Bancolombia, Corpbanca, and Credicorp have provided a P$900 billion (US$269 million) project financing for the Pacifico 3 toll road in Colombia.

This announcement comes after Goldman Sachs sold bonds amounting US$260 million to finance the project, closing the first sale of bonds abroad associated to the 4G road PPP program. Goldman Sachs was also the Mandated Lead Arranger.

The road project is part of the 'Autopistas de la Prosperidad' package. The package is formed by several highway PPP projects including the Pacific Connection highway concession 1, Pacific Connection highway concession 2 and Pacific Connection highway concession 3.

These road concessions will allow Colombia's Atlantic Coast and Antioquia to connect efficiently with the "Eje Cafetero" and the Cauca valley, decreasing in 7 hours the travel distance between Medellin and Buenaventura port.

Pacific Connection highway concession 3 project includes: La Pintada-La Felisa; La Felisa-Irra; La Felisa-Asia; Asia-La Virginia; Tesalia by-pass; and Irra-Tres Puertas. This concession has 231 kilometers,including 26 bridges and 3 tunnels.

The project was awarded in 2014 to a consortium made up Mario Alberto Huertas Cotes, Constructora Meco and Construcciones El Cóndor.