Invest in Bogota lends its support to the most innovative sports and cultural project in Latin America
BOGOTA, Colombia, April 29, 2024 /PRNewswire/ -- Located in the heart of Bogota, Nemesio Camacho El Campin Stadium is the country's most renowned stadium in Colombia, boasting a history of over 85 years. It's a memorable place where local fans enjoy football games and concerts by world-class artists. To achieve this ambitious infrastructure project, the stadium will be renovated and transformed into a new entertainment, sports, cultural and tourist center.
The new El Campin Cultural and Sports Complex, a Public-Private Partnership (PPP), will increase the stadium's capacity to more than 46,000 spectators and will modernize a total area of 167,000 square meters. The project encompasses diverse areas including entertainment; commercial, offices and a hotel; creative areas, an exhibition hall, and restaurants; as well as sports areas, a gym, and an emergency healthcare center. This project also features an auditorium, that will serve as the new residence of the Bogota Philharmonic Orchestra.
"With this private initiative, Bogota will become the epicenter of the most innovative project in Latin America, bolstered by a significant investment of USD 791 million, which will attract domestic and foreign visitors. The city will also be able to host world-class sports and entertainment events, setting international standards in infrastructure, innovation, and quality," said Isabella Muñoz, Executive Director of Invest in Bogota, a corporation for the development and productivity of the Bogota region.
Currently, the primary objective of SENCIA, the consortium responsible for the city's strategic megaproject, is to find financial partners to develop the project, and key companies for each phase of the project. Muñoz explained that "Invest in Bogota is supporting this effort by attracting potential foreign investors, including funding for infrastructure, real estate, sports and culture, from various regions around the world, including North America, Asia and Europe, an effort that is being supported by the Corporation."
Colombia is emerging an attractive destination for infrastructure investment owing to the soundness of its legal and technical regulations, its institutional strength, and high levels of profitability. The Colombian Public-Private Partnership model has been acknowledged by the World Bank, enabling for the diversification of the project portfolio in areas such as airport, port, social and hospital infrastructure, among others.
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