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Colombia's National Infrastructure Agency (ANI) has announced financial closure for the Connection North highway concession.

The debt package include a 40 per cent financing in Colombian Pesos (COP) provided by Bancolombia, Davivienda and Financiera de Desarrollo Nacional (FDN) and a 60 per cent US$ denominated debt package provided by Sumitomo Mitsui Banking Corporation (SMBC), Banco de Credito del Peru, "Instituto de Crédito Oficial" - ICO (Spain) and Korea Development Bank (KDB). SMBC led the dollar component of the closure, equivalent to US$250, and distributed debt among the other actors.

The total project investment is estimated at COP1,300 billion (US$418 million).

The project was awarded in October 2015 to the consortium Autopistas del Nordeste SPV, which is composed of Colombia's KMA Construcciones Colombia (25%), Spain's Ortiz Construcciones y Proyectos (25%), Colombia's Equipo Universal S.A (25%), and Colombia's Valores y Contratos S.A. (25%). 

The 145 km road project will link Remedios and Caucasia. The project involves, among others, the development of a 490m tunnel, the Caucasia bypass and 96 bridges.

The project is part of the nine concessions that comprise Autopistas para la Prosperidad highway project. Total investments will exceed 13 trillion pesos and will feature contributions from the national government through the ANI, the Government of Antioquia and the Government of Medellín.

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.