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The Inter-American Development Bank (IDB) has approved a US$600 million conditional credit line for the Bogotá Metro. The first loan of the credit line, amounting to US$70 million, will finance the construction of the first line of the planned system, which is to be undertaken by a private partner.
As reported on this platform, Bogotá Metro Company (EMB) and Colombia's national development bank FDN issued a Request for Expressions of Interest (RFEOI) for the preliminary studies, design, financing, construction, procurement, testing, commissioning, operation and maintenance of the first section of the inaugural line in April. 64 EOIs were submitted.
In June, EMB announced that it was negotiating financing for the project with IDB and the World Bank, and would not proceed with the tender until loans were secured. Last week, the Mayor of Bogotá announced that the next procurement stage will open on 6 August, foreshadowing this announcement from the IDB.
The US$70 million loan has a 20-year term, with a 5.5-year disbursement period, a 5.5-year grace period and a LIBOR-based interest rate.
FND and EMB aim to award the PPP contract for the line between May and June 2019. The selected private partner will construct a 23.96km-long metro system on an elevated platform. Running along Caracas Avenue between 1 and 72 streets, the line will cover the area with the biggest demand for transportation in the city.
It is scheduled to begin operations in 2024, serving a projected 990,000 passengers a day.
The total investment for the project is US$4.35 billion. Of this, US$2.5 billion corresponds to the civil works and US$1.16 billion to the rolling stock and rail systems, which will be the responsibility of the concessionaire. The remaining amount represents public sector spending on land purchases, social management, advance transfer of public service networks, project management and supervision.
The Autopista al Mar 2 (Autopistas de Urabá) project, which involves a 254km highway that will connect Cañasgordas to Necoclí, in Antioquía, a department in north-west Colombia, has reached financial close. The estimated total investment is COP2.57 trillion (US$891 million).
Read moreThe Bogotá Metro Company (EMB) has announced that it has begun negotiating financing for the Line 1 PPP project with the World Bank and Inter-American Development Bank (IDB). The state-owned company is hoping to secure US$600 million from both financiers for the design, financing, construction, procurement, testing, commissioning, operation and maintenance of the first line of the Bogotá Metro.
Read moreColombia's National Development Bank (FDN) has disclosed that around 64 companies have expressed interest in participating in the tender for the development of a metro line in the capital city, Bogotá. The projected value of the PPP contract is COP11.7 trillion (US$4.04 billion).
Read moreColombia's national development bank, Financiera de Desarrollo Nacional (FDN) has announced that the Transversal del Sigla road PPP project has reached financial close. The project involves the rehabilitation of 137km of road linking Sisga to Aguaclara, running through the departments of Casanare, Boyacá and Cundinamarca.
Read moreThe Ministry of Finance of the Government of Colombia has approved the new public-private partnership contract for the Magdalena River project, which was originally awarded in 2014 and cancelled last year.
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