CAF, Development Bank of Latin America and the Caribbean, and Empresa Metro de Bogotá signed an agreement in Brussels, Belgium, to grant a line of credit for Line 2 of the Metro of the capital of Colombia.
With the signature of the Mayor, Claudia López; Metro Manager, Leonidas Narváez; and the CAF Executive President, Sergio Díaz-Granados, Bogotá obtained a framework credit agreement for US$255 million.
The subway transportation will benefit approximately 2.5 million users, generate significant savings in travel times and contribute to improving air quality, as well as reducing road accidents.
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Agreement Details
CAF detailed through a press release that the credit line will be available for a term of five years -renewable for periods of up to two years- and will be part of the resources that will finance the concession contract for the construction and operation of Line 2.
The agreement was signed during the EU-CELAC Summit of Heads of State, held in Brussels, where leaders from both sides of the Atlantic are analyzing new cooperation and financing mechanisms to boost relations between Latin America, the Caribbean and the EU.
“We are very excited to be able to open the first line in the year 2028 and with this step we concretize the second line, which will be subway,” said the Bogota Mayor, Claudia Lopez.
“Today we finalized the second of the four multilateral bank loans that support the contracting of the Second Line of the Bogotá Metro. From the first study to the contract for the first line took us 40 years. From the first study to the completion of the second line took us three years. Colombia and Bogota are learning to do, instead of just rambling,” added Lopez.
For his part, the Colombian Minister of Commerce, Industry and Tourism, German Umaña Mendoza, highlighted the city’s commitment to the environment.
“Bogota’s leadership in sustainable and inclusive development is unquestionable, and this project, which is an underground subway, will ensure these characteristics for the people of Bogota and will be an example for Latin America and the world,” he said.
In the same vein, CAF leader, Diaz-Granados celebrated the agreement signed in Brussels and explained the reasons why progress was made with Bogota in this purpose, for which the bank he represents has every willingness to support.
“CAF is one of the great allies of Bogota and Colombia to advance in the fulfillment of Agenda 2030 and sustainable development. With this loan to the Mayor’s Office we are promoting sustainable, clean, safe and efficient transportation that improves urban travel times and has a positive environmental impact,” he said.
