Colombia
Press Release

FDN participates in US$393.7mn financial closure for Puerto de Antioquia

Bnamericas Published: Friday, December 31, 2021

This release from Financiera de Desarrollo Nacional (FDN) was published using machine translation.

The Puerto Antioquia project completed its financial closure for 393.7 million dollars. The total investment of the project is equivalent to 672.4 million dollars, which will be financed with debt 59.6%, corresponding to US $ 393.7 million, and, with capital 40.4%, equivalent to US $ 280 million, which will be contributed by the project partners.

The project's debt financers are the FDN with a senior debt loan for US $ 103.7 million, the Inter-American Development Bank Group with US $ 200 million, Bancoldex with US $ 30 million and Davivienda with US $ 60 million.

Puerto Antioquia is considered of national strategic importance because it will bring development to the Urabá region, affected for decades by violence. This will boost the competitiveness of the regional agricultural industry, reducing logistics costs of transportation and operation, and will attract investment to the area.

The project is developed within the framework of the concession contract signed by the National Infrastructure Agency in 2019 with a group of Colombian and international investors for a term of 30 years.

Puerto Antioquia will be located in Turbo, a strategic area due to its proximity to the main cities of the country, being the closest access to the Atlantic for Bogotá, Medellín and the Coffee Axis.

In fact, when comparing with the other alternative ports in the Caribbean for cargo transportation, Puerto Antioquia represents a cost savings of 44% and 41% in distance for Medellín, 37% in costs and 33% in distance for the Coffee Axis, as well as 17% in costs and 25% in distance for Bogotá.

The port will have a connection with the Mar 1, Mar 2 highway projects and the Toyo Tunnel and will be the closest to the Panama Canal.

RELEVANT INFORMATION

It will be a source of employment in the region, which according to figures from the Antioquia Government in 2020 had unemployment of 12.8% and informality of 62% with low-paid jobs and low job guarantees.

It will generate 1,900 direct formal jobs during the construction stage, 1,000 in the operation stage and 12,000 indirect jobs due to the new business dynamics derived from the Port.

Likewise, the project will promote the creation of 11,600 new companies, which is more than those that currently exist in Urabá. In addition, it will generate $ 24.4 million annually in payment of national and local taxes.

On the other hand, the project will create an annual payroll payment in the local economy for 20 million dollars and payments to suppliers for 25 million dollars annually. All of the above are factors that will inject dynamism into the local economy.

The port will also allow the development of small and medium-sized producers, until now restricted by limited access to ports, and competition for the quotas offered on vessels that transport agricultural products.

It will be a multipurpose port that includes an offshore platform, a maritime viaduct and a terminal on land. The annual capacity of the port will be 600 thousand TEUS in dry and refrigerated containers, 3 million tons of bulk cargo and 1.15 million tons of general cargo.

Puerto Antioquia has an environmental license and will allow the enrichment of the vegetation cover with species of high ecological value through the restoration and compensation in 255 hectares in the Regional Natural Park of the Wetlands between the León and Suriquí rivers and in the delta area from the León river.

The sponsors of the project are CMA Terminals, which is the third largest shipping company in the world, with 22.1% of the shareholders, and Pio SAS with 11.1%, who in turn will be the operators; Eiffage Infrastructures SAS with 22% of the shareholding, Termotécnica Coindustrial, participates with 5.17%; Uniban with 15.51%, Agrícola Santamaría with 5.69%, Banafrut with 4.14% and CI Tropical with 6.21% will be the load generators; and the Unión Para la Infraestructura, which is a fund backed by Credicorp Capital Asset Management and Sura Asset Management, with 8.21% being the financial investor.

The loan for US $ 103.7 million, with a term of up to 17 years, was approved by the Board of Directors of the FDN, for which all the established due diligence processes were fulfilled, in accordance with international standards in this matter, as well as a rigorous analysis process on its structuring, its legal, financial, social and environmental viability.

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