US$415 Million Credit Line Authorized for Bogota’s Second Metro Line Construction

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To finance the construction of the second metro line in Bogota, a US$415 million credit line with an initial disbursement of US$50 million, (S$567.1 million) was authorized by the Inter-American Development Bank‘s (IDB) board of directors recently, according to the mayor of the Colombian capital.

Mayor Claudia Lopez, who will be leaving office this year, oversaw the commencement of construction for Bogota’s eagerly anticipated first metro line. She stated that the underground Line 2 will link to the west of the city.

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Lopez claims that the line of credit complements the US$255 million framework financing agreement inked with the Development Bank of Latin America (CAF). Also, it complements the US$50 million agreement reached this year with the European Investment Bank. In the congested capital of Bogota, she continued, the funding indicates investor confidence. She further said that it shows their support for sustainable transport.

Approximately 2.5 million individuals are also expected to benefit from second metro line.

How much will it cost to build Bogota’s second metro line?

The project would cost 34.9 trillion Colombian pesos (about US$8.5 billion). It would cover 15.5 kilometers (9.63 miles) between 11 stations.

An official tendering process will be used to award the line, and this is anticipated to take place in the coming year.

President Gustavo Petro opposed the construction of Line 1. It is currently being built by the Chinese companies Harbor Engineering Company and Xi’an Metro Co. The Colombian president wanted part of the line to be built underground. Line 1 is currently running 23.9 kilometers overground.

The first line is also expected to cost an astonishing 13.8 trillion pesos in total, which is an enormous sum.

With more than eight million residents, the metro line is considered critical. It is aimed at easing the chaotic traffic in the Colombian capital. Additionally, it would improve the TransMilenio bus system that is currently in operation.

The second metro line arrives a few weeks after Colombia and China agreed to build their first metro in Bogota, combating the city’s chaotic traffic congestion. Line one is scheduled to be open in 2028.