Cuatrecasas counsels on credit for the first line of the Bogotá Metro
Cuatrecasas has counselled Metro Línea 1 on obtaining two revolving credit lines for the construction of the road infrastructure project, the First Line of the Bogotá Metro.
The Bogotá Metro, which has been awaited for more than 80 years, will have the capacity to carry 72,000 passengers per hour and direction, around one million passengers per day. With a route of 23.9 kilometres, it will cross nine localities and will have 16 modern stations, significantly reducing travel times. It will connect Portal Americas with the Calle 72 station in just 27 minutes, a third of the time it currently takes.
The first line of credit, amounting to USD 230 million, was granted jointly by Bank of China Limited, Panama Branch, and Industrial and Commercial Bank of China, Panama Branch. The second line, for COP 1.2 billion, was granted by Financiera de Desarrollo Nacional, BBVA Colombia and Banco de Bogotá.
In addition to improving mobility, the project will revitalise the urban environment with the intervention of 1,400,000 square metres of public space. It is estimated that, by the end of 2025, the project will have reached 65% completion, making it one of the first and most extensive metro lines in the region. It will also stimulate economic growth and employability. During its implementation, 17,000 new jobs, both direct and indirect, are expected to be created.
From an environmental point of view, the metro will reduce the capital’s carbon footprint, thanks to its energy efficiency and the integration of sustainable criteria in its design, construction and operation. It is estimated that Bogotá will stop consuming 59 billion gallons of fossil fuels, thus avoiding the emission of 171,000 tonnes of CO2 per year. When it comes into operation, its consumption will represent only an additional 1% of the city’s energy demand.
Cuatrecasas’ team was led by Manuel Quinche (pictured right) and Juan Carlos Puentes (pictured left), partners in the Bogotá office’s Finance practice, with the collaboration of Angie Gómez, Lorenzo Lizarralde and María Verónica Hernández. Manuel Gómez, Carlos Méndez and Emilio Torres participated on behalf of the Infrastructure practice.
