Colombia gets funding for 176 km of major road projects
The highway concession Autopista al Mar 1, owned by Sacyr, has reached its financial closure, in which it has obtained funds totalling 2.19 billion Colombian pesos (around €630 million). This closure guarantees the investment required to execute the project successfully.
The Autopista al Mar 1 project forms part of the Fourth Generation roads promoted by the Colombian Government.
The Devimar Concessionaire will work on 176 kilometres of the road corridor, which includes, among other actions, the construction of a double carriageway between Medellín and Santa Fe de Antioquia, the rehabilitation of the road between Santa Fe de Antioquia and the Peñalisa corregimiento, as well as such as the rehabilitation of 25 kilometres and the operation and maintenance of the road between Santa Fe de Antioquia and Cañasgordas.
At present, the Autopista al Mar 1 project is already in the construction phase and has an advance of 30%. The project will generate 2,200 jobs, direct and indirect.
The strength and local and international experience of the Devimar partners: Sacyr (37.5%), Strabag (37.5%) and Concya (25%) have been key during the financing process.
The international and Colombian financial entities with which the agreement was reached are:
- Financial Development Fund – FDN (Colombia)
- Official Credit Institute – ICO (Spain)
- KfW IPEX-Bank (Germany)
- BID Invest (multilateral banking)
- CAF (Development Bank of Latin America)
- Sumitomo Mitsui Banking Corporation – SMBC (Japan)
- Société Générale (France)
- BlackRock (Debt Fund Colombia)
“To Devimar achieve this financial closure means a very important milestone. The strength of the Autopista al Mar 1 project is reflected in the vote of confidence from international and national banks. We are very satisfied because with these works and interventions we are going to bring development and well-being to Antioquia and Colombia,” said Jesús Rodríguez Robles, General Manager of Devimar.
For more information about the project, visit their website here.