Colombian developer Autopistas Urabá has received a US$450mn dollar loan from Sumitomo Mitsui Banking Corporation (SMBC) for the construction of the 4G Mar 2 motorway.

The project is part of Colombia’s Fourth Generation (4G) infrastructure initiative, aiming to renovate and expand the country’s road network.

This is the eighth part of the project to reach financial close. It involves improving 109km of road between El Tigre and Necoclí in Antioquia, as well as building 11 tunnels, 59 bridges and seven interchanges.

Luis Fernando Andrade, president of the National Infrastructure Agency (ANI), says: “This is a strategic project that will improve the northwestern region’s mobility and competitiveness, particularly Antioquia. All the projects, Mar 1, the Toyo tunnel and Mar 2, when integrated with the Pacific motorways 1, 2 and 3, will boost commercial exchanges from the northwest of the country.”

Autopistas Urabá is jointly owned by China Harbour Engineering Company (30%), SP Ingenieros (20%), Pavimentar (15%), Sonacol (20%), Unidad de Infraestructura y Construcciones Asociadas (10%) and Termotécnica Coindustrial (5%).