Project description
This summary covers an application by BNP Paribas, and/or any of its subsidiaries or affiliates, and/or other Lenders yet-to-be-identified (the Lenders), for their non-shareholder loans to Bogotá, Distrito Capital (Bogota), to finance its contributions to the Bogota Metro Line 1 project (the Project). The Lenders are seeking guarantees of up to COP 3,200 billion ( US $ 828 million) against the risk of Non-Honoring of Financial Obligations of a sub-sovereign entity for their loans of up to COP 1,700 billion for a period of up to 10 years and 6 months.
The Bogota Metro Line 1 project involves detailed designs, financing, construction, operation and maintenance of an approximately 24km elevated rail viaduct connecting the southwest of the District of Bogota with the central business area of the city. This includes the provision, installation and maintenance of rail, rolling stock, signaling and electrical, control, telecommunications, safety, security and fare collection systems for the operation of the BML1, among other components.
Environmental Categorization
The Project is Category A under MIGA Policy on Environmental and Social Sustainability (2013). Click here for the project’s Environmental and Social Review Summary.
Development Impact
By supporting an integrated public transport system, the Project is expected to: (i) strengthen Bogota’s infrastructure, urban integration and competitiveness; (ii) improve access to jobs and quality and affordable transit for public transport users in the area of influence of the Project; and (iii) reduce GHG emissions and promote sustainable urban transport. The Project is aligned with the WBG’s Country Partnership Framework (CPF) FY24-27 for Colombia.
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MIGA supports its clients (as defined in MIGA Policy on Environmental and Social Sustainability) in addressing environmental and social issues arising from their business activities by requiring direct investment clients to set up and administer appropriate grievance mechanisms and/or procedures to address complaints from Affected Communities. MIGA support to Financial Intermediary clients applying the Performance Standards are required to develop External Communications Mechanisms to receive and review inquiries or complaints from any interested party regarding the E&S risks and impacts of their operations as per the requirements of Performance Standards 1.
In addition, Affected Communities have unrestricted access to the Compliance Advisor/Ombudsman (CAO), the independent accountability mechanism for MIGA. The CAO is mandated to address complaints from people affected by MIGA-guaranteed business activities in a manner that is fair, objective, and constructive, with the goal of improving environmental and social project outcomes and fostering greater public accountability of MIGA.
Independent of MIGA management and reporting directly to the World Bank Group President, the CAO works to resolve complaints using a flexible, problem-solving approach through its dispute resolution arm and oversees project-level audits of MIGA’s environmental and social performance through its compliance arm.
Complaints may relate to any aspect of MIGA-guaranteed business activities that is within the mandate of the CAO. They can be made by any individual, group, community, entity, or other party affected or likely to be affected by the environmental or social impacts of a MIGA-guaranteed business activity. Complaints can be submitted to the CAO in writing to the address below:
Compliance Advisor/Ombudsman
International Finance Corporation
2121 Pennsylvania Avenue NW
Room F11K-232
Washington, DC 20433 USA
Tel: 1 202 458 1973
Fax: 1 202 522 7400
E-mail: cao-compliance [at] ifc.org
