IDB Invest to finance Colombia’s Puerto Antioquia

IDB Invest, the private sector institution of the Inter-American Development Bank (IDB) Group, has finalized the signing of a new US$200 million funding deal.

The financing will go towards the building, operation, and maintenance of Puerto Antioquia. Puerto Antioquiais a new multipurpose port facility situated in the Gulf of Urabá, department of Antioquia, in Colombia. 

An event was held in Turbo’s town hall to commemorate the signing of the new deal and some of the attendees include strategic allies and community leaders from Urabá. Government officials, representatives of the IDB Group, and other sponsors of the port project also attended the signing virtually. 

The announcement of this deal is reportedly the product of a recent meeting between the President of the Republic of Colombia, Iván Duque Márquez, and the President of the Inter-American Development Bank (IDB Group), Mauricio Claver-Carone, at the Colombian Embassy in Washington D.C.

Puerto Bahía Colombia de Urabá S.A. has been appointed to manage and coordinate the development and operation of the port, which has a 30-year concession contract with the National Infrastructure Agency (ANI).

The entire process that characterizes the realization of the port project will create over 17,000 new indirect jobs in Urabá. The total cost implication of the project is currently set at US$672 million.