The Troncales del Magdalena 2 (TM2) Project involves the development, operation, and maintenance of a toll road concession spanning approximately 272 kilometers between Barrancabermeja and San Roque, in the Santander and Cesar regions of northeastern Colombia. The concession was awarded in 2022 by Colombia's National Infrastructure Agency (ANI) through a competitive bidding process and is structured as a public-private partnership with a concession period of approximately 24 years.

The project is largely brownfield in nature, incorporating infrastructure inherited from the previous Ruta del Sol 2 concession, which was partially completed before being halted in 2017. It includes rehabilitation and repair of existing road infrastructure, construction of an additional 98.9-kilometer second lane and bypass roads, and ongoing operation and maintenance of the corridor. The project also involves a combination of past, ongoing, and new land acquisition and construction activities, including legacy land acquisition processes carried out under the prior concession.

The current concessionaire is Autopista del Río Grande S.A.S. (ARG), a special purpose vehicle incorporated in Colombia and jointly owned by Ortiz Construcciones y Proyectos S.A. and KMA Construcciones S.A.S., each holding a 50 percent stake. In March 2024, IFC approved an investment of up to COP 661,500 million (approximately US$135 million) in the project. The project is co-financed by IFC and IDB Invest, with IFC holding a larger share of the investment.

In March 2026, CAO received a complaint raising concerns on land acquisition carried out in connection with a road construction project supported by ARG. The complainant alleged adverse impacts arising from the project's land acquisition process, including loss of productive assets and inadequate compensation. CAO noted that the Independent Consultation and Investigation Mechanism (MICI), the accountability mechanism of the Inter-American Development Bank, had previously received a complaint related to the same project.

In March 2026, CAO found the complaint eligible and initiated an assessment.