVXWRWDOLGDGWDQVROR
QDQRUHFXEULU D VX DOUHGHGRU VX VHFFLyQ LQWHULRU QR SXHGH WUDQVIRUPDUVH HQ QDQRPDWHULDO SRUTXH WLHQHQ
FDUDFWHUtVWLFDVPROHFXODUHVGLIHUHQWHV 

$OJXLHQ SUHJXQWD SRU ODV QDQRFDSDV TXH GHVDSDUHFHQ HQ HODJXDVDODGDDOFUHDU*D16(O6U.HVKHH[SOLFDTXH
OR TXH KHPRV KHFKR HV OLEHUDU \ H[SDQGLU ODV QDQRPROpFXODV  SRQH HO HMHPSOR GH FXDQGR KDFHPRV SDORPLWDV 
KHPRVH[SDQGLGRXQDPROpFXOD\ODKHPRVWUDQVIRUPDGRDOHVWDGRGH*D16

 9DPRV D YHU XQD FRVD PX\ LPSRUWDQWH GHQWUR GH OD pWLFD GH HVWHVLVWHPD9HDPRVODHVWUXFWXUDGHXQD
PDQHUD GLIHUHQWH GLEXMD WUHV OtQHDV URMDV  HVWD HV VX XQLGDG DSLODGD $TXt WHQHPRV OD FRQH[LyQ FRQ OD PDWHULD
GLEXMD XQD OtQHD YHUGH GH HQWUDGD D OD XQLGDG  \ DTXt WHQHPRV OD VDOLGD GH VX VLVWHPD $TXt VH SURGXFH OD
LQWHUDFFLyQ FRQ HO HVWDGR PDWHULDO GLEXMD XQ FtUFXOR YHUGH DOUHGHGRU GHO SXQWR HQ GRQGH VH XQHQ HO FDEOH GH
HQWUDGD \ HO VLVWHPD  LQWHUDFFLyQ GH OD HQHUJtD GH SODVPD FRQ HO SODVPD GLEXMD XQD OtQHD YHUGH TXH XQH OD
EDQGHMD LQIHULRU FRQ OD EDQGHMD GHO PHGLR  LQWHUDFFLyQ GHO SODVPD FRQ HOSODVPDSXUR GLEXMDXQDOtQHDYHUGHTXH
XQH OD EDQGHMD GHO PHGLR FRQ OD EDQGHMD VXSHULRU  /D EDQGHMD LQIHULRU HV OR ItVLFR OD EDQGHMD GHO PHGLR HV OD
HPRFLyQ\ODEDQGHMDVXSHULRUHVHODOPD GLEXMDWUHVOtQHDVYHUGHVDOODGRGHODVURMDV 


 $KRUD SXHGHQ HQWHQGHU OR TXH OHV GLMH GH TXH OR TXH VLHQWHQ OR TXHWLHQHQHVWRVVLVWHPDVWLHQHQXQD
WRWDO SUHFLVLyQ SDUD KDFHUOR SRVLEOH 6X FXHUSR ItVLFR HVWi HQ HVWDGR GH *D16 SHUR HVWi HQ LQWHUDFFLyQ FRQ HO
HVWDGR PDWHULDO TXH HV OR ItVLFR HQ HVWH SODQHWD HQ HO HVWDGR ItVLFR QR KD\ FRQWDFWR SHUR HVWiQ FRQHFWDGRV SRU
WRGD OD FRQGLFLyQ SODVPiVWLFD TXH UHSUHVHQWD OD EDQGHMD GHO PHGLR  TXH HV YXHVWUD HPRFLyQ \ IXHUD GH OD
LQWHUDFFLyQGHORVGRVDQWHULRUHVODWRWDOLGDGVLQGLPHQVLyQTXHHVODEDVHFRPSOHWDGHODHQHUJtDGHFDPSRXVWHG
WLHQHODFUHDFLyQGHOFRQWUROTXHHVHODOPD 

 (QWLHQGDQ OR TXH KHPRV GLFKR FRQHVWDWHFQRORJtDQRSXHGHQKDFHUQDGDHUUyQHR<VLTXLHUHQSXHGHQ
XWLOL]DUOD SDUD FRQHFWDU FRQ VX DOPD FRQHFWDQ FRQ HO VLVWHPD \ FUHDQ OD FRQGLFLyQ GH OD PDWHULD GRQGH VX DOPD
UHWURFHGHDOSODQRGHODHPRFLyQ\GHVSXpVKDVWDORItVLFR

