CABEI approves US$100 million to strengthen El Salvador's Road Conservation Fund (FOVIAL)
Resources will be used as working capital to improve the country's road infrastructure for the benefit of Salvadorans.
Buenos Aires, november 1st, 2022.- The Central American Bank for Economic Integration (CABEI) approved US$100 million to support the state agency with working capital to guarantee the conservation and improvement of its road infrastructure in order to strengthen the execution capacities of El Salvador’s Road Conservation Fund (FOVIAL).
The proceeds of the Credit Line will be used to make payments to suppliers, biosecurity, supplies, counterparts for investment projects, and periodic maintenance of the infrastructure, which includes 7,032 kilometers of highways, of which 4,135 kilometers are paved.
"This operation is of great relevance for CABEI, since we are not only improving El Salvador's connectivity, both nationally and regionally, but also contributing directly to the quality of life of Salvadorans who will be able to travel on safe roads, as well as the productive chain, tourism, trade and other sectors," said CABEI Executive President, Dr. Dante Mossi.
The initiative is framed within the framework of the Multilateral's Institutional Strategy, specifically in the strategic axes of social development and competitiveness and in the area of productive infrastructure.
Contributing to economic, social and environmental development, CABEI has historically supported programs and projects aimed at this sector in this country. Among the initiatives, the following stand out: the Road Infrastructure Connectivity Program for Development, with whose support the original segment was increased by 10.7% to 68.72 km, and the Expansion of the Highway to the Port of La Libertad Sections II and III and Construction of the Bridges over the Anguiatú and Paz Rivers - Republic of El Salvador are currently underway.