Medellin-based construction company, Construcciones El Condor, is to offer shares in the hope of raising $111 million to finance airport expansion and highways works, reported Bloomberg.
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.