$QH[R௙
 SXQWHHDTXt %OXHSULQW]LSHQ(VSDxRO௙
SXQWHHDTXt 0HGLGDVGH6HJXULGDG௙
SXQWHHDTXt 


ËQGLFH SXQWHHDTXt 8QLGDGGH(QHUJtD0DJ*UDY SXQWHHDTXt  *D16 3iJLQD



.HVKH%OXHSULQWHQ(VSDxRO
'LD3DUWH௙
XVWHGVHHQFXHQWUDHQ௙ 9HUVLyQSDUDYLVXDOL]DU 9HUVLyQ(GLWDEOH
௙
GRFXPHQWRRULJLQDOHQLQJOpV

/D WHFQRORJtD WLHQH TXH VHU HQWHQGLGD HQ VX WRWDOLGDG FyPR LQWHUDFW~D \ FXiO HV OD UD]yQ GH TXHHQWUHJXHORTXH
HQWUHJD 6L XVWHG HV XQD SHUVRQD SRVLFLRQDGD DTXt GLEXMD XQD SHUVRQD D OD L]TXLHUGD GH OD HVWUXFWXUD GH OD
XQLGDG  XVWHG LQWHUDFW~D FRQ HO QLYHO HPRFLRQDO \ OR TXH XVWHG HVSHUD GH OR ItVLFR GHEHUtD VHU SRVLEOH WHQHUOR
SRUTXHODFRUUHFFLyQVHHVWDEOHFHHQHOQLYHOLQIHULRU



 &XDQGR LQWHUDFW~DQ FRQ HVWRVVLVWHPDVVXVGHVHRVHVORTXHUHFLEHQ6LXVWHGTXLHUHFDORUUHFLEHFDORU
VL TXLHUH FRPLGD UHFLEH FRPLGD SRUTXH DKRUD SXHGH YHU FyPR IXQFLRQD H[DFWDPHQWH FRQ VX QLYHO (Q HO SULPHU
QLYHOLQWHUDFW~DFRQVXQLYHOItVLFRHQHOVHJXQGRFRQVXHPRFLyQ\HQHOVXSHULRUHVVXDOPD

 $KRUD OOHYHQ HO FRQRFLPLHQWR XQ SDVR DGHODQWH (QWRQFHV HV SRVLEOH TXH LOXPLQH D VX DOPD 6L QR
HQWLHQGH OR TXH YR\ D H[SOLFDU HQ ORV VLJXLHQWHV  PLQXWRV VLJQLILFD TXH D~Q VH HQFXHQWUD HQ XQD DFXVDGD
GLPHQVLyQ ItVLFD/RTXHVXFHGHFXDQGRFRQHFWDHVWDFRQH[LyQ HOFDEOHGHHQWUDGD FRQVLJRPLVPDPHGLDQWHHVWH
HO FDEOH GH VDOLGD  OLWHUDOPHQWH XVWHG FRQHFWD VX 6HU FRQVLJR PLVPR FRQHFWD HO FDEOH GH HQWUDGD GH OD XQLGDG
H[SXHVWDHQFLPDGHODPHVDHQHOHQFKXIHGHVDOLGDGHODXQLGDG  

 ௙
ItMHQVH DUULED HQ OD OtQHD URMD GHO GLEXMR TXH FRQHFWD ODHQWUDGD\ODVDOLGD
\DEDMRDODL]TXLHUGDODXQLGDGFRQHFWDGDVREUHVtPLVPDࣱ  

 ¢4Xp VXFHGH VL FRQHFWDPRV XQD XQLGDGVREUHRWUDXQLGDG"$HVWRPHUHIHUtDFRQREWHQHUNZ8VWHG
SXHGH FRQHFWDU XQD XQLGDG D OD HQWUDGD GH VX FDVD \ RWUD XQLGDG HQ OD VDOLGD \ WRGD OD UHG GHO KRJDU TXHGD HQ
PHGLR




$QH[R௙
 SXQWHHDTXt %OXHSULQW]LSHQ(VSDxRO௙
SXQWHHDTXt 0HGLGDVGH6HJXULGDG௙
SXQWHHDTXt 


ËQGLFH SXQWHHDTXt 8QLGDGGH(QHUJtD0DJ*UDY SXQWHHDTXt  *D16 3iJLQD



.HVKH%OXHSULQWHQ(VSDxRO
'LD3DUWH௙
XVWHGVHHQFXHQWUDHQ௙ 9HUVLyQSDUDYLVXDOL]DU 9HUVLyQ(GLWDEOH
௙
GRFXPHQWRRULJLQDOHQLQJOpV

 $KRUD OOHYHQ HO FRQRFLPLHQWR XQ SDVR PiV DGHODQWH 3RQHQ XQD XQLGDG TXH HQWUHJDQ DO JRELHUQR \
FRORFDQXQDXQLGDGHQFDGDH[WUHPRGHODFLXGDGDKRUDSXHGHQYHUTXpOHSXHGHSDVDUDODFLXGDGHQWHUD


