CABEI finances road infrastructure modernization in Managua

Tegucigalpa, January 27, 2017. -The Central American Bank for Economic Integration (CABEI) Board of Directors approved a US$105.4 million loan to Nicaragua for the partial financing of the "Juan Pablo II Road Rehabilitation Project and the Construction of Overpasses."

The project will contribute to the socioeconomic development of Managua and its surrounding population by decongesting and streamlining the city's vehicular traffic, which will lead to increased productivity of people and companies, boost business competitiveness and improve the quality of life of the beneficiary population.

The proposed development intervention falls under the framework of the CABEI 2013-2017 Nicaragua Country Strategy, which is denominated "Towards Balanced Development and Poverty Reduction," and of the CABEI 2015-2019 Institutional Strategy "Integrating Sustainable Development and Competitiveness." The intervention will also promote the strategic axes of Social Development and Competitiveness with special emphasis on the focus area of Productive Infrastructure, which includes support for road infrastructure interventions.

Furthermore, the project falls under the framework of the Municipality of Managua’s 2013-2028 Development Plan, which includes road network improvement as one of its objectives, and is also in line with the National Human Development Plan (PNDH); a plan that involves the development of road, port and airport transportation infrastructure.

CABEI Executive President, Dr. Nick Rischbieth, stated that, “CABEI carries out multiple efforts to support development initiatives in its member countries in order to improve their infrastructure, which is essential for efficient access to productivity and employment opportunities.”