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Mapfre will pay out $ 983.8 million over the dam in Colombia



(Reuters) – Spanish insurance company Mapfre on Friday signed a contract to make a payment of $ 983.8 million to Colombia's Empresas Publicas de Medellin due to problems with the construction of the huge Hidroituango dam.

The funds will ensure that the project can be completed, said Colombian President Ivan Duque at an event marking the agreement and will protect the fiscal health of the EPM and the city of Medellin.

Construction of the 2,400 megawatts Hidroituango dam began in 2010 in Antioquia province, but in April 2018, part of the infrastructure collapsed, forcing the evacuation of thousands of people and delaying the completion of the project.

Governor of Antioquia ̵

1; responsible for $ 1.1 billion in damages for delays in project.

"Today, Hidroituango was rescued," Duque said. "This is an important project for energy security in our country."

Under the agreement, EPM will receive a payment of $ 633 million in January 2022, in addition to a previously made payment of $ 350 million.

In July, EPM said that the project needed an additional 2.1 trillion pesos ($ 538.4 million) to complete the construction and have two production units in operation during the second half of 2022. Six other units should be in operation between 2023 and 2025.

The investment in the project will be amount to approximately 18.3 trillion pesos ($ 4.69 billion).

Mr. Fajardo came in third in the first round of Colombia's presidential election in 2018. Although the sanction from the inspector general is now invalid, he is still facing an embezzlement case in the Supreme Court.


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