Barranquilla will modernice and expand its airport
With a USD 50 million loan, the Institution will leverage the remodeling of the passenger terminal and the expansion of the international area by more than 5 thousand square meters, in order to increase its capacity and contribute to the development of the Colombian Caribbean
CAF, Development Bank of Latin America, announced a loan for USD 50 million in favor of the Grupo Aeroportuario del Caribe S.A.S., to expand and modernize the Ernesto Cortissoz airport in the city of Baranquilla, the fourth largest in terms of passenger movement per year in Colombia.
This 15-year loan seeks to increase the number of mobilized passengers by 25 percent. This number currently reaches 2.4 million passengers per year, and the expansion expects to attract more tourists and airlines to the Atlantic capital, in order to develop the city's potential as a tourism epicenter for businesses and conventions, as well as a trade hub for the Colombian Caribbean.
CAF's loan reaches approximately 40 percent of the total loans granted to the Grupo Aeroportuario del Caribe, which obtained resources for a total of USD 112.5 million. Grupo Aval, Bancolombia, and Davivienda also participated in leveraging this intervention. Work in the Air Terminal is expected to begin during the first quarter of 2016, time at which the resources will begin to be disbursed. Carolina España, CAF's Director Representative in Colombia, stated, "Through these types of operations, CAF expects to facilitate the execution of infrastructure works that the country needs to consolidate its growth and development. In this respect, the Institution will continue its participation in road, airport, and port projects that generate progress for the regions and allows them to use their potential".
In this respect, the Director Representative pointed out that advances are being made in structuring the private capital fund to leverage infrastructure projects in the country, seeking to facilitate the channeling of resources from institutional investors, including pension funds through the main debt instrument.
España concluded "This vehicle was designed to correct a market failure existing in most countries, with the objective of supporting pension fund and insurance companies so that they invest in attractive projects that make a strategic contribution to development".
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