Project Description. The proposed Multiphase Programmatic Approach (MPA) will support the construction of Bogota Metro Line 2 (L2MB), a 15.5 km underground metro with 11 stations serving 2.5 million residents in Bogota's northwest corridor, one of the city's most underserved areas. The alignment runs through the densely urbanised districts of Suba and Engativa, traversing 14.3 km underground (10 stations) and connecting at Calle 72 with Station 16 of the Bank-financed Metro Line 1 (P165300 and P510687, under construction). Three stations will integrate directly with the TransMilenio BRT network. Total estimated CAPEX is US$4.2 billion (December 2021 constant prices). MPA Phase 1 (US$50 million IBRD) will finance the relaunched bidding process, initial railyard civil works, works supervision, and institutional strengthening. Phase 2 (US$365 million IBRD) will finance the Government's milestone payments during construction, rolling stock provisioning, systems installation, and start of operations. Instrument and Phasing. The proposed operation adopts an MPA to replace the Series of Projects (SOP) originally envisaged for L1. The MPA provides a single Program Development Objective and results framework spanning both phases, enables outcome tracking across the full program lifecycle, and establishes Adaptive Phase criteria linking institutional readiness to construction financing. Phase 1 is designed to be viable as a standalone operation, delivering a bankable concession architecture, reduced risk for all MDB co-financiers, and durable social protections independent of Phase 2 financing. Phase 2 will be triggered in presence of demonstrated results in two areas: procurement completion, and geotechnical evidence from additional investigations.Development Impact. L2MB will reduce travel time from 75 minutes to under 20 minutes on the Fontanar-Calle 72 corridor and increase job accessibility by an estimated 32 percent for area-of-influence residents. The Program will directly benefit around 1.38 million residents, with wider benefits reaching 2.5 million. The economic analysis yields an EIRR of 9.4 percent, an NPV of US$141 million, and a benefit-cost ratio of 1.15. The full L2MB program is expected to generate approximately 18,000 direct jobs. L2MB's fully electric technology will reduce CO2 emissions by an estimated 29,892 metric tons per year, driven by modal shift from private vehicles and diesel buses. Combined with L1, the metro network will shift over 2 million daily passengers from private two and four wheelers, contributing to Colombia's NDC target of 51 percent GHG reduction by 2030.Project Readiness. In 2022, Empresa Metro de Bogota (EMB), with FDN as structuring agent, completed the technical, financial, and legal structuring of L2MB under a DFBOMT concession model. The structuring produced basic engineering designs, geotechnical analysis based on over 11,000 meters of soil sampling, financial closure recommendations, the transaction model, and bidding documents. CONPES 4104 (July 2022) and CONPES 4109 (November 2022) declared L2MB of national strategic importance and authorised the sovereign guarantee for up to US$1.96 billion in MDB debt.Cofinancing. Four MDBs cofinance L2MB: the Inter-American Development Bank (IDB, leading procurement), the European Investment Bank (EIB), CAF and IBRD, the only of the four without an approved loan. The total approved MDB financing envelope reaches US$2.24 billion, of which US$1.5 billion is currently allocated across the four institutions. IBRD's total contribution is US$415 million (US$50 million Phase 1, US$365 million Phase 2). The DFBOMT concession is expected to mobilise approximately US$1.8 billion in private capital.Procurement. EMB adopted IDB procurement regulations under Alternative Procurement Arrangements (APA), with Bank oversight. The first international competitive bidding launched prequalification in March 2023, followed by a call for bids in October 2023. The process concluded in early 2026 without receiving bids. The failure resulted from compound risks in geotechnical allocation, joint-liability requirements, and sanctions architecture that exceeded contractor and financier tolerance under reduced competition. MDBs are supporting EMB with comprehensive analyses to identify areas of improvement ahead of relaunch. EMB is carrying out a structured market sounding as a binding precondition to reopening of the bidding process. The new bidding process will take place during 2026 with bids expected by early 2027.