IFC fa­cil­i­tates Bogota's tran­sit sys­tem

The Pak Banker - - Front Page -

WASH­ING­TON

IFC, a mem­ber of the World Bank Group, has fa­cil­i­tated a $176 mil­lion fi­nanc­ing pack­age to Re­caudo Bogota S.A.S to de­velop and op­er­ate the fare col­lec­tion, fleet man­age­ment, and real-time in­for­ma­tion tech­nol­ogy sys­tem for Bogota's bus In­te­grated Pub­lic Trans­porta­tion Sys­tem (SITP).

The fi­nanc­ing will im­prove the Colom­bian cap­i­tal's ca­pac­ity to man­age its large trans­porta­tion needs, help­ing serve 6 mil­lion bus pas­sen­gers daily and mak­ing pub­lic trans­porta­tion more af­ford­able and con­ve­nient in Latin Amer­ica's sixth largest city. It will also cre­ate 2,500 new jobs. IFC will pro­vide a 12-year loan of $55 mil­lion in Colom­bian pe­sos.

Korea Exim Bank (KEXIM) will pro­vide $62 mil­lion, and will guar­an­tee a $59 mil­lion com­mer­cial bank loan fa­cil­ity pro­vided by HSBC, Shin­han Bank, and Woori Bank. Re­caudo Bogota is a newly cre­ated com­pany that won a con­ces­sion con­tract from the City of Bogota in 2011 to man­age the pro­gram for 16 years.

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