(Q YH] GH FRORFDU  XQLGDGHV DSLODGDV XQDV VREUH RWUDV FRORFDQ XQD XQLGDG HQ HO FHQWUR FRPR XQLGDG GH
SRWHQFLD SULQFLSDO \ FRORFDQ  PiV HQ ODV  HVTXLQDV GH ODFLXGDGHQXQWLHPSRODFLXGDGVHDXWRDEDVWHFHUiDVt
PLVPDFRQWDQVRORSHUVRQDVXVDQGRHVWDVXQLGDGHV

 (VWR KD VLGR SUREDGR HQ HQVD\RV XVWHG FRQHFWD XQD XQLGDG HQ OD HQWUDGD GH OD FDVD WRGD OD FDUJD
TXHGD HQ PHGLR FRORFD RWUD XQLGDG HQ HO RWUR H[WUHPR GHO FDEOHDGR WRWDO GH ODFDVDGHVSXpVGHODFDUJD\HQXQ
SDU GH VHPDQDV XVWHG SXHGH SRQHU  NZ HQWUH HOODV /D QDQRFREHUWXUD VH YD SUHFLSLWDQGR LQFOXVR SRU HO
HQWUDPDGR GH FDEOHV HQWHUUDGR GHODFLXGDGFRQYLUWLpQGRVHHQODUHGGHVXPLQLVWURDOFDSWDUODHQHUJtDGHOFDPSR
JUDYLWDWRULR GH OD 7LHUUD \ QL VLTXLHUD QHFHVLWD XQD FREHUWXUD GH *D16 SRUTXH DEVRUEH OD HQHUJtD GHO VXEVXHOR
FRPR KDFHQ ODV UDtFHV GH ODV SODQWDV &RPR SXHGHQ YHU FXDQGR XQDV FXDQWDV SHUVRQDV XVDQ HVWD HQHUJtD HQ
XQDPLVPDiUHDpVWDVHFRQYLHUWHHQXQDIXHQWHGHHQHUJtD

 7LHQHQ TXH HQWHQGHU OR TXH VH DSUR[LPD 8VWHG SXHGH UHJDODUOH XQD XQLGDG D XQ YHFLQR GH GLH] FDVDV
PiV DOOi RWUD XQLGDG D RWUD SHUVRQD TXH YLYH HQ RWUD SXQWD GH OD FLXGDG \ FRQXQLGDGHVHQPHVHVWRGRV
SXHGHQ GLVIUXWDU GH HQHUJtD JUDWXLWD 1R WRPDQ HQHUJtD OLEUH WRPDQ OD HQHUJtD GH SODVPD SRUTXH HO FRQVWDQWH
QDQRUHFXEULPLHQWR GH OD OtQHD OD FRQYLHUWH HQ XQ DEVRUEHQWH GH HQHUJtD (VFXFKHQ TXp GLMHURQ ORV DPLJRV
PHMLFDQRV HQ HO ~OWLPR WDOOHU HQ KDEOD KLVSDQD VDFDURQ OD XQLGDG GH OD FDVD \ VH OD OOHYDURQ D FDVD GH VXV
KHUPDQRV \ OD FDVD RULJLQDO HQ HO SOD]R GH  PHVHV D~Q HVWDED IXQFLRQDQGR VLQ OD XQLGDG 6H KDEtDQ
QDQRUHFXELHUWRWRGRVORVFDEOHVGHODFDVDDVtTXHDKRUDODFDVDHVODIXHQWHGHVXPLQLVWURGHSRWHQFLD

 < HQWRQFHV OOHYHQ HO FRQRFLPLHQWR XQ SDVR DGHODQWH 6L OR TXH KDQ YLVWR FRQ ORV HQVD\RV HQ ORV TXHOD
JHQWH XVD *D16 GH ]XPR GH QDUDQMD \ *D16 GH EDQDQD OR SRQHQHQMXHJRHQODUHGGHODFLXGDGVHVDWLVIDFHQ
ODV QHFHVLGDGHV GH ODV SHUVRQDV D ODV TXH XVWHGHV HVWiQ SURYH\HQGRFRPLGDHQWRGDODFLXGDG$VtTXHVLHQORV
SUy[LPRV PHVHVVHFRRSHUDDOUHGHGRUGHOPXQGRQRTXHGDUiQDGLHFRQKDPEUH&XDQGRHQORVVLJXLHQWHVPHVHV
VH GLVWULEX\DQ XQ PLOOyQ GHXQLGDGHVHQ,WDOLDVLKDQHQWHQGLGRHOSXQWRDQWHULRUSXHGHQLPDJLQDUORTXHVXFHGHUi
HQ ,WDOLD 1R WHQGUiQ TXH SDJDU XQ FpQWLPR SRU LPSRUWDU HQHUJtD 1R PiV QLxRV FRQ KDPEUH SRUTXH QR VHQWLUiQ
KDPEUHSRUTXHHOFDPSRGHHQHUJtDOHVKDUiVHQWLUVDFLDGRV

