NEW YORK — IDB Invest, the private sector institution of the Inter-American Development Bank Group, signed a USD200 million financing deal for the construction, operation and maintenance of Puerto Antioquia, in Colombia, the bank announced in a public statement.

The announcement follows a working meeting between the President of Colombia, Iván Duque Márquez, and the president of the Inter-American Development Bank, Mauricio Claver-Carone, at the Colombian Embassy in Washington D.C. The Puerto Antioquia is a new multipurpose port facility located in the Gulf of Urabá, department of Antioquia, in Colombia. The project has a total cost of USD672 million, according to the statement.

IDB Invest’s financial package consists of a USD150 million loan of own funds and the mobilization of USD50 million worth of funds under the administration of IDB Invest, which offers a long-term financing of 17 years, not available in the open market, necessary to ensure the financial sustainability of the project.

Puerto Bahía Colombia de Urabá S.A. will be in charge of the development and operation of the port, which has a 30-year concession contract with the National Infrastructure Agency (ANI), the bank said in the statement.

Due to its geostrategic location and the construction of 4G roads, it will be the port terminal closest to the main production and consumption centers of the country, becoming a key infrastructure for strengthening Colombian foreign trade. Additionally, it will allow small and large farmers in Urabá to boost their competitiveness and expand their presence in international markets.

The implementation of the port project will generate more than 17,000 new indirect jobs in Urabá, the bank said in the statement.