Overcoming political uncertainties, Colombia is moving ahead briskly with its Fourth Generation (4G) P3 road program as two toll highways achieved financial close and a third toll highway project, backed by France’s Vinci, heads to a financial close. One of the roads, Ruta al Mar, was backed by the first Colombian road bond sold internationally.

The three highways are all Private Initiative (PI), that is, they were not solicited by the government, and will be built and will operate autonomously without government support or government grants. This is in sharp contrast to some of the P3 highways under the 4G program that get state grants, availability payments, and/or whose toll revenues are sometimes supplemented by Colombia to meet revenue targets.