Carolina Duque

Baker & McKenzie S.A.S.


Carolina, domiciled in Medellin, is a transactional attorney with over 15 years of experience, 10 of which involved handling legal structuring, drafting, negotiation and closing of local and international financings and projects as senior associate at an Ibero-American law firm in Colombia.

Before joining Baker McKenzie as local partner of Banking & Finance, Carolina founded a Medellin-based law firm. She was a contracts professor at EAFIT University, senior associate of an Ibero-American law firm, legal director at a Brazilian financial company and an in-house counsel for financial institutions.

Carolina’s performance has been constantly acknowledged since 2012 by international publications such as Chambers & Partners, Legal 500, IFLR 1000 and Best Lawyers in both banking and finance and projects. Most recently, she was also recognized by Chambers Global 2019, which said, "Carolina is endorsed by clients for 'being a good and efficient lawyer’ as well as very 'capable and knowledgeable.' Interviewees recognize her great performance in dealing with project financing."

Practice Focus

Carolina is an expert in financial transactions with emphasis on project financing. In the exercise of her profession, she has advised clients in different sectors, facing a great diversity of situations, interests and concerns. Her extraordinary performance in the most complex transactions recently performed in Colombia has positioned her as one of the most well-known and specialist lawyers in the country.

During the last four years, Carolina has focused on advising lenders in project financing, particularly those related to fourth-generation road concessions. She has also advised developers, special purpose vehicles, trade companies and government entities.

Carolina has a deep knowledge of 4G road financing structures through the issuance of bonds in the international market. She co-led the structuring of three financings performed by Colombia under this modality.

Representative Legal Matters

Carolina has led and participated in the structuring of multiple project financings, highlighting the following:


  • Advisory for promoters and concessionaires related to a 4G road financing.
  • Advisory for financiers regarding financing of 10 4G roads, both of public and private initiative. These financings have included a diversity of instruments, such as facilities in dollars, facilities in pesos, liquidity facilities and bonds in the international market under the Regulation S and Rule 144A of the US Securities Exchange Act. Likewise, Carolina has led the structuring of bridge financing, long-term financing, miniperms and syndicated structures related to 4G and has advised local and foreign commercial banks, multilateral banks, development banks and private equity funds.
  • Advisory for promoters and concessionaire companies related to the financing and refinancing of two port terminals and an airport.


  • Advisory for the promoter regarding refinancing of its long-term project financing for a power transmission line.
  • Advisory for local public establishments related to the structuring of international and private tender processes to award BOOMT contracts related to three hydroelectric power plants.
  • Advisory for the promoter and concessionaire company related to the long-term financing for the conversion of a thermal power plant into a combined cycle power plant.


  • Advisory for a fintech company in the negotiation and closing of a credit agreement with an international fund.

Capital Markets

  • Issuance of international bonds for Colombian financial entities and advisory related to the structuring of a security to back a local bonds issue.

Corporate Finance

  • Advisory for borrowers and financiers, both local and international, and Colombian companies in the structuring, negotiation and closing of corporate credits for working capital.
  • Advisory on acquisition financing.


  • Colombia (2003)


  • Boston College (LL.M.) (2008)
  • Harvard Law School (Certification Mediation and Participatory Processes Program on Negotiation) (2008)
  • Universidad de Antioquia (Post Graduate Degree Constitutional Law) (2004)
  • Universidad CES (Certificate) (2003)
  • University Pontifica Bolivariana (Law) (2001)


  • English
  • Spanish
  • “Los bonos de impacto social y su viabilidad en Colombia”: Ámbito Jurídico (May, 2017) and La República (June 2017)
  • “Pacífico 3 y Costera: referentes en financiación 4G”: La República (July 2016)
  • “Regulatory framework to finance road projects in Colombia”: International Bar Association (April 2015)
  • “Colombia’s regulatory pipeline”: IFLR (April 2015)
  • Co-author of "Colombia issues movable guarantees legislation": IFLR (April 2014)
  • "Principios de Ecuador, aplicables a financiaciones corporativas": La República (July 2013)
  • "Financiación de proyectos sin activos: la experiencia de El Dorado": La República (December 2012)
  • "Financiación de contratos de concesión pública": La República (June 2012)
  • "Las cláusulas de efecto material adverso no constituyen, per se, un derecho de salida": La República (March 2011)
  • "Financiación mezzanine, opción para compañías en crecimiento": Portafolio (November 2010)