IDB Invest, the private sector institution of the Inter-American Development Bank Group, has signed a US$200 million financing deal for the development of the Puerto Antioquia project in Colombia.

The project involves the construction, operation and maintenance of a new multipurpose port facility located in the Gulf of Urabá, department of Antioquia. Puerto Bahía Colombia de Urabá S.A. will be responsible for the development and operation of the port. Awarded by the National Infrastructure Agency (ANI), the concession contract has a period of 30 years. Once operational, the port terminal will be the closest to the main production and consumption centers of the country, because of its location and the construction of 4G roads. In addition, the port will allow small and large farmers in Urabá to improve their competitiveness and expand their presence in international markets.

The total cost of the project is US$672 million. The financial package of IDB Invest consists of a US$150 million loan of own funds and the mobilization of US$50 million worth of funds under the administration of IDB Invest with long-term financing of 17 years. Additionally, the operation will have mezzanine financing from Global Infrastructure Partners and US$193 million in loans from local banks.