Colombian central government approves funding 70 percent of Bogota's metro

The Colombian government announced Monday the approvement of around 3.5 million U.S. dollars by the Ministry of Finance for the construction of its capital's metro system.

After months of consideration, Colombian President Juan Manuel Santos signed a document in which the Fiscal Policy Council approved the construction of Bogota's first metro system that will allegedly start in 2017 and be completed by 2020.

"The Capital District...will finance 30 percent of the cost," Finance Minister Mauricio Cardenas said in a press conference with Simon Gaviria, director of the National Planning Department. The remaining 70 percent will be funded by the central government.

Both officials expressed their expectations to begin the construction "as soon as possible and with no further delay."

Enrique Penalosa, the just elected city major of Bogota, voiced his happiness for being funded in the construction of the city's large scale project after his talk with President Santos and Vice President German Lleras.

Bogota, a city with some 8 million people, has suffered from paralyzed public transportation with heavy traffic and lack of urban space.

Lleras noted that the government intended to launch a series of initiatives that will help improve infrastructure, mobility, housing and water condition in Bogota. Endi