(Q XQRV PHVHV ORV LWDOLDQRV UHFLELUiQ OR TXH QHFHVLWDQ SRUTXH XQR VROR SXHGH UHFLELU HQ OD PHGLGD GH VXV
QHFHVLGDGHV\HQYH]GHVHJXLU\HQGRDORVJULWRVPLHQWUDVFRQGXFHQORVYHUiQODQ]iQGRVHEHVRV 

6HSLHUGHODFRQH[LyQKDVWD




$QH[R௙
 SXQWHHDTXt %OXHSULQW]LSHQ(VSDxRO௙
SXQWHHDTXt 0HGLGDVGH6HJXULGDG௙
SXQWHHDTXt 


ËQGLFH SXQWHHDTXt 8QLGDGGH(QHUJtD0DJ*UDY SXQWHHDTXt  *D16 3iJLQD



.HVKH%OXHSULQWHQ(VSDxRO
'LD3DUWH௙
XVWHGVHHQFXHQWUDHQ௙ 9HUVLyQSDUDYLVXDOL]DU 9HUVLyQ(GLWDEOH
௙
GRFXPHQWRRULJLQDOHQLQJOpV

 (VWiEDPRV GLFLHQGR TXH VL FRQVHJXLPRV VXILFLHQWHV XQLGDGHV SRU WRGD ,WDOLD HQWRQFHV SRGUHPRV
PDQWHQHU D WRGD OD FRPXQLGDG LWDOLDQD HQ FXDQWR D HQHUJtD D SRWHQFLD SUy[LPDPHQWH WDPELpQ HQ FRPLGD HQ
PHGLFLQD GRQGH SRGHPRV FDPELDU OD FRQGLFLyQ PX\ DSURSLDGDPHQWH 2FXUUH XQD FRVD FXULRVD HQ ,WDOLD VH
HQFXHQWUD XQR GH ORV SDtVHV PiV SHTXHxRV GHO PXQGR HO 9DWLFDQRHQWRGRHOFHQWURGH5RPD(VWXYHKDEODQGR
FRQ XQR GH ORV FKLFRV GHDOOtKDFHXQDVVHPDQDVHO9DWLFDQRHVWiHQFRQRFLPLHQWRGHODFDSDFLGDGGHOJHQHUDGRU
\ GHO DSR\R GHO JRELHUQR LWDOLDQR ¢4Xp SDVDUtD VL UHJDODPRV XQDV XQLGDGHV GH JHQHUDGRUHV GH SODVPD \ ODV
FRORFDPRV HQ HO FHQWUR GHO 9DWLFDQR \ GHVSXpV DOUHGHGRU GHO 9DWLFDQR" 3RGUtDPRV YHU DO 9DWLFDQRLOXPLQDUVHHQ
XQD VHPDQD GH XQ PRGR OLEUH (V XQD IRUPD VHQFLOOD GH FRQRFHU UHVXOWDGRV HQ XQ SDtV TXL]iV HQ XQD VHPDQD
SRGDPRV GDU VXPLQLVWUR GH SRWHQFLD DO 9DWLFDQR 3ODQWDPRV XQD XQLGDG HQ HO FHQWUR GH OD FLXGDG GHO 9DWLFDQR \
SODQWDPRV  XQLGDGHV HQ ORV OtPLWHV GH GLFKD FLXGDG \ GHVSXpV GHMDPRV TXH VHD HO 9DWLFDQR TXLHQ OH KDEOH DO
UHVWR GH QDFLRQHV GH HVWH SODQHWD GH ODV ERQDQ]DV GH HVWD XQLGDG (V XQ FRQGHQVDGRU GH SHTXHxR WDPDxR OR
SRGHPRV KDFHU  /H FRQILUPD XQD YR] TXH VHUi HO /XQHV SUy[LPR FXDQGR SRGUiQ WHQHUXQDUHXQLyQFRQRILFLDOHV
GHO 9DWLFDQR  7LHQHQ TXH HQWHQGHU XQ SXQWR OD WRWDOLGDG GH ODV SURSLHGDGHV GH HVWD WHFQRORJtD HV81$5$=$
813/$1(7$81$1$&,Ï1

