Bogota Street Rehabilitation

completed

Bogota’s Institute for Urban Development (Instituto de Desarrollo Urbano or IDU), is a dependency within the Greater Municipality of the Capital District of Bogota which is dedicated to the development and maintenance of access and transport infrastructure. Among IDU’s primary goals and policies are: - to contribute to a socially inclusive development of the Capital District by improving transportation and mobility; - contributing toward improvement in productivity; - promoting the use and enjoyment of public spaces; and- enabling residential construction development. The project involves a $50 million senior loan to the metropolitan municipality of Bogota Distrito Capital, to finance part of its 2008 capital expenditures program for periodic maintenance and rehabilitation of the City’s urban streets network. The loan is part of a $400 million financing package that includes in addition to the proposed IFC loan a recently completed successful $300 million international Peso-linked bond issue, and a $50 million loan being processed by the Andean Development Corporation (CAF). It is expected that the IFC and CAF loans and about $60 million from the bond will be dedicated to street rehabilitation, with the rest of the bond proceeds used for other capital expenditure program.