Bogota to Borrow $100m for Infrastructure

The District of Bogota has received Colombian government approval for $100m in loans from CAF and the IFC and awaits the final approval from the multilaterals. “We expect to have final approval by year end,” Rigoberto Lugo, the city’s public credit director, tells LatinFinance. “With the multilaterals, we are able to obtain funds at competitive terms to complement the $300m raised in the international capital markets this year.” A $55m loan from CAF and $45m loan from the IFC pay 125bp over Libor. Proceeds finance part of a $500m infrastructure program in Bogota, making improvements to roads, schools and hospitals. In July, Bogota sold $300m in 2028 TES-denominated bonds via Deutsche Bank and Citi.