Desarrollo del project finance internacional e incorporación del step in rigths como cláusula de aseguramiento de crédito en el ordenamiento colombiano

Step-in clauses are a fundamental mechanism in international project financing, empowering lenders to assume operational control of a company when adverse circumstances arise that jeopardize both the successful completion of the project and the recovery of the capital granted. The analysis highlights the importance of carefully selecting appropriate contractual clauses, guarantees, and legal protection mechanisms to ensure the effective financing of infrastructure projects. A solid and well-articulated contractual structure not only facilitates the optimal development of the project but also guarantees the continuous and efficient provision of essential public services. However, challenges arise due to bureaucratic requirements that limit financiers’ ability to replace contractors in the event of default. The need for the contracting entity to pre-approve new contractors can hinder the timely completion of the project. The paper argues that allowing financiers greater discretion in selecting replacement contractors could improve project outcomes and address problems more effectively.