 /DV XQLGDGHV HVWDUiQ IXHUD SHUR ORV ³SDGUHV´ UHOLJLRVRV HVWDUiQ GHQWUR 9HUHPRV VL KD\ XQ FDPELR GH
FRQGXFWD HQ ORV VDFHUGRWHV HQ HO WLHPSR TXH HVWi SRU YHQLU VL QDGLH GLUiPHQWLUDVRVLWRGRVKDEODQOD9HUGDG6L
OR TXH KHPRV YLVWR HV FLHUWR QDGLH SXHGH PHQWLU (QWRQFHV OD JUDQ SUHJXQWD HVFyPRFDPELDPRVODKXPDQLGDG
3LHQVRTXHHO9DWLFDQRORYDDUHFKD]DUSXHGHTXHDFHSWHQODHQHUJtDSHURQRTXLHUHQWUDEDMDUHQFRODERUDFLyQ

(O 6U .HVKH VLJXH KDEODQGR GH ODV ERQDQ]DV \ FDPELRV TXH WRGR HVWR FRQOOHYDUi JHQWH TXH QR VH HQIHUPD
WUDEDMDGRUHV TXH KDFHQ OR PHMRU HQ HO WUDEDMRGHVFHQVRGHODEVHQWLVPRDXPHQWRGHODSURGXFWLYLGDG«SHUVRQDV
WUDEDMDQGRHQVXPHMRUQLYHO

 6L HVWH LQYLHUQR YDQ D SDVDU IUtR HQ FDVD VL WLHQH XQD IDPLOLD TXH SDVD IUtR R TXLHUH TXH VX PDGUH QR
SDVH IUtR HVWH LQYLHUQR D FDXVD GH TXH QR WLHQH PHGLRV SDUD FRVWHDUVH HVD SURWHFFLyQ HVFULED D OD )XQGDFLyQ
.HVKH \ TXL]iV OH PDQGHPRV XQD XQLGDG JUDWXLWDPHQWH VL HV XVWHG XQ HPSUHVDULR LWDOLDQR TXH TXLHUH FRODERUDU
SDUD TXH HVWDV XQLGDGHV OOHJXHQ D HVRV KRJDUHVYD\DDODVHFFLyQGHODSiJLQDZHEGHOD)XQGDFLyQ³GRQDUSDUD
XQLGDG GH SRWHQFLD´ \ SRGUHPRV GRQDU PiV XQLGDGHV9HUHPRVVLSRGHPRVGRQDUJUDWXLWDPHQWHPLOXQLGDGHVSRU
WRGD ,WDOLD HVSHFLDOPHQWH HQ HO QRUWH GRQGH KDFH PXFKR IUtR SDUD HVDV IDPLOLDV TXH SDVDQ IUtR 6L HVWHLQYLHUQR
DKRUUDQ    HXURV HQ VX IDFWXUD GH OD OX] SRUTXH KDQ FRQVWUXLGR XQD XQLGDG HQ VX FDVD HVRV HXURV
GyQHORV SDUD ORV QLxRV 6L UHFLEHQ OD XQLGDG R OD IDEULFDQ HQ FDVD \ HVWiQ VDWLVIHFKRVSRUHOUHVXOWDGRGRQHQDOD
)XQGDFLyQ \ QRV SHUPLWLUiQ SURGXFLU PXFKDV PiV XQLGDGHV QRVRWURV QRV HQFDUJDUHPRV GH KDFHU OOHJDU PLO
XQLGDGHV D 1LJHULD PLO XQLGDGHV D3DOHVWLQDPLOXQLGDGHVSDUDODVIDPLOLDVGH,WDOLD«6LYLYHQHQ,WDOLDQRPLQHQD
XQIDPLOLDUTXHORQHFHVLWH\TXL]iVODUHFLEDODGLUHFFLyQHV௙ KWWSZZZNHVKHIRXQGDWLRQLWDOLDLW

  3UHJXQWDQ GHVGH LQWHUQHW VL VH SXHGHQ FRPSUDU ODV SLH]DV GH OD HVWUXFWXUD VRODPHQWH  (O 6U .HVKH
UHVSRQGHTXHQRSURGXFHQFDUFDVDVSDUDVHUYHQGLGDVSHURTXHVLTXLHUHQSXHGHQSRQHUHOORJRGHOD)XQGDFLyQ
SRUTXH HO ORJR D~Q WHQLHQGR FRS\ULJKW SHUWHQHFH D OD KXPDQLGDG HO FRS\ULJKW HVWi DQRPEUHGHOD).66,SHUR
pVWDSHUWHQHFHDODKXPDQLGDGHQVXFRQMXQWRSHURHQWLHQGDQODpWLFDGHHVWR

 3RU FDGD XQLGDG TXH YHQGH OD )XQGDFLyQ VH HQWUHJDQ  GH IRUPD JUDWXLWD VL YHQGHPRV XQ PLOOyQ GH
XQLGDGHVWUHVPLOORQHVGHSHUVRQDVUHFLELUiQXQLGDGHVJUDWXLWDPHQWH/RKDUHPRVWUDWDPRVGHVHUWUDQVSDUHQWHV

