Colombia
Cuatrecasas advises local and foreign lenders on granting financing to key project in Colombia: Conexión Norte
August 27, 2024
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SubscribeCuatrecasas has advised Bancolombia S.A., Financiera de Desarrollo Nacional S.A., BlackRock, Sumitomo Mitsui Banking Corporation, Banco de Crédito del Perú and Allianz Capital Partners on granting COP 2.2 billion in financing to one of the most iconic road projects in Colombia: the Conexión Norte highway.
This project, covering approximately 145km, is one of the most important projects for the Bajo Cauca Antioqueño subregion because it provides a direct connection between the southwest and center of the country with the ports of Cartagena and Barranquilla, using Puerto Berrío as a link.
It is also expected to have a positive impact on transport logistics with travel times estimated to reduce by 25% between Cartagena and Medellín, with an average speed of 80km/h.
In addition to improving connectivity between the country’s northern and southern production centers, the project’s construction phase will generate 15,000 jobs and benefit over 740,000 people living in Caucasia, Remedios, Segovia and Zaragoza, making it a ground breaker in fourth-generation highways.
Various local and foreign lenders participated in granting this new loan, who, through banking and the issue of commercial papers in dollars, made it possible for the concessionaire Autopistas del Nordeste S.A.S. and its many shareholders to complete the project. This achievement not only represents significant progress in infrastructure and mobility for the region, but also reflects the success of a financing model made up of contributions from many sources, showing the efficiency of international collaboration in large-scale projects.
The closing of this financing for the Conexión Norte project is an example of the commitment and endorsement of local and international banks to Colombian infrastructure. It also reflects the trust placed in the shareholders to manage the implementation of large-scale projects in Colombia, strengthening development and competitiveness.
The Cuatrecasas advisory team was formed by lawyers Manuel Quinche, Juan Carlos Puentes, Catalina Herrera, Angie Gómez, Ana Katrin García and María Verónica Hernández (Project Finance), and Diana Rueda and Santiago Mendoza (Infrastructure and Energy).
August 27, 2024
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