Washington, D.C., August 5, 2010
— IFC, a member of the World Bank Group, and the government of Colombia
today announced the completion of the third and final concession
for Ruta del Sol, a 1,071 km highway between the nation’s interior and
the Caribbean coast that will link Colombia’s main agricultural,
industrial and urban centers.
The final concession was awarded to Yuma
Concesionaria S.A. PSF, a consortium led by the Italian construction company
Impregilo and the financial group Bancolombia. The $900 million project
involves rehabilitating, expanding and operating an existing 464 km, single-lane
section of the highway. Revenues will be derived from a combination of
tolls and availability payments with the term of the concession capped
at 25 years.
“Awarding the contracts has been a highly
competitive process, with excellent domestic and international bidders,
who were offered full guarantees of transparency, equality of conditions,
and professional evaluation of their proposals,” said Andres Uriel Gallego
Henao, Colombia Minister of Transport. “The government is very satisfied
with the results of the bidding processes for a project that will greatly
benefit the entire country.”
With a total investment of $2.7 billion,
Ruta del Sol will promote Colombia’s sustainable development and economic
growth by improving the country’s primary road network. It is one of Colombia’s
largest infrastructure projects to date and one of the largest in the region.
The road passes through 39 municipalities, handling traffic from urban
centers such as Medellin, Cali, Barranquilla, Cartagena, and Bucaramanga.
The project is expected to reduce travel time along the route by approximately
three hours, thereby increasing road safety and cutting transportation
costs. In addition, Ruta del Sol will provide rural communities with
better access to many parts of the country.
“Ruta del Sol shows Colombia’s commitment
to addressing its infrastructure needs and the value of private sector
partnerships in providing services and meeting those needs,” said Richard
Cabello, Head of IFC Advisory Services in Public Private Partnerships.
“IFC is confident Ruta de Sol will take the country to new levels of competitiveness
and lead to a more sustainable future for the Colombian people.”
In Colombia, IFC’s strategy focuses on
supporting sectors that are essential to social and economic development,
including infrastructure, health, education, and public-private partnerships
in transportation, renewable energy, and water and sanitation. As
of June 2010, IFC’s committed portfolio in Colombia was $1.06 billion.
IFC, a member of the World Bank Group,
is the largest global development institution focused on the private sector
in developing countries. We create opportunity for people to escape poverty
and improve their lives. We do so by providing financing to help businesses
employ more people and supply essential services, by mobilizing capital
from others, and by delivering advisory services to ensure sustainable
development. In a time of global economic uncertainty, our new investments
climbed to a record $18 billion in fiscal 2010. For more information, visit
About the Ruta del Sol Project
IFC structured the three-concession project
in cooperation with the Instituto Nacional de Concesiones - INCO , of Colombia’s
Ministry of Transportation. Originally conceived by INCO as one concession,
the project was divided into three parts due to its magnitude and the need
to mitigate investor risk during the global financial crisis. Each part
was tendered as a separate concession.
The first section, involving the construction
and operation of a new, 78 km, two-lane road, was awarded to a consortium
led by Colombian construction firms Grupo Solarte and ConConcreto S.A.
and the Argentina’s Iecsa S.A. The second section, involving the rehabilitation,
expansion to double lane, operation and maintenance of an existing, 528
km road, was awarded to a consortium led by Brazil’s Constructora Norberto
Odebrecht and the Colombian financial group Corficolombiana.
IFC involvement in the multi-stage project
also included the hiring and supervision of international and local engineering,
traffic, environmental and social/land acquisition consultants to carry
out the project’s due diligence and prepare detailed studies for structuring
and market information purposes.