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Region : Latin America and the Caribbean

Sector : E-AD - Transit and Ground Passenger Transporation

Department : Gbl Infrastructure & Natural Resources

Environmental category : B

Date SPI disclosed : April 17, 2015

Projected board date : May 22, 2015

Project Description : Transambiental S.A. or the Company is one of the three bus operator concessionaires for the new integrated mass public transport system (SITM) of the city of Cartagena, Transcaribe. Transcaribe SITM and Transambiental are expected to start operations in the last quarter of 2015, and will improve the quality of public service for more than 1 million people.

Transambiental is a greenfield project that will involve the provision and operation of a fleet of 212 buses under predetermined quality standards. In addition, Transambiental will also be responsible of funding the trust ( FUDO ) that will be in charge of acquiring and scrapping the existing bus fleet of the city. Transambiental was awarded a concession contract of December 1st 2014. The term of the contract will depend on whichever of two events occur first: i) Expected Operation Revenues of US$369 million (COP$865,700mm) as proposed in the bid, or, ii) 19.5 years after the start of the operation.

Project Sponsor and Major Shareholders of Project Company : Transambiental S.A.S. main shareholders are T-Caribe Holdings (63%) and OrganizaciEn SUMA (37%). The main project sponsor is T-Caribe Holdings, a fully owned subsidiary of Ashmore Infrastructure Colombia Fund (AFIC). ACIF is a private equity fund with investment commitments for over US$ 230 million which obtained its first closing in July, 2010. OrganizaciEn SUMA, a local company, is a subsidiary of Grupo SI, and the strategic operational sponsor of the project. Grupo SI has 5 active bus fleet operations linked either to BRT or SITM Systems (Bogota, Cali and Lima); and is leading the structuring of the public transport systems in 3 cities in Central America (Guadalajara, Tijuana, and San Salvador).

Total Project Cost and Amount and Nature of IFC's Investment :

The total project cost is estimated to be US$109 million including (i) the investment in the new bus fleet, (ii) funding of FUDO trust responsible for paying for the acquisition of the existing bus fleet and subsequent scrapping, and, (iii) interest during construction, financial fees and funding of the DSRA.

The proposed IFC-led financing package for US$72 million includes a US$24 million A Loan for IFC s own account. The remainder of the project will be financed with parallel lenders and local/international commercial banks.

Location of Project and Description of Site : Transambiental is headquartered in Cartagena, Colombia. The city of Cartagena is located on Colombia s North Atlantic Coast, and is the capital of the department of Bolivar. The port city has a total population of approximately 1 million people and is the fifth largest city in the country.

Expected Development Im

Project completion date : 2017-12-31 12:00:00

Major organization : TRANSAMBIENTAL S.A.S.

Address : Carrera 20#20-02; Apto 502

Mosquera - Cundinamarca

Country :Colombia

Email :

Url :

Financier : International Finance Corporation (IFC),

Financier address : International Finance Corporation (IFC)

2121 Pennsylvania Avenue, NW

Washington, DC 20433

United States

Website :

Tel : (202) 473-3800

Fax : (202) 974-4384

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Publication:Mena Report
Geographic Code:3COLO
Date:Apr 18, 2015
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