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Latin America Investment News on Viva Tropical

Quito’s Metro Receives $200 Million in Funding

Article Summary:

The Inter American Development Bank (IDB) approved $200 million to co-finance the construction of the Metro de Quito.

Photo Credit: Radio Municipal

Original Article Text From Terra via Google Translate :

IDB Approves $ 200 Million for the Construction of Metro Quito

The Inter American Development Bank (IDB) approved a $ 200 million to co-finance the construction of the Metro de Quito, the Ministry of Finance of Ecuador.

This credit is attached to other loans already approved by the Development Bank of Latin America and the European Investment Bank, 250 million each, completing the portfolio of credit established for the construction of the work, declared a national priority by the Government of Ecuador.

IDB’s board, based in Washington, today approved the credit line will be used for civil works, particularly the construction of the tunnel and the embarkation stations, requires a Finance Ministry statement.

This loan has been granted a 25-year term, with a grace period of 13 and an interest rate of 1.22 percent.

The meter of Quito is the largest project in the Ecuadorian capital and the third largest in the country, in terms of investment amounts, then the Pacific Refinery petrochemical complex and Coca Codo Sinclair hydroelectric plant.

The underground shaft passenger seeks to solve the serious problem of traffic and pollution caused in this capital of 2.4 million inhabitants.

The total cost of the work amounted to 1,499 million, of which the Ecuadorian government will contribute half (749.5 million dollars) and the rest will be covered by contributions from the City Council and credits from international financial institutions.

The Municipality of Quito reported today that the metro is expected to lower the operating costs of public transport service in 68 million and reduce the emission of greenhouse gases about 25 million tons per year.
“The first subway line in Quito will be a quick and efficient way to transport some 400,000 people to their destinations every day along the 23 miles of line,” said Rafael Acevedo-Dunas, team leader IDB project.

The Metro “will connect with other public transportation hubs to reduce travel time and congestion, resulting in a significant increase in the quality of life of its citizens,” said Acevedo-Dunes in remarks released by the communication unit Hall.

The municipality explained that in the past eight years has doubled the number of cars in the city, reaching 405,300 today to vehicles, with an average annual growth of between 10 and 16 percent.

This means an average of 200 cars per thousand inhabitants and is one of the largest sources of pollution in the city.

The mayor’s office hopes that by 2016, upon completion of the work, the underground transport about 360,000 passengers per day.

Link to Original Article:

From Terra

  • European_tourist

    Congratulations Quito..!!! I’d been in Ecuador many times and is certainly a beautiful country, both Quito & GUAYAQUIL are beautiful places to visit, specially now that you can make easy connection from Guayaquil to the beautiful Galápagos Islands at no time.

Latin America Investment News on Viva Tropical