This article is part of a daily series of MegaProjects articles. If you want to know more about PPP projects with a considerable size visit our MegaProjects section. You can receive them by email on a daily basis.

Colombia's National Infrastructure Agency (ANI) has announced that the Pacific Connection highway concession 2 (Autopistas de la Prosperidad) PPP project has successfully reached financial close.

The total financing amount has reached COP1.2 billion (around US$420 million). International banks Itaú Unibanco S.A., New York Branch and Banco de Crédito del Perú have committed US$250 million together, with a tenor of 14 years, while national banks, namely Davivienda and Banco de Bogotá have provided loans with a value of COP510 billion (US$172 million) with a 18-year tenor.

Pacific Connection highway concession 2 was awarded on 22 May 2014 to a consortium composed of Grupo Odinsa S.A. (25%), Mincivil S.A (21.15%), Construcciones el Condor (21.15%), Termotécnica Coindustrial S.A (13.50%,) Icein S.A.S (9.20%) and Mota Engil Engenharia e Construcao S.A (10%). 

The project was signed on 12 September 2014.

The project includes the stretches of Bolombolo-La Pintada (44km) and La Pintada-Primavera (54km). It comprises the construction of 69 bridges and a 2.5km tunnel in Mulatos. 

Autopistas para la Prosperidad

The Pacific Connection highway concession 2 is part of the nine concessions that comprise 'Autopistas para la Prosperidad' highway project. Total investments for the project will exceed US$7.1 billion 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.

As part of the Autopistas para la Prosperidad, ANI awarded on 15 July 2014 the Pacific Connection highway concession 3 to the consortium formed by Mario Alberto Huertas Cotes (75%) and Constructora Meco Sociedad Anónima Sucursal Colombia (25%).