Sacyr Concessions has financially closed the concession for the Pamplona-Cúcuta dual carriageway project in Colombia for $520m.

The financing round was joined by eight international groups and one Colombian financial group.

This closure guarantees the investment required for the 62km road project, located in the north of Santander, connecting Colombia, Venezuela and the northeast of the country.

The project is currently in the construction phase, with a net progress of 14%.

The company noted that operations are being carried out across 60 work fronts.

A new road will be constructed, including the divided and undivided highway, for a stretch of 50.2km.

Construction will include two tunnels each 1.4km and 1.1km long. It will include the restoration of 72.2km of an existing road between Pamplona and Betania, Los Patios.

In addition, the construction of 25 vehicular bridges and four pedestrian bridges, along with the rehabilitation of 23 existing bridges, will be carried out.

Sacyr completed the transaction through its unit Unión Vial Río Pamplonita, which is responsible for the definitive studies and designs, financing, environmental, property and social management of the Pamplona-Cúcuta corridor.

With this transaction, Sacyr Concesiones has closed the financing of its four 4G projects in Colombia for more than $2bn.

JPMorgan Chase Bank, FDN (Financiera de Desarrollo Nacional), Deutsche Bank, Industrial and Commercial Bank of China (ICBC), Bank of China, ICO (Instituto de Crédito Oficial de España), MetLife, MUFG Bank, and Société Générale participated in the financing round.

Last December, Sacyr received a concession to upgrade ‘El Camino de la Fruta’ or Route 66 in Chile.