Project financed by CABEI wins "Best Local Currency Financing Prize at LATAM 2017"
The CABEI-funded project is a development intervention under the framework of the productive infrastructure focus area; it will have an impact on the Bank’s 2015-2019 Institutional Strategy strategic axes of competitiveness and social development.
Tegucigalpa, September 25, 2017. – In 2015, the Central American Bank for Economic Integration (CABEI) approved its participation in a syndicated loan structured under the Project Finance mode to fund the highway corridor project for the stretches of Honda-Puerto and Salgar-Girardot in Colombia. The grant was awarded to Sociedad Concesión Alto Magdalena, S.A.S, which won the "Best Local Currency Financing at LATAM 2017."
In a statement the company explained that, “Since its founding, ALMA was one of the first financing operations that the Central American Bank for Economic Integration (CABEI) closed in the country, and in which it acted as co-financier with local and international banks, becoming a benchmark for the financing of 4G highway projects involving multilateral entities in Colombia.”
It is expected that this CABEI-financed project will generate approximately 704 temporary jobs during the construction phase. Once it starts commercial operation, it is expected to generate 182 fixed direct jobs. It is estimated that approximately 5 million people will benefit from the improved highway corridor.
In addition, the work is expected to reduce the travel time of people moving to the south central area of the country by at least two hours; promote trade between agricultural production areas and large population centers; and improve export and import of products.
The PIFA 2017 awards recognize the most impressive transactions and institutions for the economic progress of the region. It should be noted that this event positions CABEI as a financial entity working towards regional and competitive development in high impact infrastructure projects; this contributes to diversification, which has been promoted as a strategy.
The award was presented on September 26 in New York City, United States of America.
