By Richard McColl
BOGOTA, Colombia
Colombia’s approved of a multibillion peso finance package on Friday to build and maintain the country's highway network and infrastructure.
The 17.2 billion pesos ($ 8.6 billion) investment was confirmed during a press conference held by Vice President German Vargas Lleras who said that the country’s social and economic policy council, known as Conpes, had approved the figure.
“This week we signed the act of commencement for five contracts pertaining to the first wave of the fourth generation of national roads, and today Conpes approved the resources to push ahead with eight important highway projects which make up part of the second wave of this fourth generation,” Vargas Lleras said.
“In February we will be filing a further 10 projects with the Treasury for the third wave,” he added.
Colombia’s infrastructure has long been cited as a hindrance to economic growth, held back due to the country’s difficult topography, natural disasters, the ongoing civil conflict and the channelling of funds into the war effort.
“The cost of maintaining a war will continue to stifle development, stifle growth and generate more poverty,” President Juan Manuel Santos said during a press conference Thursday regarding the need for investment.
This investment into the eight projects is expected to generate an estimated 70,000 jobs according to a press release published by the president’s office.
They include 353 km of two lane highways (219 miles) , 77 km of new highways (48 miles), 561 km of improvements to highways (349 miles), 818 km of maintenance to highways 508 miles) and a total of nine new tunnels.
“The corridors will become the primary routes of access which will guarantee a reduction in journey time, security, mobility and connectivity between various departments in the country,” Vargas Lleras said in an interview with the El Espectador newspaper. “Additionally, these roads will help promote productivity in those areas that are benefitting,” he added.
Fourteen of Colombia’s 32 departments will benefit from the investment which will feature public-private financing, including, Bolívar, Putumayo, Santander and Tolima.
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