With IDB financing, a road improvement and rehabilitation program will be implemented in Guatemala, connecting productive areas and departmental capitals to the main network.
The Inter-American Development Bank (IDB) reported that the total project amount is $150 million from concessional ordinary capital, with an amortization period of 24 years, a 6-year disbursement period, a 6.5-year grace period and an interest rate based on LIBOR.
The expansion of the Atlantic Road will be funded with a donation of $50 million and other $50 million in loans.
The Taiwanese government will donate $50 million for the expansion of the Atlantic Highway, and has also authorized a soft loan for another $50 million for the project which has a cost of $119 million.
The executive is negotiating a loan for the expansion of the road between Escuintla and Ciudad Pedro de Alvarado, in Jutiapa.
Aljenadro Sinibaldi, Minister of the Presidency, said that in the next few days a bill will be sent to Congress for acquiring these funds, which are part of the second phase of widening the road.
The loan for this project would be implemented by the Ministry of Communications, and was announced along with two other potential loans, one of $237 million to fund the current budget and one of $280 million for hospital investments.
The Japanese Ambassador to Guatemala lamented a stalemate in Congress for approving a $120 million loan for road infrastructure.
"While I respect the procedures that each country has to follow, it doesn’t send out a good message that this loan has been stalled by internal processes," said Teruaki Nagasaki, Japanese Ambassador to Guatemala, as quoted by Elperiodico.com.gt.
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