6HKDFHXQDSDXVDHQODVH[SOLFDFLRQHVKDVWDHOPLQXWR

$QH[R௙
 SXQWHHDTXt %OXHSULQW]LSHQ(VSDxRO௙
SXQWHHDTXt 0HGLGDVGH6HJXULGDG௙
SXQWHHDTXt 


ËQGLFH SXQWHHDTXt 8QLGDGGH(QHUJtD0DJ*UDY SXQWHHDTXt  *D16 3iJLQD



.HVKH%OXHSULQWHQ(VSDxRO
'LD3DUWH௙
XVWHGVHHQFXHQWUDHQ௙ 9HUVLyQSDUDYLVXDOL]DU 9HUVLyQ(GLWDEOH
௙
GRFXPHQWRRULJLQDOHQLQJOpV

 5HFRUGHPRV DOJXQRV SXQWRV &XDQGR KDJDQ VXV FRQGHQVDGRUHV DVHJ~UHQVH GH TXH TXHGDQ
SHUIHFWDPHQWH DLVODGRV HQWUH HOORV &XDQGR ORVFRQHFWHQDODOtQHDGHIDVHUHFXHUGHQJLUDUHOH[WUHPRGHODODPEUH
GHO FRQGHQVDGRU VREUH Vt PLVPR GH OD PLVPD IRUPD TXH KHPRV KHFKR HQ HO UHVWRGHOFLUFXLWR$OPRQWDUORVHQHO
DUPD]yQ WUDWHQ GH TXH QR VH LQWHUILHUDQ PDJQpWLFDPHQWH HQWUH HOORV SRU H[FHVLYD SUR[LPLGDG  &XDQGR YD\DQ D
FRQHFWDU ORV FDEOHV UHFXHUGHQ KDFHU ORV JLURV D L]TXLHUGD WRGDV ODV FRQH[LRQHV WLHQHV TXH VHU UHWRUFLHQGR D
L]TXLHUGD 6L DO FRQHFWDU HO VLVWHPD VH SURGXFH XQ FKLVSD]R FDVL FRQ WRGD VHJXULGDG XQR GH ORV SXQWRV GH
FRQH[LyQ VH KD GHUUHWLGR VH KD GHVFRQHFWDGR $VHJ~UHQVH GH QR VREUHSDVDU ORV  : GXUDQWH ODV SULPHUDV
VHPDQDV 6L TXLHUHQ WUDEDMDU FRQ XQ PD\RUSRWHQFLDOWLHQHQODSRVLELOLGDGGHFRORFDUXQDXQLGDGDODHQWUDGDGHOD
UHG GH OD FDVD \ RWUD XQLGDG DO ILQDO GH OD OtQHD HQ HO SXQWR H[WUHPRGHOFDEOHDGRKHPRVHQVD\DGRDSRQHUNZ
HQPHGLRGHHVRVGRVSXQWRVLQFOXVRKHPRVSXHVWRODFDUJDDNZ\WRGRKDIXQFLRQDGRFRUUHFWDPHQWH



