World Economy

Colombia Seeks $9b

Colombia Seeks $9bColombia Seeks $9b

Colombia is seeking $9 billion to fund the remainder of its ambitious infrastructure plan, after raising $4 billion in investments for the initial phase, the head of the public-private investment group managing the funds said. The plan, known as 4G, which includes road, bridge and tunnel projects, is expected to help stimulate growth in Latin America’s No. 4 economy, where government revenue has been battered by the global fall in oil prices, Reuters reported. Initial construction on the 28 projects, with a total estimated cost of 47 trillion pesos ($16.3 billion), will begin this year and is set to finish in 2020. “The first package was 12 trillion pesos and now the rest is coming, around 24 to 26 trillion pesos that we are beginning to look for,” Clemente del Valle, president of National Development Finance, the public-private investment group tasked with managing the funds, said. Goldman Sachs structured two bond issues that raised funding for the first phase.