The Bancolombia Group has announced that it will provide financing of COP191,700 million (US$50.10 million) for the Santa Marta – Paraguachón road concession in Colombia. It acted as the leading structuring agent and underwriter of 100% of the financing for the concession.

The scope of the project involves the development of a road corridor that connects Santa Marta with Riohacha (La Guajira) and Paraguachón. The project aims to improve the connectivity of the municipalities of the Caribbean Coast along its 285 kilometers.

BlackRock Investment Fund had acquired the concession in 2021 and now is responsible for the operation and maintenance of a road. The project is expected to be completed in July 2030.