The Concessionaire Vial Union del Sur, led by Sacyr Concessions, has closed the financing of the Rumichaca-Pasto road for a total of 1.8 trillion pesos (513 million euros). The closure guarantees the investment required to successfully build this 83-kilometer road project, located in the southwest of the country.
Sacyr holds 60% of this project, while the remaining 40% is in the hands of the Ecuadorian firm Herdoiza Crespo Construcciones.
“The achievement of this financing closure represents a significant milestone. The soundness of the Rumichaca-Pasto project is reflected in the vote of confidence from the financial system. We are very satisfied since the financial closure guarantees the works and actions that will develop and provide well-being to the department of Nariño and Colombia,” said Germán de la Torre Lozano, General Manager of the Vial Unión del Sur Concessionaire.
The international financial entities that have participated in the financial closing are the following:
• Overseas Private Investment Corporation (OPIC), JP Morgan and Metlife from the United States.
• Banco Santander and Instituto de Crédito Oficial (ICO) from Spain.
• Sumitomo Mitsui Banking Corporation (SMBC) and Mitsubishi UFJ Financial Group (MUFG) from Japan.
• Credit Agricole from France.
• Bank of China from China.
At present Rumichaca-Pasto is in the construction stage, with a total progress of 24.4%. Works are being carried out at approximately 80 work fronts, which generate 3,594 direct and indirect jobs.
Rumichaca-Pasto is one of the four roads that Sacyr Concessions is developing in Colombia, within theFourth Generation (4G) projects, launched by the Government of the South American country.
These projects have contributed to increase Sacyr Concessions profile during recent years. The concessional assets already contribute 80% of the company's EBITDA.
Sacyr Concessions operates in 10 countries in Europe and Latin America and has 44 backlog assets. The total investment managed by the concessionaire is 12,796 million euros and the future income backlog stands at 28,348 million.