Renowned economist designated Colombia’s new finance minister
Truth Commission: Colombia needs radical policy changes to...
Colombia’s controversial moment of truth
At least 49 dead after ‘prison break attempt’...
Colombia’s incoming government begins “total peace” offensive
Colombia investigating bullfighting tragedy
Petro’s first moves to restructure Colombia’s government
Petro and Duque meet over transition of power...
Colombia confronts former FARC chiefs with suffering kidnapping...
Colombia hears former guerrilla chiefs over mass kidnappings
  • About
  • Support
  • Newsletter
  • Contact
Colombia News | Colombia Reports
  • News
    • General
    • Analysis
    • War and peace
    • Elections
    • Economy
    • Culture
    • Sports
    • Science and Tech
  • Travel
    • General
    • Bogota
    • Medellin
    • Cali
    • Cartagena
    • Antioquia
    • Caribbean
    • Pacific
    • Coffee region
    • Amazon
    • Southwest Colombia
    • Northeast Colombia
    • Central Colombia
  • Data
    • Economy
    • Crime and security
    • War and peace
    • Development
    • Cities
    • Regions
    • Provinces
  • Profiles
    • Organized crime
    • Politics
    • Armed conflict
    • Economy
    • Sports
  • Lite
  • Opinion
Bogota's previous metro design featured an underground system (Image credit: Bogota mayor's office)
News

Bogota in need of $3.6 billion to fund new metro

by Jamie Vaughan Johnson February 27, 2017

The Bogota Mayor’s Office has approached multilateral banks in an attempt to secure funding for the city’s first metro line, reported El Espectador newspaper.

The project is expected to cost around $13.2 billion, of which $9.6 billion will be provided by the Colombian government.

The remaining $3.8 billion will be funded by the district of Bogota, which revealed last week that it is already in talks with multilateral banks about securing funding for part of the project. 

The sources of the funding has been broken down by the city’s administration: debt quota ($800 million), ETB (Bogota Telecommunications Company) and EEB (Bogota Electricity Company) reserves ($700 million), and 50% of the gasoline surcharges from the past 20 years ($2.6 billion).


Where does Bogota think it can obtain $7.5B for its metro plans?


El Espectador reports that now funding worth up to $3.5 billion is being sought from from multilateral banks.

Last week Bogota Metro manager Andres Escobar met with the World Bank, the inter-American Developmental Bank (IDB), and the Development Bank of Latin America (CAF), who could help finance the mega-project.

In a statement Escobar said “This last week we have taken some very important steps in relation to financing the Bogota metro. The metro is a very large project, so large that we will have to commit national and district funds for the next 30 years.”

According to the official, the banks have already begun studying the project and evaluating how the financing can be linked and supported.


Bogota presents all-new metro plan, 70 years after 1st proposal and 1 year after last


In March officials will begin approaching people living in the areas through which the first metro line will pass. The aim of this will be to inform people of the building process and the benefits of living so close to the system.

It has been some 70 years since a mass transit system was first proposed in Bogota. Up until now, residents of Colombia’s capital have relied on a weathered bus system to provide transport to 7 million people daily.

The lack of an efficient public transport system has left the city plagued by congestion and often dangerous levels of air pollution.

However the Mayor of Bogota, Enrique Peñalosa and Colombian President Juan Manuel Santos seem to have agreed on the newly presented plan for a single elevated line.

The planned route will start at Portal de las Americas in the west of the city, and finish at Avenue Caracas in the east.

 

BogotaBogota metroEnrique Peñalosapublic transport

Trending

  • Petro’s quest for a majority in Colombia’s Congress

  • The peaceful revolution of Colombia’s “nobodies”

  • Colombia hears former guerrilla chiefs over mass kidnappings

Related articles

  • Women and children injured as Bogota police attacks indigenous

  • Bogota police targeted in explosives attacks

  • ‘Police used Bogota bus terminals to torture protesters’

  • RSS

@2008-2019 - Colombia Reports. All Rights Reserved.
Powered by Digitale Zaken and Parrolabs


Back To Top