The Inter-American Development Bank board of directors approved $750 million loans to finance the Lima Metro Line 2 Project.
The Project includes the construction of a system of 35 underground subway stations joined by 35 km of tunnels, which is expected to serve approximately 2.4 million users who live or work in the greater Lima area. Line 2 will run along the east- west axis of the city from Ate Lima to Callao. The Project is developed by a consortium of companies formed by Iridium Concesiones de Infraestructuras S.A. (a subsidiary of Grupo ACS), Vialia Sociedad Gestora de Concesiones de Infraestructuras, S.L (a subsidiary of FCC), Salini Impregilo SpA, Ansaldo STS SpA, Ansaldo Breda SpA, and COSAPI S.A. In addition to building the Metro system, the Consortium will also be responsible for the provision of electromechanical equipment and rolling stock.
The IDB financing package includes a $300 million loan to the Government of Peru, together with a $400 m RPI-CAO Backed private sector financing that is supplemented by a $50 loan from the China Co-Financing Fund fo Latin America, which is administered by the IDB. The Consortium expects to close the IDB financing in H1 2015.
Astris Finance, together with Banco Santander, acted as Financial Advisor during the bidding process working to design an efficient financing structure for the Project.