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September 9, 2024
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Álvaro Uribe’s proposal to finance the Toyo Tunnel works

Álvaro Uribe's proposal to finance the Toyo Tunnel works

The National Government has transferred to the Governorate of Antioquia the responsibility of completing a significant section of the Toyo Tunnel, an emblematic road infrastructure project in the region.

(See: Construction of the extension of Av. Caracas, in Bogotá, should be finished this month)

The transferred section comprises 4.2 kilometers of section 2 of the work, Of which 2.8 kilometers correspond to an open-air road, a 200-meter bridge and a 1,500-meter tunnel.

With this transfer, Antioquia is not only committed to completing these works, but will also have the opportunity to allocate around $330 billion for their completion. However, details regarding the execution and supervision of the works have not yet been defined.

(Read more: Vinci Highways awaits conditions to enter into new projects)

In a recent announcement, former President Álvaro Uribe presented a proposal to facilitate the financing of the remaining works. Uribe suggested that the firms of the Antioquian Society of Engineers and Architects (SAI) be hired, following the model used in the construction of the first section of the Oriente Tunnel.

In addition, he proposed revitalizing the ‘cow’ along the roads of Antioquia, an initiative that has been collecting contributions for road infrastructure projects since March.

(See also: Passenger and freight rates could rise more than 7% after the first diesel price hike in the country)

Alvaro Uribe

Alvaro Uribe Press

It is the right time to strengthen the Solidarity Cow. I propose the creation of a financial company that integrates all the contributions made, through titles or shares, which could co-finance the Toyo Tunnel and its complementary works, and offer interest to the contributors.“, Uribe said.

(See: Government plans to collect $20 billion from property valuation)

Originally, the ‘cow’ collection was scheduled to conclude in August; however, The Government of Antioquia has decided to extend it until December. As of September 3, accumulated contributions exceed $5.5 billion, a figure still far from the established goal of one trillion pesos.

To date, neither the Antioquia Society of Engineers and Architects nor the Government of Antioquia have officially responded to Uribe’s proposal. The community and key stakeholders are awaiting the next decisions that will define the progress of this ambitious project.

(Read more: With resources of $8.9 billion, all 5G routes in the country achieved financial closure)

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