Construction Tender Imminent As Bogota Mayor Confirms Metro Financing Approval

Construction Tender Imminent As Bogota Mayor Confirms Metro Financing Approval

Gustavo Petro, Mayor of the city of Bogota, has this week made public assurances that a strategy to raise the 30% financial contribution for the cities new metro has been approved by government, in response to claims by Vice-President German Vargas Lleras that the district administration had yet to present a concrete proposal.

Petro explained that the 4.14 billion pesos that the District will contribute to the construction of the first metro line will be raised through 800 billion pesos of loans, 2.6 billion through petroleum rates, while the remainder will come from the profits of publicly owned companies ETB (Telephone Company of Bogota) and EEB (Bogota Energy Company) which will provide a further 700 billion pesos.

The mayor has publicly confirmed that the hold-up has resulted from the delayed delivery of of documentation from CONPES (The National Social and Economic Policy Council).

“All procedures for raising these funds have already been made, the only thing missing to enable us to deliver payment to the President is a CONPES document, which is being prepared by the Ministry of Finance. I do not understand why the vice president is not aware of this process” Mayor Petro explained to Caracol Radio.

metro-la-republican place as Petro claims, then bidding for the construction of the first line of the metro can begin.