Colombian public financing agency Financiera de Desarrollo Nacional (FDN) has extended a short-term loan for a key roadway project, Autopista al Mar 1, for roughly an additional $25 million USD (70 billion pesos) over an additional one-year term.
With sign-off from the agency’s board of directors, this adds to the original loan of nearly $125 million USD (350 billion pesos) that was approved in December 2017. The maturity date for the combined 420 billion peso loan is May 2019.
Autopisa al Mar 1 is one of many projects that make up the “second wave” of Colombia’s mammoth “4G,” or fourth generation, highway and transportation infrastructure program that calls for tens of billions of dollars in investment to overhaul the nation’s roadways.
The bid to complete and operate the highway was originally awarded to the Concesión Desarrollo Vial al Mar S.A.S (Devimar) on September 3, 2015.
“The extension of this operation will allow for the long-term financial closure that is expected for the end of the second half of the year,” said FDN in a statement.
The project, Autopisa al Mar 1, centers on expanding and improving the route between Santa Fe de Antioquia and Bolombolo, primarily through the construction of a new tunnel as well as 67 different bridges and adding 33 kilometers of a dual carriageway road. There is also a provision to improve and rehabilitate 131 kilometers of the existing roadway and provide maintenance for 62 kilometers.
The project, which will also connect with 4G projects Autopisa al Mar 2 and Conexión Pacífico 2, includes an primary partners Strabag AG Switzerland (with a 37% stake), Sacyr Concesiones Colombia (37.5%), and Sacyr Concesiones Participadas SL, and Colombian firm Concay (25%).