Colombian-Israeli consortium Shikun & Binui-Grodco has won a build-operate-transfer road construction bid in Colombia.

Under the terms of the bid, the consortium will construct the $550m Cundinamarca Project near the capital city of Bogotá.

According to the project’s framework, the winning concessionaire will need to finance, build and operate a toll highway around Bogotá over a 25-year period.

"The winning concessionaire will need to finance, build and operate a toll highway around Bogotá over a 25-year period."

In return, the concessionaire will receive periodic payments from the customer who ordered the project and collect tolls from highway users.

According to the project’s construction terms, the licencee will have to expand the existing highway, as well as build a new 154km road.

The implementation of the project and its licence agreement depend on whether financial agreements to fund the project are signed off within 18 months.

Global construction and infrastructure company Shikun & Binui is engaged within and outside of Israel in seven operating segments.

With a share of 37.5%, the company’s share in the winning consortium can be further increased up to 75%.