 'HMHQ TXH OHVH[SOLTXHDOJRPX\LQWHUHVDQWH/D)XQGDFLyQ.HVKHHVWiEXVFDQGRFLHQWtILFRVTXHTXLHUDQ
FRODERUDU D WLHPSR FRPSOHWR GHVGH OD EDVH SDUD GHVDUUROODU QXHYDV WHFQRORJtDV VHUiQ SDJDGRV HQ FRQVRQDQFLD
1HFHVLWDPRV FLHQWtILFRV TXHWUDEDMHQHQHVWHFHQWURHQHOiUHDGHVDOXGHQHUJtDFRPLGDHWF(VRTXLHUHGHFLUTXH
WLHQHQ TXH XVWHGHV PLVPRV WLHQHQ TXH UHXELFDUVH WRGD OD LQYHVWLJDFLyQ WLHQH TXH GDUVH DTXt SDUD TXH HQ 
VHDPRV PLO FLHQWtILFRV GH SODVPD 3DUD QRVRWURV FLHQWtILFRV GH SODVPD QR VLJQLILFD WHQHU XQ GRFWRUDGR HQ QDGD
VXV GRFWRUDGRV QR HQWLHQGHQ HO IXQFLRQDPLHQWR GHO SODVPD )tMHQVH HQ TXH XQR GH QXHVWURV SULQFLSDOHV'RFWRUHV
HQ SODVPD TXH HVWi VLUYLHQGR SHUIHFWDPHQWH D OD )XQGDFLyQ HV ÈOH[ XQ EDUEHUR GH /RQGUHV TXH QR DFDEy ORV
HVWXGLRV GHHVDQDFLyQYHPRVD$UPLQTXLHQVLQXQGRFWRUDGRHQQDQRWHFQRORJtDHVHOJUDQPDHVWURGHOD).HQ
WRGR HO PXQGR PHGLDQWHVXVHQVHxDQ]DV$VtTXHHVWDPRVEXVFDQGRFLHQWtILFRVGHiUHDFLHQWtILFRVTXHHQWLHQGDQ
HO IXQFLRQDPLHQWR GHO SODVPD HO IXQFLRQDPLHQWR GH ORV QDQRPDWHULDOHV FRQ HO SODVPD \ OR TXH PX\ SURQWR
HQVHxDUHPRV FRPR SODVPD OLEUH HQWHQGHU FyPR IXQFLRQD HO UHVWR GHO XQLYHUVR $Vt TXH VL XVWHG HV XQ FLHQWtILFR
GHO QXHYR SODVPD OR HVWDPRV EXVFDQGR \ WHQHPRV ODV FRQGLFLRQHV SDUD DFRJHU D SHUVRQDVHQORVSUy[LPRV
GtDV 'HVGH HVWH PRPHQWR OD ). VH FRQYLHUWH HQ XQ RUJDQL]DFLyQ YHUWLFDO VLJQLILFDQGR TXH HQ XQ VROR OXJDU VH
WLHQHQ ODV LGHDV VH LQYHVWLJD VH HQVD\D VH SURGXFH \ VH HQYtD 8VWHG GRQD VX WLHPSR \ OD )XQGDFLyQ OH GRQD
SDUWH GH ORV EHQHILFLRV DVt IXQFLRQD $TXt QR KD\ SDJRV PHQVXDOHV ILMRV VHUHFLEHGHDFXHUGRDODGHGLFDFLyQGH
FDGD LQGLYLGXR 6L XVWHG TXLHUH SXHGH YHQLU  PHVHV GRV DxRV R OR TXH VHD \ GHVSXpV GHKDEHUDSUHQGLGROR
TXH QHFHVLWDED LUVH D VX FDVD R D WUDEDMDU D XQD HPSUHVD SULYDGD \ SXHGH GRQDU XQ  GH ORV EHQHILFLRV FRPR
SDUWH pWLFD GH OR UHFLELGR 6L XVWHG WUDEDMD FRQQDQRUHFXEULPLHQWRV\GHPiVSURFHVRVHQ&DQDGi\TXLHUHDSR\R
GH OD )XQGDFLyQ SDUD GHVDUUROODU OD WHFQRORJtD \ GLVWULEXLUOD HQ QRPEUH GH OD )XQGDFLyQ VH SRQH HQFRQWDFWR FRQ
QRVRWURV\OHGDUHPRVDSR\RSDUDTXHHVWRVHDSRVLEOHWUDEDMDQGRFRPRXQDVRODIDPLOLDDOUHGHGRUGHOPXQGR

 $Vt TXH WLHQHQ TXH GDUVH FXHQWD TXH OD )XQGDFLyQ OHV SHUWHQHFH D XVWHGHV \ QR D QRVRWURV 7LHQHQ
GHVDUUROODGD OD WHFQRORJtD GH ORV 3DG ௙ YHUHQWLHQGD௙
WLHQHQSURGXFLGDODWHFQRORJtDGHORVEROtJUDIRVGHVDQDFLyQ
WLHQHQ OD WHFQRORJtD SDUD DJULFXOWXUD SDUD FRPLGD« OHV GDPRV XQD KDELWDFLyQ SDUD SDUWLFLSDU HQ OD ,'  OD
KDELWDFLyQ HVWiHQHVWHHGLILFLR<VLTXLHUHQLUDOHVSDFLRWHQHPRVPLOPHWURVFXDGUDGRVSDUDSRQHUFDELQDVHQ
HOH[WHULRU


$QH[R௙
 SXQWHHDTXt %OXHSULQW]LSHQ(VSDxRO௙
SXQWHHDTXt 0HGLGDVGH6HJXULGDG௙
SXQWHHDTXt 


ËQGLFH SXQWHHDTXt 8QLGDGGH(QHUJtD0DJ*UDY SXQWHHDTXt  *D16 3iJLQD



.HVKH%OXHSULQWHQ(VSDxRO
'LD3DUWH௙
XVWHGVHHQFXHQWUDHQ௙ 9HUVLyQSDUDYLVXDOL]DU 9HUVLyQ(GLWDEOH
௙
GRFXPHQWRRULJLQDOHQLQJOpV

 6H SRGUtDQ SURGXFLU HUURUHV SHUR VL WRGR VLJXH VHJ~Q OR SUHYLVWR HO  GH $EULO GH  WUDWDUHPRV GH
HQVHxDUHOSULPHUVLVWHPDGHYXHORLQWHUQDFLRQDOLQWHUUHODFLRQDGR

