Buga-Tulua-La Paila Toll Road

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In December 1993, the Province of Valle del Cauca awarded a concession for the rehabilitation and expansion of the existing 60-km highway from Buga to La Paila to PISA consortium comprised of Colombian and Spanish companies. The project involved converting the remaining 37-km section of this highway, between Tulua and La Paila, from two to four lanes, construction of toll facilities, and provisions for security and emergency services. The consortium PISA has its shares distribution as follows: Ferrovial - 20%; Conciviles - 20%; Corfivalle - 20%; Central de Seguros - 20%; Instituto de Fomento Industrial - 15%; and others - 5%. Financial closure was achieved as follows: US$ 52 million loan and US$ 28 million equity from the sponsors. All revenues in excess of 125% of the base case traffic specified on the bidding documents are transferred to the provincial government. The works on the stretch Buga - Tulua have been completed and the concessionaire is operating it; construction works are underway on the stretch Tulua - La Paila.