UK to invest $3.5 billion in Transcaribe | Finance | Economie

Cartagena’s Integrated Mass Transportation System (SITM), Across the Caribbean, faced deep economic crises in recent years. For this reason, the prosperity program United Kingdom in Colombiawill invest 3,500 million pesos for its restructuring, with the support of the National Development Finance Corporation, FDN, which will be the implementing partner.

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The British government is seeking to help the capital of Bolivar to have sustainable transportation systemcomprehensive and tailored to the needs of users.

“We must renegotiate Transcaribe’s contracts so that it operates in fairer conditions and is able to maintain order. Transcarib, its shortcomings, and its long-term sustainability must be re-evaluatedMayor William Dow said.

So far, Transcaribe has implemented 52% of the integrated transmission systembut there is still a large debt.

“These resources are very important because Transcaribe, like the country’s integrated transportation systems, are not sustainable. It was poorly conceived, and like other transportation systems, a much larger flow of passengers was expected. It was always on the verge of bankruptcyWilliam Dow noted.

The goal, from now on, is to give the system a sustainability to strengthen it Environmental and social benefits. “We have a lot of experience in the UK in this regard and providing public transport improves people’s quality of life and the environment, connecting previously unconnected communities,” said Timothy Hemings, UK Head of Mission.

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According to the district, this resource infusion will help avoid polluting emissions and energy transmission in this public service.

“Technical and financial support from FDN and Prosper UK will focus on a comprehensive structuring that includes, among other things, analysis of new sources of payment for the system, better risk management and alternatives for process design and remuneration.said Ana Maria Gonzalez, advisor to the Cartagena Office for International Cooperation.

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The mayor of Cartagena also acknowledged the need to restructure the company. “Transcaribe was born dead but we cannot let it die. A city of importance, class and size of Cartagena, with a population of more than 1,200,000, cannot be left without a legitimate transportation system, or lost in informal transportation”, William Dow.

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With information from EL TIEMPO *