IFC facilitates Bogota's transit system
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.