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CABEI grants US$90.05 million to improve Costa Rica’s road network

12.12.2019 00:00    By: CABEI    News, Costa Rica, Infraestructura Vial    Age: 73 days

The loan will help boost urban mobility in the peripheral ring that surrounds the city of San José, contributing to the well-being of inhabitants, improving competitiveness and boosting the country's development.

Tegucigalpa, 12, 2019.‐ Today, the Central American Bank for Economic Integration (CABEI) approved an financing extension to the National Road Council (CONAVI) of the Republic of Costa Rica for an amount of up to US$90.05 million to finance the project denominated, "Road Infrastructure Strategic Works Program - Loan No. 2080."

This operation will finance the conclusion of the northern stretch of the peripheral ring or Circunvalación Norte highway Uruca-Calle Blancos stretch and the rehabilitation of the bridge over the Virilla River, National Route 32. The construction will be executed by CONAVI. Likewise, the resources approved for the loan extension will have a term of 15 years, including five year grace period.

The main expected impacts include an increase of 1.25 kilometers (km) for a total of 42,846.55 km in the country's road network; reduction of the average travel time from 1.76 minutes to 1.04 minutes, which is expected to have a decrease of approximately 40 percent for each user in travel time spent on the stretch; and improve access and connectivity of rural and urban communities.

The president of Costa Rica, Carlos Alvarado Quesada, acknowledged CABEI for financing these road works, which are important to improve urban mobility in the peripheral ring surrounding San José, in addition to contributing to people's well-being, improving the country's competitiveness and boosting national development.

In this regard, CABEI Executive President, Dr. Dante Mossi, stated that, “This loan is aimed at increasing the quality of life of the inhabitants, the competitiveness of economic activities that require efficient transfers and the economic and social linkage of the inhabitants in the works' target area.”