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Garcia was involved in awarding a large road project contract while serving under former President Álvaro Uribe.

"It is the largest investment in the history of Bogotá," said President Santos.

The end client of the project is EcoCementos, a company owned by Cementos Molins and Grupo Corona with plans to build a cement plant in Antioquia.

Cementos Argo paid $660 million USD to HeidelbergCement for the plant and its eight cement shipping and receiving terminals.

The jump, if fully realized, would be enormous, adding some 57% to the current capacity in nine Latin American nations.

Colombia's financial industry regulator has authorized the public offering of shares with preferential dividends by Grupo Argos S.A.

"We will benefit about 10,000 people by developing residential areas in the city center," said Peñalosa.

Bogotá's high-density population is one of the city's strengths but further development must be better planned. "The government has to intervene," says Mayor Peñalosa.

The Eastern Perimeter Highway project will expand and improve 154 kilometers of roads as well as build eight small bridges.

The construction phase is expected to last 39 months, and the company will operate the transmission system for 25 years.