PUERTA de HIERRO TOLL ROAD (DFC-2019-SOCIEDADCONCES)

Countries
  • Colombia
Geographic location where the impacts of the investment may be experienced.
Financial Institutions
  • US International Development Finance Corporation (DFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Approved
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
B
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 20, 2019
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.
Borrower
Concesionaria Vial Montes de Maria S.A.S.
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Infrastructure
  • Transport
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Guarantee, Loan
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 350.00 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 @ DFC website

Updated in EWS Jun 24, 2022

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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.

"The Puerta de Hierro Toll Road Project is comprised of (i) the design, improvement, operation and maintenance of 192.6 km of an existing bi-directional carriage toll road and (ii) the design, construction, operation and maintenance of a 5.2 km greenfield bypass pursuant to a public-private partnership concession under Colombia’s 4th Generation road expansion program. The toll road will facilitate the connection between major Caribbean port cities of Barranquilla and Cartagena with interior departments near the Caribbean coast and further south to Medellín and Bogotá. The Project will enable increased vehicle speeds (additional 5 km per hour on average) that reduce travel times across the roadway, reduce vehicle operations costs, improve road safety, and enhance environmental protections for flooding and road settlement."

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

"A USD 209,000,000 local currency guaranty denominated in Loan/Guaranty Colombian Pesos. Local financial institutions that will be beneficiaries of the OPIC local currency guaranty may require appreciation cover of up to USD 141,000,000. The total maximum OPIC exposure will be capped at an amount not to exceed USD 350,000,000."

"Approximately COP 1.2 billion."

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - Sacyr Concesiones Colombia, S.A.S. Contractor -

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.

**The contact information was not available at the moment of the snapshot.**

 

ACCESS TO INFORMATION

Unlike many other development finance institutions, DFC does not currently have an access to information policy.

 

Under the United States Freedom of Information Act (FOIA), DFC is obliged to respond to reasonably formulated requests for Agency records. However, DFC may apply exemptions from release to certain types of information and may charge fees in responding to requests. DFC has a designated FOIA officer who is trained in how to respond to requests and implement the law. You can learn more about filing a FOIA request at: https://www.dfc.gov/foia.



ACCOUNTABILITY MECHANISM OF THE UNITED STATES INTERNATIONAL DEVELOPMENT FINANCE CORPORATION (DFC)

 

The Office of Accountability is an independent office that addresses complaints about environmental or social issues related to DFC-supported projects. The office provides communities an opportunity to have concerns independently reviewed and addressed. If you submit a complaint to the Office of Accountability, it may assist you by either seeking to address your problems by facilitating a problem solving dialogue between you and those implementing the project and/or investigating whether the DFC complied with its policies to prevent environmental, social, human rights, and labor harms. 

 

You can find more information about the Office of Accountability at: https://www.dfc.gov/who-we-are/office-accountability.

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