Medellín and Development Bank of Latin America seal $550 million strategic alliance for city projects

Medellín's Mayor Federico Gutiérrez and the President of the Development Bank of Latin America (CAF), Sergio Díaz Granados, have formalized a strategic alliance valued at $550 million. This significant investment is earmarked for crucial projects within the capital of Antioquia, aiming to bolster the city's development and infrastructure.

The agreement details two pre-approved credit lines. The first, for $250 million, will fund programs during the remaining year and a half of Mayor Gutiérrez's administration. The second, a substantial $300 million line, is dedicated to the expansion of the Medellín Metro system. This includes the construction of the Metrocable line for San Antonio de Prado, slated to begin between June and July of the following year. Additionally, a non-reimbursable line of $1 million for technical cooperation was also part of the agreement.

Mayor Gutiérrez expressed optimism, highlighting that "good things are happening" in Medellín, with 1,800 ongoing works and a focus on social investment. He stressed the importance of CAF's support and accompaniment in these endeavors. This alliance with Medellín is situated within a broader, historic agreement between CAF and Colombia, which commits $9 billion in financing for the country. This larger framework aims to foster collaboration between CAF, the private sector, and regional governments nationwide.