CAF to finance Colombia-Venezuela border integration, development project

(Cartagena, April 12, 2012).- CAF –development bank of Latin America– will allocate approximately US$1 million in non-reimbursable funds to help the Colombian and Venezuelan governments complete the design of the Tienditas international bridge over Venezuela’s Táchira River. The financing will also be used for a project to upgrade the road network connecting Villa Silvania, Colombia, and Tienditas, Venezuela.

In comments made at the Sixth Summit of the Americas, CAF President Enrique García said, “with this project, CAF supports the efforts by the Colombian and Venezuelan governments to step up integration and economic relations between the countries.

“The Tienditas international bridge will be key to increasing productivity and trade competitiveness in both nations,” he added, noting the major importance of border passes in integration processes, especially for bilateral and regional trade logistics.

The project will contribute to infrastructure improvements in the border area, optimizing services for the public, shortening travel times and reducing operation costs.

The border pass optimization and facilitation feasibility study also encompasses the international road system connecting the Colombian city of Cúcuta with San Antonio-Ureña in Venezuela through the Simón Bolívar and Francisco de Paula Santander bridges. A high number of freight and passenger vehicles travel through this border pass.

Financing for this project comes from CAF’s Border Cooperation and Integration Fund (COPIF, by its Spanish acronym), which supports regional integration initiatives; and the Proinfra Fund, created by the institution to help upgrade the quality of Latin American infrastructure projects, giving priority to regional integration initiatives or those that introduce innovative financing mechanisms.