Colombia extends $23-billion road plan deadline

Colombia extended the bid-submission deadline for the first projects in its $23 billion road-building program, after builders struggled to line up financial backers.

The government infrastructure agency ANI said it will extend next week’s deadline by four weeks to March 7, after banks said they needed more time to evaluate bidders’ requests for loans.

“The financing was always going to complicate it given the enormity of the projects,” Rupert Stebbings, managing director of equities and research at Bancolombia.

Source: Bloomberg