The Magdalena Medio highway and the Río Grande highway will have an investment of $4.4 and $4 billion, respectively.
IDB Invest will provide financing in Colombia, for the sum of up to $468,000 million (US$ 123 million), the concessions of the 5G highways Autopista Magdalena Medio (Troncal del Magdalena 1) and Autopista del Río Grande (Troncal del Magdalena 2), owned from KMA Construcciones and Grupo Ortiz.
The construction of both highways will link the main cities in the interior of Colombia with the ports of the Caribbean, covering a total distance of 532 kilometers. This project has the potential to generate up to 100,000 direct and indirect jobs during its construction phase.
Additionally, it is expected that these new roads will reduce travel time by approximately two hours along the corridor, with an average speed of 100 kilometers per hour, which will boost the competitiveness of the coffee country.
The Magdalena Medio highway will have an investment of $4.4 billion (US$ 1,162 million), it will extend from Puerto Salgar to Barrancabermeja, passing through the departments of Cundinamarca, Boyacá and Santander.
On the other hand, the Río Grande highway will have an investment of $4 billion (US$ 1,056 million), and will have a length of 272 kilometers between Barrancabermeja and Curumaní, crossing the departments of Santander and Cesar.
In coordination with the International Finance Corporation (IFC) and the Development Bank of Latin America (CAF), IDB Invest will provide advisory services to identify climate risks and an economic analysis of the most relevant adaptation and resilience measures, with special emphasis on nature-based solutions.
This project shows IDB Invest's commitment to developing infrastructure projects in the region to promote connectivity in the countries and increase regional competitiveness.
The project is also expected to contribute to the UN Sustainable Development Goals (SDGs): Decent Work and Economic Growth (SDG 8), Industry, Innovation and Infrastructure (SDG 9) and Partnerships for the Goals (SDG 17).
The closing of this financing shows the support of local and international banking for the country's infrastructure with the participation of El Banco de Crédito del Perú (BCP) and Credicorp Capital that acted as structuring of the financing, in which eight entities participated. through a Club Deal made up of IDB Invest, Bancolombia, IFC, CAF, JP Morgan, Sumitomo Mitsui Banking Corporation (SMBC), Mitsubishi UFJ Financial Group (MUFG), and Financiera de Desarrollo Nacional (FDN).
