IDB Invest, the private sector institution of the Inter-American Development Bank (IDB) Group, provides local currency financing of $443 billion Colombian pesos (approximately $143 million) for the construction of the toll road Autopista al Mar 1, in the department of Antioquia, in Colombia. The concessionaire of the project is the company Desarrollo Vial al Mar S.A.S. - Devit.
The financing is aimed at building, operating and maintaining one of the roads of the Fourth Generation (4G) highway concessions program in Colombia, aimed at improving the country's integration and competitiveness. In addition, the project generates more than 2,200 jobs, direct and indirect.
The Mar 1 highway will connect the production and population centers of the department of Antioquia, including the city of Medellín, with the Colombian Caribbean coast and planned port developments in the Gulf of Urabá. The main objective is to improve the connectivity and integration of the beneficiary populations by reducing travel times and costs, improving the quality of roads, safety and service.
The project represents a total investment of approximately 2.2 billion Colombian pesos and is part of the second wave of the 4G program, awarded by the National Infrastructure Agency (ANI) of Colombia. This road concession will consist mainly of the expansion and improvement of 176 kilometers of track, including the construction of a 4.6-kilometer tunnel and 46 viaducts. The duration of the concession contract is 25 years.
The participation of IDB Invest has been essential during the structuring process of the financing and fundamental to complete the long-term debt in local currency.
About IDB Invest
IDB Invest, the private sector institution of the Inter-American Development Bank (IDB) Group, is a multilateral development bank committed to supporting Latin America and the Caribbean businesses. It finances sustainable enterprises and projects to achieve financial results that maximize economic, social and environmental development for the region. With a current portfolio of $12.1 billion under management and 329 clients in 21 countries, IDB Invest works across sectors to provide innovative financial solutions and advisory services that meet the evolving demands of its clients.