The projects and developers behind Colombia’s US$160bn investment drive

Developers from Colombia and abroad are investing US$160bn in projects across six key industries in the Andean nation, according to BNamericas data.

The figure includes 709 developments with expected investments of US$119bn in the early works stage and 1,175 projects worth US$41.4bn under construction. 

In total, BNamericas is tracking 2,376 projects in Colombia, including those already in operation, with estimated combined investment of US$207bn.

Antioquia department has the largest work portfolio – including initiatives in the early works stage or under construction – with 36 projects followed by the infrastructure investment arm of Cundinamarca department (IICC) with 29, the city of Medellín (19) and energy developer Celsia (16). 

According to BNamericas' forecast tool, 27 projects with estimated capital expenditure of US$6.54bn are due to advance to another stage in the first quarter of 2025 while 33 developments worth US$5.52bn are seen moving forward in Q2.

Another 104 projects requiring combined capex of US$34bn are expected to progress to a new phase in the second half of 2025. 

The largest project in investment terms is Zergratran's Las Americas international port complex, which is expected to require US$15.5bn. It is followed by the US$8.86bn Bogotá metro line 2 and the planned US$4.08bn rehabilitation of the Pacific railway corridor. 

Next is the US$2.67bn 'Green Train', the US$2.44bn Valle del Cauca suburban train, the US$1.83bn Pasto-Popayán highway and the US$1.77bn first stage of the Tren del Rio. 

Sector breakdown

The infrastructure sector accounts for the largest share of investments, with developers committing US$103bn across 1,117 projects, all of which are in the pre-operation stage – either in early works or under construction.

Electric power is next with US$43.9bn divided among 429 projects, followed by oil and gas (US$17.9bn, 256 projects), mining (US$10.7bn, 53 projects), water (US$3.68bn, 33 projects), and ICT (US$491mn, 11 projects).

Meanwhile, there are 19 projects under development or in construction with associated concession contracts and combined investment budgets of US$9.56bn.