Odinsa achieves refinancing of its concession Pacífico 2 for COP 840 billion, by obtaining a loan with social certification

  • The project was assessed by the French firm Vigeo Eiris, a world leading organization specializing in environmental, social and governance (ESG) research and benchmarking, which issued a social certification to the concession to obtain this funding.
  • La Pintada concession, which manages the 4G project Pacífico 2, signed a loan agreement for COP 840 billion with two important financial institutions: Bancolombia and Davivienda.
  • The signing of this agreement reaffirms the commitment of the Concession and Odinsa to the development of the country and the communities, which is materialized through the social and environmental contribution made by the concession to the territory.

Medellín, May 9, 2022. Odinsa, the concessions company of Grupo Argos, reported today a new milestone in the Fourth Generation project Conexión Pacífico 2, with the refinancing with social certification and signing of the respective loan agreement in the amount of COP 840 billion with two important Colombian financial institutions: Bancolombia and Davivienda. This process was carried out with advisory from Grupo Bancolombia Capital and Itaú.

In order to obtain the social certification, the project was assessed by the French firm Vigeo Eiris, a world leading organization specializing in environmental, social and governance (ESG) research and benchmarking, based on the analysis of social, environmental and governance factors associated with the performance of infrastructure projects, which motivated these entities to close the financial agreement.

“At Odinsa and our concessions we work decidedly for sustainability, and for this reason we are pleased that the social and environmental management of Pacífico 2 has obtained recognition and enabled our concession to obtain a loan with these characteristics,” said Mauricio Ossa, CEO of Odinsa.

The assessment carried out recognizes the actions implemented by the Concession in the social area through the promotion of production initiatives that contribute to strengthening capabilities in the territory and to local and regional development. 

The project has created over 3,500 jobs, especially during the construction stage, and with investments of over COP 1.5 billion it has implemented a number of social initiatives aimed at supporting small and medium-sized enterprises in the region, including: holding a Business Round for entrepreneurs, organizing Farmer Markets and the implementation of the program “Suroeste Compra Suroeste” (southwest buys southwest); through which 175 local business ventures have received support to strengthen commercial aspects, and the creation of 356 formal jobs to promote new income for the community and drive the local economy. It has also trained community members in environmental and tourism aspects, in order to transfer knowledge and build capabilities.

Additionally, the Operations Control Center (OCC) –Plaza del Cauca– winner of the ODA 2022 Award granted by the publication ArchDaily, positioned Pacífico 2 as a benchmark for 4G projects for being a space that facilitates the promotion of social entrepreneurship and job creation, operating as a venue for forums, fairs, business rounds, band contests, farmer markets, training,  photography exhibitions, as well as cultural events organized by the communities and local and regional administrations.

Additionally, regarding the environment, it has worked on the conservation and care of strategic ecosystems for the territory, standing out for the implementation of programs and activities such as:  planting of 240,000 trees as part of a conservation and reforestation plan; its recognition as the pioneering concession in Colombia with 25 wildlife crossings; the structuring of a training and research center for the tropical dry forest; and the establishment of the Alianza Cartama Sostenible which, along with major partners, aims to recover 11,000 hectares of strategic ecosystems that supply the water systems of the municipalities in the area of influence.

“At Bancolombia we are committed to promoting sustainable economic development to achieve well-being for all, and one of the ways in which we materialize this is by assisting infrastructure works that not only promote the competitiveness of the regions, but also care for their environmental and social impact, as is the case of Pacífico 2,” said Juan Carlos Mora, CEO of Bancolombia.

“We have been in Pacifico 2 since the initial financial closing 5 years ago, and today we reiterate our participation through this refinancing, which aims to continue supporting development in the country and the improvement of its competitiveness,” said Rodrigo Arango, Vice President of Corporate Commercial Banking at Banco Davivienda.

This new milestone undoubtedly reaffirms the confidence of the market in the project and the infrastructure sector, and it is the result of great joint work by different participants who have made possible the development of Pacífico 2, a flagship project for Colombian engineering that represents development, connectivity and well-being for the country and the communities in the area of influence.

More about Conexión Pacífico 2

With investments for COP 1.3 trillion, Pacífico 2 consists of a corridor of 96.5 kilometers that includes the sections between Primavera-La Pintada and La Pintada-Bolombolo, in Antioquia, with iconic works developed by Colombian engineers such as the 2.5-kilometer-long Mulatos Tunnel; the Cauca Bridges that stand 112 meters above the Cauca River, and the Operations Control Center (Plaza del Cauca), which has become a benchmark for projects of this type because it is a space for community use that promotes integration and performance of various social and cultural activities.

This corridor will drive the competitiveness of the region and the country by connecting the supplies and production centers of northern Colombia with Antioquia, the coffee growing axis, the Cauca Valley and the Pacific region.

For additional information contact:

Viviana Arroyave, Communications Director / varroyave@odinsa.com / 3176469218

Luisa Díaz, Communications Analyst / luisadiaz@dattis.com / 322 366 4488

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