Cardenas Confirms Colombia Will Back 70% Of Bogotá’s Expected $13.8 Billion Subway Debt

Finance Minister Mauricio Cardenas on Monday confirmed the commitment of the national government to finance 70% of the construction of Bogotá’s first subway line. “We reiterate our commitment to the construction of the Metro in the capital of the country, which will bring 70% of the resources, corresponding to $ 9.65 billion,” he said, of the $13.8 billion USD the subway  is expected to cost if it is built to Calle 100 (100’th street on Colombia’s north side).

Cardenas elaborated that the national government will service the principal and interest for a loan of $9.65 billion, with Bogotá’s municipal government responsible for the balance. He stressed the importance of the project being headed by independent professionals with the highest levels of accountability to avoid the fiascos such as those Bogotá experienced with the “Carrusél de Contratos” public works corruption scandal.Cardenas said that the project should be fully and transparently bid: both the line construction, and the rolling stock (subway trains).