The pilot project includes a component which seeks to ensure access to basic services in isolated communities.
It provides for the rehabilitation of 850 kilometers of roads and expansion of the national highway network, contracting road maintenance for 1,760 kilometers in a five year period. The project aims to an average reduction in vehicle parts costs of 3 percent and an average decrease in travel time on rehabilitated roads of 10 percent.
The project was expanded by $ 10 million in order to include a pilot component for rehabilitation and maintenance of rural roads in order to create a sustainable model which facilitates access to education and health services in isolated communities in Panama.
About 80 percent of roads in Panama are in poor condition due to lack of maintenance, depriving people of access to urban centers.
The IDB loan is $ 70 million within 25 years, a grace period of 5 years and interest rate based on LIBOR.
The Inter-American Development Bank has approved a loan of $61.5 million to improve access by road to the South Atlantic Autonomous Region.
From a statement issued by the Inter-American Development Bank (IDB):
The Inter-American Development Bank (IDB) has announced the approval of a loan of US $61.5 million to Nicaragua to improve the quality of transport services and national and international integration of the country.
A $43.5 million credit line will help integrate different regions and promote economic and social development
The Inter-American Development Bank today approved a $43.5 million credit line to help Nicaragua improve traffic and safety conditions on the national road system, integrating different regions and contributing to the country's sustainable economic and social development.
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