Absence of bidders for US$81 million Colombian cable car

IDU press release

This is an automated translation of the original press release issued in Spanish

At 9:00 am the deadline to receive the offers that would allow advancing in the award of the San Cristóbal Aerial Cable expired. However, at the end of said term, none of the two (2) European bidders with technical capacity and experience for the development of this type of infrastructure and who initially showed their interest, presented themselves.

Among the causes that led the interested parties to decline their participation and that were expressed by the two interested companies, is the exchange rate risk. Through letters sent to the IDU, it was indicated that: "the electromechanical component of this type of project is manufactured by European suppliers (...) and the global macroeconomic situation hits the Colombian peso (...)", with the effect that the budget for the strong and rapid variation of these currencies has been affected.

The Director of the IDU explained that Cable Aéreo San Cristóbal has an estimated budget of $393,000 million, including auditing and the purchase of land, and had already increased it considering factors such as the increase in the price of steel and a margin of exchange rate fluctuation.

"The community of San Cristóbal can be certain that we will move forward with the cable project and the care infrastructure that it includes in its stations," reiterated the director of the IDU, Diego Sánchez. The Urban Development Institute -IDU-, aware of the importance, the need and the benefit that this implies to improve the quality of life and mobility of more than 400,000 inhabitants of the town of San Cristóbal considers it necessary to wait a reasonable time to resume the bidding process. As established by law, the entity may open an abbreviated selection process, within 4 months following the