Peru broke ground in late December on a US$5.7-billion underground metro line, having partly secured the financing for it. The 27-km Linea 2 will cross Lima east to west and run to the adjacent port city of Callao. When completed in 2020, Linea 2 will cut travel time to 45 minutes from the two hours it now takes to travel the same distance at street level. The deal also includes a second line, Linea 4, an 8-km spur to Jorge Chaves international airport. Linea 4 will provide the first direct connection to Lima from the airport.
The consortium, Sociedad Concesionaria Metro de Lima Linea 2, S.A. (Metro de Lima), led by Iridium/Grupo ACS holds the 35-year DBFOM concession. It began construction with US$120 million of equity capital and will draw additional financing from a US$350-million local currency revolving facility.