February 22, 2024
Infrastructure

Pacifico 1 Wins US$150 Million Finance Package to Complete Crucial Medellin-Southwest Antioquia Highway

Medellin-based highway construction consortium Covipacifico announced June 15 that it just won confirmation of a US$150 million financing package for its “Pacifico 1” highway project.

The financing will guarantee completion of the COP$2.6 trillion (US$704 million), 50-kilometers-long “Pacifico 1” project between the southern Medellin suburb of Caldas and a new bridge-and-tunnel connection to the nearly complete “Pacifico 2” highway above the Cauca river town of Bolombolo.

When Pacifico 1 and Pacifico 2 eventually connect to the under-construction “Pacifico 3” project in 2023, then — at long last — Medellin finally will have its first direct, high-speed connection all the way to the main Pacific port at Buenaventura, greatly reducing freight transport times and costs.

“Pacifico 1” is now more than 70% complete and full opening is expected by August 2023, according to Covipacifico.

According to a separate, related June 15 bulletin from Colombia’s Agencia Nacional de Infraestructura (ANI), “this new milestone in financing was supported by the international banks Sumitomo Mitsui Banking Corporation (Japan) and Santander S.A. (Spain).”

“These resources show the confidence of international banks in Colombia,” added Colombia Transport Minister Angela María Orozco. “Pacifico 1 will allow the [Medellin and southwest Antioquia] region to be better connected with the main economic centers inside and outside of Antioquia,” she added.

This month, the first 5.2 kilometers of new, four-lane divided highway opened near Bolombolo on Pacifico 1, including the new, 1.4-kilometers-long “ Sinifaná” twin tunnels.

Pacifico 1 in total includes construction of 63 bridges, three below-ground interchanges at Sinifaná, Titiribí and Camilo Cé, 32 kilometers of new, four-lane divided highway and two twin tunnels at Sinifaná (now complete) and at Amagá, the latter just-now completely excavated.

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