The Inter-American Investment Corporation (IIC), acting on behalf of the Inter-American Development Bank (IDB), made the first disbursement of a US$156 million loan to Perimetral Oriental de Bogotá S.A. The project, developed under a public-private partnership (PPP), will improve connectivity and road safety in the departments of Meta, Cundinamarca and Boyaca.
Specifically, the IIC loan will finance the rehabilitation, construction, operation and maintenance of the Eastern Perimeter Highway in Cundinamarca, one of the first PPPs awarded by the government of Colombia under its program Fourth Generation (4G) Road Concessions. The project involves the improvement and expansion of existing sections along the 154 kilometer route, as well as the construction of eight small bridges.
The works will benefit 300,000 local residents by improving road safety and reducing traffic levels and travel times. In addition, the project will create 1,500 jobs during the construction phase and another 250 during its operation.
The IIC led the financial structuring of the project and contributed a loan of $ 156 million with a 22 year term. The project is also co-financed by Corpbanca Bank, Bancolombia and Financiera de Desarrollo Nacional with a joint contribution of US$290 million.
About the Inter-American Investment Corporation
The Inter-American Investment Corporation (IIC), a member of the Inter-American Development Bank (IDB) Group, is a multilateral development bank committed to supporting the private sector in Latin America and the Caribbean. The IIC finances sustainable enterprises and projects to achieve financial results that maximize social and environmental development for the region. With a current portfolio of $7 billion under management and 330 clients in 20 countries, the IIC works across sectors to provide innovative financial solutions and advisory services that meet the evolving demands of its clients.