(VWDPRV EXVFDQGR SHUVRQDV TXH SXHGDQ DSR\DU HQ DJUXSDU ORV SURGXFWRV \ OD LQIRUPDFLyQ TXH VHRFXSHQGHOD
HQRUPH WDUHD GH WUDQVFULELU \ GRFXPHQWDU OD LQIRUPDFLyQ GH WRGDV ODV HQVHxDQ]DV SRU FDWHJRUtDV 3XHGR WHQHU
LQYHUVLRQHV SDUD OOHYDU XQLGDGHV JUDWXLWDV DOUHGHGRU GHO PXQGR 6L WLHQH LGHDV GH DOJR TXH KD SUREDGR \ TXLHUH
YHQLUSDUDSRQHUORDSUXHED\TXHPiVWDUGHVHDXQSURGXFWRGHOTXHVHSXHGDQEHQHILFLDUODVSHUVRQDVGHWRGRHO
PXQGR WHQGUi WRGD QXHVWUD FRODERUDFLyQ 7HQJDQ HQ FXHQWD XQD FRVD QR HVWDPRV SLGLHQGR SUpVWDPRV D ORV
EDQFRVHVWDPRVLQYLUWLHQGRORTXHXVWHGHVWUDQVILHUHQSDUDEHQHILFLRGHODKXPDQLGDG

 6L WLHQH DOJR TXH DSRUWDU OH GDUHPRV HO WLHPSR HOHVSDFLR\ODILQDQFLDFLyQ(VWDPRVSHUVRQDVTXHKD\D
SUREDGR HVWD WHFQRORJtD FRQ ORV DQLPDOHV TXH HVWpQ LQYHVWLJDQGR ORV FDPELRV GH FRQGXFWD DVRFLDGRV HWF
3HUVRQDV TXH HVWpQ LQYHVWLJDQGR HQ HO FDPSR GH OD DJULFXOWXUD ORV XVRV GH ORV GLIHUHQWHV *D16 OD FUHDFLyQ GH
QXHYRV HQWRUQRV HWF 1HFHVLWDPRV HVSHFLDOLVWDV HQ OD GHVFRQWDPLQDFLyQ GH DJXDV GLIHUHQWHV IXHU]DV \ QLYHOHV
PDJUDY H[WUDHQ GLIHUHQWHV FRVDV GHO DJXD (VWDPRV EXVFDQGR SHUVRQDV TXH HQWLHQGDQ TXH XVDQGR OD XQLGDG OD
FXDO WLHQH XQ FDPSRPDJUDYDVXDOUHGHGRUVHSXHGHGHVFRQWDPLQDUDGLVWDQFLDXVWHGHVVLPXODQXQDYLEUDFLyQ\
SRUHMHPSORSXHGHQVDFDUHOFHVLRGHOPHGLRDPELHQWHRODFRQWDPLQDFLyQSRUFREUHHWF


(VWD HV OD QXHYD IRUPD GH WUDEDMDU QR HVWDPRV EXVFDQGR TXtPLFRV \ GHPiV HVHHVHOHVWDGRPDWHULDO(VWDPRV
EXVFDQGRODPHGLFLyQGHORVFDPSRVSDUDDWUDHUFXDOTXLHUPDWHULDO
(VWDPRV EXVFDQGR DUTXLWHFWRV TXH VHSDQ LPSOHPHQWDU OD QDQRWHFQRORJtD SDUD TXH FRORTXHQ QDQRFDSDVHQWUHHO
WHUUHQR \ OD FDVD HQFRQVWUXFFLyQTXHDEVRUEDQODVUDGLDFLRQHVGHOVXEVXHORTXHLQFOXVRDEVRUEDQODVYLEUDFLRQHV
TXH FDXVDQ XQ WHUUHPRWR \ HYLWHQ TXH VH VDFXGD OD YLYLHQGD H[SOLFD \ PXHVWUD HQ OD SL]DUUD GLFKR
IXQFLRQDPLHQWR (VDVVRQODVSHUVRQDVTXHHVWDPRVEXVFDQGRSDUDTXHVHXQDQDQRVRWURVHQ(QHUR 


1DGDPiVUHOHYDQWHSDUDQXHVWUD8QLGDG$TXtWHUPLQDODWUDQVFULSFLyQUHVXPHQGHOžWDOOHUPDWLQDO



$QH[R௙
 SXQWHHDTXt %OXHSULQW]LSHQ(VSDxRO௙
SXQWHHDTXt 0HGLGDVGH6HJXULGDG௙
SXQWHHDTXt 


ËQGLFH SXQWHHDTXt 8QLGDGGH(QHUJtD0DJ*UDY SXQWHHDTXt  *D16 3iJLQD




You might also like