Brazil's incoming government will hold several key auctions in the port, airport and rail sectors in March.
The project is now estimated to cost between US$148mn and US$185mn, instead of US$1bn, since the government ruled out the option of using water from the Magdalena river.
However, the incoming governor has said that he studying selling assets of water firm Sanepar and electricity utility Copel.
The Colombian agency and local pension funds created a US$490mn capital fund that will co-invest with the Canadian firm, which will contribute US$510mn.
The highway links the localities of Jantetelco and El Higuerón, in Morelos state, also forming part of a network that connects the Pacific coast with the Gulf of Mexico.