Durán & Osorio and Garrigues advised on the transaction
The European Investment Bank (EIB), Inter-American Development Bank (IDB) and International Bank for Reconstruction and Development (IBRD), part of the World Bank Group, today signed financing agreements with Empresa Metro de Bogotá to support a flagship investment project that will transform Bogotá: the construction of the capital’s first metro line. The project will cost a total of USD 4.3 billion and be partly financed by a USD 480 million loan from the EU bank and contributions of USD 600 million each from the IDB and IBRD.
The new Bogotá metro will run on raised track to avoid earthquake risks along 24 km through the so-called Caracas Corridor located in the south-west of the capital where public transport demand is highest. The project will include the construction of 15 stations and acquisition of 23 trains each able to carry 1,800 passengers.
The project forms part of Bogotá’s 2016-2019 Municipal Development Plan and includes other schemes to improve public transport in the city such as upgrading the public bus system to link it to the new metro and building 14 kilometres of new cycle paths.
Durán & Osorio advised Empresa Metro de Bogotá S.A. and Financiera de Desarrollo Nacional (FDN) with Álvaro José Gasca Moreno, Álvaro Durán, Gustavo Osorio and Sebastán Duque.
Garrigues advised Empresa Metro de Bogotá S.A. and Financiera de Desarrollo Nacional (FDN) with Camilo Gantiva (Picture), Francisco Noguera, Paula Ospina, Gabriella Marques and Andrés Melo.
Involved fees earner: Álvaro Gasca – Duran & Osorio; Gustavo Osorio – Duran & Osorio; Álvaro Durán – Duran & Osorio; Camilo Gantiva – Garrigues; Francisco Noguera – Garrigues; Paula Ospina Correa – Garrigues;