EU bank confirms its support for the first line of Bogotá metro with USD 480m in financing

The European Investment Bank (EIB) reiterated its commitment to finance the first line of Bogotá metro, a project to which the EU bank is contributing with a USD 480m credit line. EIB Vice-President Emma Navarro, who is currently on an official visit to Colombia, met with the Manager of Empresa Metro de Bogotá S.A., Andrés Escobar, to analyse the project’s progress and the EIB’s involvement in its financing. The EU bank provided the first tranche of this loan – USD 56m – in August.

This financing is part of the EIB’s efforts to promote climate action, supporting the use of public transport helping to cut pollutant emissions. The EIB is granting this loan on favorable terms under its Climate Action and Environment Facility. The first metro line will foster economic growth by generating new business opportunities, making it easier for workers to reach the city centre and promoting job creation.

EIB Vice-President Emma Navarro indicated that “the EU bank is pleased to contribute to the development of a major piece of infrastructure that will have a direct positive impact on the lives of millions of people, and that will transform Bogotá, making it more accessible and sustainable as a result of the project’s positive environmental impact. We are happy to reiterate the EIB’s determination to provide its financial resources and technical experience so that this project is a success.”

The project consists of the first section of the 24 km first line, a depot and 16 stations, including 10 interchanges with the TransMilenio network. It also comprises the development of the associated roads with 19 km of new cycle paths, and other improvements aimed at sustainability. The project is expected to start operations with 23 trains, each able to carry 1 800 passengers.

Original source: EIB
Published on 23 November 2018