The Board of Directors of the Inter-American Development Bank (IDB) has approved a $USD415 million credit line, with an initial operation of $USD50 million, to finance the
construction of Bogotá's Metro Line 2, which will run underground to the Suba and Engativá districts.
Mayor Claudia López made this significant announcement during the launch of Bogotá's Sustainable and Safe Mobility Plan, held at the Parque de los Niños. López stated, "The Bogotá Metro Network doesn't stop, and as construction progresses on the city's First Line, we've just received this important news from Washington, further strengthening the financing for Bogotá's Metro Line 2, which has already begun its international public bidding process."
She added, "This $415 million credit line complements the $USD50 million signed this year with the European Investment Bank (EIB) and the $USD255 million framework financing agreement signed with the Development Bank of Latin America and the Caribbean (CAF) on July 17th. This demonstrates the multilateral investors' confidence in the development of sustainable mobility for Bogotá. Three out of four banks have committed resources, reaffirming that Metro Line 2, connecting Suba and Engativá districts underground, is moving forward and will be put out for bid next year."
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In this X post, the Mayor talks about this credit line for Bogotá's Metro Line 2, which will run underground to Suba and Engativá.
Tenemos una excelente noticia para Bogotá! El Banco Interamericano de Desarrollo - BID aprobó un cupo de crédito hasta por 415 millones de dólares para la construcción de nuestra 2da línea del Metro de Bogotá, subterránea a Suba y Engativá. Esta línea, que ya está en licitación… pic.twitter.com/9d5t6GMelO
— Claudia López Hernández (@ClaudiaLopez) November 1, 2023
Leonidas Narváez, General Manager of the Bogotá Metro Company (EMB), explained that "with this BID credit line, the Ministry of Finance will be able to authorize EMB to enter into a $USD50 million credit operation. This is the second credit operation we have processed with multilateral banks for the same purpose, with a total of up to $USD1.5 billion that will be financed through these entities."
In less than two years, this administration has successfully navigated the legal, technical, and financial structuring of Bogotá's Second Metro Line (L2MB), solidifying the Metro Network as the backbone of the city's mass transit system. Following the technical, legal, and financial project structuring carried out through the Colombian National Development Finance Corporation, commitments were secured for funding through the co-financing agreement, approval of credit quotas, and the sovereign guarantee of the Nation, paving the way for the signing of credit contracts with multilateral banks.
Bogotá's Metro Line 2 (L2MB), benefiting approximately 2.5 million residents, will connect the Suba and Engativá districts to Chapinero, spanning 15.5 kilometers with 11 stations and generating more than 11,000 jobs during its construction phase.
