Financiera de Desarrollo Nacional S.A. (MIGA-14572)

  • Latin America and Caribbean
Geographic location where the impacts of the investment may be experienced.
  • Colombia
Geographic location where the impacts of the investment may be experienced.
Specific Location
Nueva Colonia, Apartadó, Turbo, Antioquia, Gulf of Uraba
Whenever identified, the area within countries where the impacts of the investment may be experienced. Exact locations of projects may not be identified fully or at all in project documents. Please review updated project documents and community-led assessments.
Financial Institutions
  • Multilateral Investment Guarantee Agency (MIGA)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Mar 13, 2020
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
JPMorgan Chase Bank N.A., Financiera de Desarrollo Nacional S.A.
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
  • Construction
  • Industry and Trade
  • Infrastructure
  • Transport
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 128.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Project Cost (USD)
$ 650.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Bank Documents
Primary Source

Original disclosure @ MIGA website

Updated in EWS Oct 31, 2023

Disclosed by Bank Jan 2, 2020

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

As stated on the project disclosure page, on January 14, 2022 MIGA has issued a guarantee in connection with a Non-Honoring of Sovereign Financial Obligations by a State-Owned Enterprise. This guarantee pertains to a US dollar debt financing structure of up to US$ 128 million with a tenor of up to 17 years.

The MIGA-guaranteed loan is currently being utilized by Financiera de Desarrollo Nacional S.A. to provide senior debt financing to Sociedad Portuaria Puerto Bahia Colombia de Uraba S.A. (Project Enterprise, "PE") for the construction, development, and operation of Puerto de Antioquia. This project involves the establishment of a greenfield multipurpose private concession port facility located in the Gulf of Uraba, with a total investment of approximately US$ 650 million.

Upon completion, the Project is expected to derive in (i) time and cost savings for exporters/importers in the region, with proper infrastructure the Port will become the closest access to the Atlantic Ocean to an area extending from Bogota to the "Eje Cafetero", representing 64% to70% of the national GDP; (ii) increase economic dynamism, particularly through expanding agricultural production as well as incentivizing complimentary port services such as storage, warehouses, transportation companies; (iii) create employment opportunities direct and indirectly during the construction (1,200) and operation phase (750); and (iv) support government tax revenue.

Project components include, (i) an offshore platform with 1,337 meters (m) of berth (570 m for container operations, 537 m for bulk and general cargo, 230 m for RORO) capable of handling super post-Panamax vessels; (ii) a 3.8 kilometer (km) viaduct, onshore bridge over the León River and access road that connects the offshore deck with the inland terminal; (iii) a 38 ha inland terminal/logistic facility, including a container yard, dry-bulk storage facilities, warehouses, inspection areas, maintenance and administration buildings and utilities; and (iv) a new 2.4 kilometers (km) two-lane access road between onshore facility and the town of Nueva Colonia. The Project’s initial handling capacity is of 600,000 Twenty-foot Equivalent Units (TEU) (expandable to 800,000 TEU), 1.15 million tons of general cargo/year, 3 million tons of bulk cargo, and 60,000 vehicles. Ancillary facilities include worker accommodation camp; water treatment plant and sewage treatment plant located within the inland terminal/logistic facility footprint. The Project will receive power from the national grid. According to the proposed construction schedule, the offshore works will take approximately 24 months and the onshore works, including the erection of temporary facilities, will take approximately 30 months. Construction is scheduled start in 2020.

The Project will also require construction of the following Associated Facilities: (i) a 115kV electrical transmission line, approximately 4.9 km long, connecting the port to the substation of Nueva Colonia; and (ii) a 13-km alternate road from Nueva Colonia to Apartadó to allow for the progressive expansion of port operations. The transmission line construction will be undertaken by Empresas Públicas de Medellín, the incumbent utility in the region, while the Apartadó-Nueva Colonia road will be built by a contractor yet to be determined who will be engaged by the public entities involved, as this will constitute public infrastructure. As such, the PE will have no control and only limited leverage over the implementation of environmental and social management measures during the construction and operation of the Associated Facilities. Construction materials will be sourced from existing quarries, which are not considered Associated Facilities of the Project.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.
Financial Intermediary
A financial intermediary is a bank or financial institution that receives funds from a development bank. A financial intermediary then lends these funds to their clients (private actors) in the form of loans, bonds, guarantees and equity shares. Financial intermediaries include insurance, pension and equity funds. The direct financial relationship is between the development bank and the financial intermediary.
Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

As stated by the MIGA, the Project will be developed by Sociedad Portuaria Puerto Bahía Colombia de Urabá S.A. (Project Enterprise, "PE"), which was created to develop the Project. Key shareholders in the PE include CMA Holdings, Puertos, Iversiones y Obras S.A.S., the Antioquia government through Instituto para el Desarrollo de Antioquia and banana industry partners (CI Uniban, Agricola Santamaria, Banafrut and CI Tropical). CMAT/Eiffage Holdings is a joint venture of CMA Terminals, which owns and operates 19 port terminals, and Eiffage, one of the largest construction companies in Europe.

Consorcio Terminal Maritimo, a joint venture between Effiage (France) and Termotécnia Coindustrial (Colombia), has been selected as the main Engineering, Procurement, and Construction Contractor. A consortium of Egis Ports (France) and Aqua&Terra (Colombia) have been selected as the Owner’s Engineer for the Project, and Rina has been engaged as the Independent Environmental and Social Consultant. 

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - RINA S.p.A. Contractor Technical Cooperation
Aqua & Terra (Colombia) Contractor Infrastructure contracts with Egis Group Contractor Infrastructure
CMA CGM SA Investor Infrastructure invests in Sociedad Portuaria Puerto Bahia SA Client Construction
Puertos, Iversiones y Obras S.A.S. Investor Infrastructure invests in Sociedad Portuaria Puerto Bahia SA Client Construction
Termotecnica Coindustrial Contractor Construction contracts with Eiffage Infrastructures SASU Contractor Construction

Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

Financial Intermediary - Financiera de Desarrollo Nacional S.A.:

Rubén Burgos - Environmental and Social Director 
Address: Carrera 7 N.° 71-52 Torre B, Piso 6, Bogotá D.C., Colombia 

Andrés Felipe Bustos - Project Manager 
Address: Calle 104 #101-15, Piso 8, Edificio Cámara de Comercio, Apartadó, Colombia


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