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Colombia's social and economic policy council Conpes has approved the disbursement of 17.2tn pesos (US$8.6bn) to build eight highways, La República newspaper reported.
The projects are part of the second wave of tenders under the government's US$25bn highway masterplan to build 8,000km of new roads.
Among the projects that could be first in line are the Bucaramanga-Barrancabermeja, Rumichaca-Pasto and Santander de Quilichao-Popayán highways.
Among dozens of companies prequalified for at least one of the projects are Spanish firms Sacyr, OHL, Cintra and Ferrovial; France's Vinci; Brazil's Construtora Andrade Gutierrez and Odebrecht; and Peru's Graña y Montero.
Vice president German Vargas said the government plans to submit 10 more highways for approval in February.