Weekly Report - 09 August 2012 (WR-12-31)

COLOMBIA | Major investments in transportation. President Juan Manuel Santos announced on 2 August that the government would be investing US$390m in projects that aim to guarantee the year-round navigability of the Magdalena River, the country’s largest and its main internal transport route. Accompanied by his transport minister, Miguel Peñaloza, Santos said in an act in the Pacific port of Buenaventura that ensuring the navigability of the river would help to “greatly reduce” transport costs. Santos said the government plans to make the investments itself in order to deliver the works in concession to private firms. Santos pointed out that the Magdalena River already allows an important number of barges to transport tonnes of cargo, but that the investment would allow it to do so “at more reasonable prices, giving us more competitivity”.

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