Luz Maria Correa, the construction company’s president said the sale will take place in the first quarter of the year and proceeds will go toward tackling a backlog of projects valued at $719 million.
The company president added that Condor will also bid on new contracts to build new roads and bridges.
Correa said “Colombia’s infrastructure is way behind and the … routes must be improved ahead of the free trade agreement.”
The U.S.- Colombia free trade agreement was ratified by U.S. Congress in October 2011 and is due to go into effect in the second half of 2012.
According to a report published in September by the Transport Ministry, Colombia will need $55 billion of infrastructure development by 2021.