Bogota Sub Bond (IFC-50446)

Countries
  • Colombia
Geographic location where the impacts of the investment may be experienced.
Specific Location
Bogota
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
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Active
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
A
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."
Borrower
Government of Colombia
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Finance
  • Transport
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 125.00 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.
Loan Amount (USD)
$ 125.00 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)
$ 600.00 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 @ IFC website

Updated in EWS Nov 19, 2025

Disclosed by Bank Nov 10, 2025

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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.

According to the IFC, the proposed investment involves IFC financing of up to US$125 million to the Municipality of Bogotá through subscription as an anchor investor to an up to US$600 million offshore peso-linked green bond. This bond will be the first offshore green bond issued by a capital city in Latin America and the Caribbean (LAC) and by a municipality in Colombia. IFC proceeds will finance the Municipality of Bogota’s obligations under the Linea 2 del Metro de Bogota (in English, Bogota Metro Line 2 - BML2) being developed by the Bogotá Metro Company (EMB). EMB, fully owned, directly or indirectly, by the Municipality of Bogotá, is the entity responsible for the development and operation of the city’s metro system. Separately, BML2 will receive direct financing from other international and local financial institutions, including the IBRD (see https://projects.worldbank.org/en/projects-operations/project-detail/P179822). EMB is expected to select and award a concession to a private party (“the Concessionaire”) by the end of 2025 to perform the civil works, provide rolling stock, and operation and maintenance. Construction is expected between 2027 and 2032. The BML2 includes a 15.5 km metro line (94% underground) with 11 stations and a 1 km elevated section, including a Patio-Taller (railyards-workshop) over a 22 hectares area. The alignment runs below the densely urbanized boroughs of Chapinero, Barrios Unidos, Suba, and Engativa, bordering the Juan Amarillo wetlands and heading to Calle 72. When operational, peak hour ridership is estimated at 46.500 passengers per hour per direction (pphpd) in the first year, increasing to 49,000 pphpd by 2042. The BML2 aims to reduce traffic congestion, lower greenhouse gas emissions, and improve connectivity and access to jobs and services for underserved populations. The project is expected to benefit nearly 2.5 million people.

Early Warning System Project Analysis
For a project with severe or irreversible impacts to local community and natural resources, the Early Warning System Team may conduct a thorough analysis regarding its potential impacts to human and environmental rights.

People Affected By This Project
People Affected By This Project refers to the communities of people likely to be affected positively or negatively by a project.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.

Private Actor Relationship
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.

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.


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.

ACCESS TO INFORMATION

You can submit a request for information disclosure at: https://disclosures.ifc.org/#/inquiries

If you believe that your request for information from IFC has been unreasonably denied, or that this Policy has been interpreted incorrectly, you can submit a complaint at the link above to IFC's Access to Information Policy Advisor, who reports directly to IFC's Executive Vice President.

ACCOUNTABILITY MECHANISM OF IFC/MIGA

The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org

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