Puerto Bahía Colombia de Urabá, the SPV responsible for the Antioquia port concession in Colombia, has reached financial close for the project after raising US$393 million in debt.

Earlier the concession received US$200 million funding from IDB Invest. The rest US$193.70 million were collected as loans from local banks. Colombian bank Bancóldex provided US$30 million, Davivienda provided US$60 million and National Development Finance Company (FDN) provided a credit of US$103.70 million. Additionally, US$280 million will be invested by project owners Uniban, Araújo Ibarra & Asociados S.a. and MundoCime. Cuatrecasas acted as bond arranger and advised Bancóldex, Davivienda, FDN, BID, BID Invest and the China-LAC Cooperation Fund.

The project involves the construction, operation and maintenance of a new multipurpose port facility located in the Gulf of Urabá, department of Antioquia. Puerto Bahía Colombia de Urabá S.A. will be responsible for the development and operation of the port. Awarded by the National Infrastructure Agency (ANI), the concession contract has a period of 30 years.