Medellín awarded a loan for the construction of Metro de la 80

December 24, 2021

Medellín Metro. Photos: metrodemedellin

Three banks, the nation and the municipality of Medellín will finance the third Line E The Metro of the 80. This Thursday the award hearing was held to select the three entities that will deliver the credits for the financing of the project.

They came to the audience Bancolombia, the National Development Finance Company – FDN, Davivienda, Grupo Aval and Banco Santander, but only the first three entities were selected to grant credits immediately by $ 2.17 billion pesos.

According to the Metro de Medellín company, the selected loans were those with the lowest rates. Bancolombia offered a “Green” credit line for environmentally and socially sustainable projects, for 1.08 trillion pesos at a rate of 6.58%. The FND will assume 1 trillion at a rate of 7.42% and Davivienda 0.86 trillion for a rate of 8.70%.

The amount of 2.17 trillion will be financed for a term of 13 years corresponding to Future validity until 2029 and 2034, of the co-financing of the nation and the municipality. With this process, it will be possible to continue with the award of the main work contract and the supply of rolling stock. The next step in the project financing process corresponds to the closing and perfecting of the credit agreements.

Medellín has just received the best Christmas gift. We successfully awarded the credit operation to finance 2.17 billion of our Metro de la 80. Local banking with Bancolombia, FDN and Davivienda will be the financial engines of our new line ”, Mayor Daniel Quintero celebrated.

Medellín Metro.  Photos: metrodemedellin
Medellín Metro. Photos: metrodemedellin

“We are very satisfied with the positive result of the prequalification hearing for the funders of Metro de la 80. The next step of the project will be the contracting of the work”, Assured Tomás Elejalde, manager of the Metro.

It is expected that the tender for the Metro 80, which corresponds to the third line of the system, start bidding in January 2022. Previous works such as the San Juan and Colombia road interchanges are 58% and 85% advanced, according to Caracol Radio.

Likewise, having the resources assured It will allow the phase 3 studies to be carried out in which the layout of the work and the urban planning of the project will be defined, as reported by the newspaper El Colombiano. A decisive step after it was decided that the third subway line will be level and not elevated.

Although the decision had been made after the phase II studies, It was not far from controversial to structure the stations on a level, rather than on high technology. Some argued that doing it this way made it possible to speed up the work, while the Metro company argued that costs were increasing, despite property management, which must begin before the award.

The Metro de la 80 is a light rail public transport project for medium passenger capacity, with a length of 13.25 kilometers, which will go from the Caribe Metro station to the Aguacatala station in the south of Medellín.

“The project will facilitate the connection of the city-region, enriching the mobility network operated by the Metro. About a million people in the western area, equivalent to 38% of the city’s inhabitants, will directly benefit from the future Line E considered as a strategic project for sustainable mobility, urban transformation, powered by electricity and a Metro Culture generator, characteristics that will contribute to improving the quality of life of citizens ”, explained the company.

The total cost of The work is estimated at 3.5 billion that will be financed 70% by the nation and the rest by the municipality. The goal is for the third line of the Medellín Metro to start operations in 2027.


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