COVER STORY: Pulling it all together

COVER STORY: Pulling it all together

Bonds

Mauricio Cárdenas, Colombia’s finance minister, knows well how difficult it is to find deep pools of capital to build infrastructure – regardless of the likely economic benefits. The Andean country has been working for years to structure concessions and attract a mix of financing sources for its landmark 4G infrastructure program. The projects are forecast to add one percentage point to the country’s annual GDP in years ahead. But it has long been clear that a single source of funding would not be sufficient to get them off the ground. Colombia’s banking sector lacks the capacity to stump up the roughly $25 billion of capital that is expected to be required. Similarly, government suppor

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