Winner: Puerto Antioquia
The financing of the Uraba port is the culmination of six years of structuring, and also the
realization of a dream to build a port in Antioquia, Colombia’s main producing region for
coffee and bananas.
Back in 2014, Andres Bustos, Puerto Antioquia’s CEO, visited the fishing port of Uraba and
began evaluating the possibilities for building a greenfield port. Two years later he was
applying for permits, discussing the prospects with shipping companies, potential users,
financiers, strategic allies and investors.
Bustos and his team lined up sponsors including French shipping company CMA CGM and the
French construction giant Eiffage. Local banana exporters, local port developer PiO, as well as
local construction firm Termotecnica and investors from SURA and Credicorp also got
Once financing was finalized, construction work got underway within weeks. Dredging finished
in August. The project is due to be completed in the first quarter of 2025.
Resilience has been the key, says Bustos. “The port of Uraba is a 150-year old dream,” he says.
“There have been 13 initiatives, four or five government or private studies but no-one in the
past was able to put all the pieces together and get the blessing of the whole community and
the whole region.”
The US$394 million financing package comprised a $200 million loan from the Inter-American
Development Bank, its private sector lending arm IDB Invest, and the China Co-financing Fund
for Latin America. There was also a $194 million credit line from Colombian development
lender FDN and two local banks, Davivienda and Bancoldex. On top of that, Global
Infrastructure Partners provided US$130 million in mezzanine financing.
The total investment in the port will be close to $700 million, and includes a 3.8 kilometer
viaduct that connects the mainland to an offshore platform, where ships will dock.
Bustos says he hopes the port and container terminal will spur investments that will increase
Colombia’s overall exports and create new business opportunities for the local community and
the Antioquia region.
“We want to motivate people to get involved in international trade. If not, we will take some
volumes from other ports in the country. Naturally, that will happen but in the medium to long
term what we is more people to be motivated to import, export and work in this business.”
CMA Terminals Holding “CMATH”, Puertos Inversiones y Obras SAS, Eiffage S.A, Fondo de
Inversión en Infraestructura AM Sura – Credicorp Capital (“UPLI”), Agrícola Santamaría SAS,
C.I. Banafrut S.A, C.I. Unibán S.A, C.I. Tropical SAS, Termotecnica SA.
Astris Finance, Baker McKenzie, Bancoldex, Brigard Urrutia, China-LAC Cooperation
Fund, Citi, Clifford Chance, CMA Terminals, Termotécnica Coindustrial, Eiffage
Infrastructures, Uniban, Agrícola Santamaría, Banafrut, CI Tropical UPLI,
PIO, Cuatrecasas, Davivienda, Dentons, Financiera de Desarrollo Nacional
(FDN), Garrigues, Global Infrastructure Partners (GIP), Herbert Smith Freehills, IDB
Invest, J.P. Morgan, Milbank, Multilateral Investment Guarantee Agency (MIGA), Posse
Herrera Ruiz, Willkie Farr & Gallagher
All supporting financial institutions and law firms were transmitted to LatinFinance by the
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