Colombia Signs Tunnel Loan

CAF has approved a $270m loan to Colombia to renovate a tunnel connecting Bogota to Buenaventura. The loan has a 14-year amortization period and a grace period of four years. A spokeswoman declines to comment on the rate. The local Instituto Nacional de Vias will develop the project, whose total cost is around $400m, according to CAF. The multilateral provided an initial $30m loan to the tunnel.