The construction will be executed by the National Roads Council (CONAVI). The resources approved for the loan extension will have a 15-year term, including a five-year grace period, according to the international organization.

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From the CABEI statement:

Tegucigalpa, December 12, 2019. The Central American Bank for Economic Integration (CABEI) approved today the extension of financing 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 "Program of Strategic Works of Road Infrastructure - Loan No. 2080."

This operation will finance the completion of the northern section of the ring road in the Uruca - Calle Blancos section and the rehabilitation of the bridge over the Virilla River, National Route 32. The construction will be executed by CONAVI. The resources approved for the loan extension will have a 15-year term, including a five-year grace period.

The main expected impacts will be a 1.25 kilometer (km) increase for a total of 42,846.55 kms in the country's road network; a reduction in the average travel time from 1.76 minutes to 1.04 minutes, which is expected to have a decrease of approximately 40 percent in the travel time invested in the stretch by each user; improved access and connectivity of rural and urban communities.

The President of Costa Rica, Carlos Alvarado Quesada, recognized CABEI for the financing of these road works, which are essential to improve urban mobility in the peripheral ring that surrounds San José, contribute to people's well-being, improve the country's competitiveness and promote national development.

In this sense, the Executive President of the CABEI, Dr. Dante Mossi, stated that "This loan is called to increase the quality of life of the inhabitants, the competitiveness of the economic activities that require efficient transfers and the economic and social ties of the inhabitants in the area of influence of the works."

More on this topic

Costa Rica: $91 Million More for Road Works

November 2020

CABEI and the Costa Rican authorities have signed a contract to extend the "Strategic Road Infrastructure Works Program" for a further $91 million, which finances, among other works, the construction of the Northern Beltway.

The Central American Bank for Economic Integration (BCIE) informed that the $91 million addendum, in addition to the $340 million of the Program, will allow the construction of the Northern Beltway Functional Unit V which maintains a cost of $70.5 million, as well as the reinforcement and modernization of the bridge over the Virilla River on National Route 32.

El Salvador: $246 Million for Road Works

November 2019

With a loan from CABEI, the Salvadoran government will finance the construction of a viaduct and the extension to six 15-kilometer lanes of the CA01W road, Los Chorros section.

The investment aims to solve the problem of traffic congestion caused during peak hours in this section of the Pan American Highway CA01W, which mobilizes more than 327,000 people and 58,000 vehicles, with a reduction of travel time of approximately 35 minutes, explains a statement from the Central American Bank for Economic Integration (CABEI).

$450 Million Loan Approved for Road Works

December 2018

Banco Centroamericano de Integración Económica signed a loan contract with the FCC Consortium to finance the six-lane extension of the beach corridor in Panama, Section I: La Chorrera-Santa Cruz.

The project "Expansion to six lanes, Las Playas Corridor, Section 1: La Chorrera-Santa Cruz, which has an approximate length of 36.3 kilometers, and begins at the end of the Arraiján - La Chorrera highway and ends at the entrance to Santa Cruz (before the crossing over the Lagarto River)," was awarded in November 2017.

Costa Rica: $70 million to Complete Road

August 2016

The CABEI will lend the $70 million needed to complete construction of the 1.3 kilometer section of the Circumnavigation Road.

The $70 million estimated as the cost of construction of the last stretch of 1.3 kilometers which is part of the 5.6 kilometers of the new road, will be financed by the CABEI.