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BOGOTA, Nov 24 (Reuters) - Three Colombian pension funds, along with the Development Bank of Latin America and hedge fund Ashmore, will contribute 1.4 trillion pesos ($450 million) to road infrastructure via a new investment fund, they said on Tuesday.
The group - including pension funds Porvenir, Colfondos and Proteccion - will finance seven road projects over a period of up to 25 years.
"The expected profits are interesting, they are above TES (local peso-denominated bonds), which is the most important thing for the portfolio of the pension funds," the fund's director, Camilo Marulanda, told journalists.
Finance Minister Mauricio Cardenas said he expected that three similar funds would be approved in the coming days, guaranteeing some 4 trillion pesos for the government's ambitious road building program. ($1 = 3,086.82 Colombian pesos) (Reporting by Nelson Bocanegra; Writing by Julia Symmes Cobb; Editing by Matthew Lewis)