Both projects will speed freight traffic links between Antioquia and the key Pacific port of Buenaventura, as well as links between the key coffee-growing regions of Colombia and Antioquia’s in-development Atlantic port connections.

Commenting on the latest developments, ANI president Luis Fernando Andrade said: “The importance of these financial closures is that long-term [funding] of 15 to 20 years was obtained to finance these projects at very reasonable interest rates, which assures us that we will be able to continue doing this kind of infrastructure [finance].”

The COP1.8 trillion (US$614 million) “Pacifico 1” project – to be built by the Covipacifico S.A.S. consortium – will be financed by Colombian banking giants Davivienda and Banco de Bogota.

“Pacifico 1” stretches from the southern suburbs of Medellin to the town of Bolombolo, on the banks of the Cauca River. This new divided highway will be 49 kilometers long, and will feature two tunnels – 4.1 kilometers in length at Amaga, and 1.5 kilometers in length at Sinifaná.

The COP$912 billion (US$311 million) “Pacifico 2” project– being built by Concesión La Pintada – will be financed by Brazilian banking giant Itaú.

This 98-kilometers-long project – 44 kilometers of which will be divided highway -- will connect Bolombolo to La Pintada alongside the Cauca River, and hook-up with the “Pacifico 3” highway toward Buenaventura. "Pacifico 2" will include a double tunnel of 2.5 kilometers in length at Mulatos, along with 69 bridges.