IDB Approves Loan to Modernize Public Transportation in Colombia
23 February 2012: The Inter-American Development Bank (IDB) has approved a US$105 million loan for the city of Cali, Colombia, to complete the modernization of its public transportation system.
The loan will finance the expansion of Masivo Integrado de Occidente (MIO), a public transport system based on the use of buses in dedicated and preferential lanes. IDB helped finance the programme's initial stage with a loan for US$200 million approved in 2005. This second loan will improve accessibility to 100% of the population, reduce traffic congestion and avoid accidents.
The project plan includes paving main streets, bridges, bike paths, and signage along MIO. Furthermore, part of the loan will be used to restore ten hectares of public land for the purpose of reducing pollution and greenhouse gas (GHG) emissions. The project is expected to avoid annual GHG emissions equivalent to 270,000 tons of carbon dioxide. [IDB Press Release]