World Bank and IDB to lend US$1.2bn for Bogotá metro

Both the World Bank and the Inter-American Development Bank (IDB) vowed to provide US$600mn each to finance Bogotá's first metro line, Colombia's finance minister Mauricio Cárdenas (pictured) said.

During the fourth socialization of the project, Cárdenas said that when added to the European Investment Bank's (EIB) US$400mn pledge, the project will receive US$1.7bn until 2022.

Cárdenas explained that the first funds will arrive in July, with the World Bank and IDB lending US$70mn each and the EIB US$55mn.

The minister added that the government is in talks with French development agency AFD, German development bank KFW and Latin American development bank CAF to acquire additional financing of US$797mn.

HIGH INTEREST

Meanwhile, Bogotá city government, in a separate press release, reported that representatives of 281 firms, 113 foreign ones, assisted the socialization event in the capital, which followed a roadshow in London.

The current stage of the US$4.3bn project will last until May, with the next one being the pre-qualification stage including the elaboration of the preliminary bidding documents, taking place between May and July.

From July to October, the definitive bidding documents will be posted and interested companies may present their technical, financial and legal credentials to enter pre-qualification, as the proper tender starts in October.

The third stage (October-December) will entail a "competitive dialogue," in which parties will participate in and finance additional studies.

Finally, awarding of the metro contract, which includes construction, operation and maintenance of the rolling stock, is expected for 2H19.