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$30 Million Approved for Salvadoran Road Infrastructure

Article Summary:

The Salvadoran Congress has authorized loan applications of up to $30 million for the Rural Connectivity Program in the North and East of the country.

Original Article Text From Diarioco Latino via Google Translate :

Guarantee $ 30 Million for Rural Connectivity

Members of the Legislative Assembly endorsed yesterday during the plenary session, the Salvadoran government sign a series of loans, which accounted for $ 30 million to finance the Rural Connectivity in North and East of the country for further ratification.

The amount will be managed by the Ministry of Finance and will be signed with the OPEN Fund for International Development (OFID), for its acronym in English) and the Inter-American Development Bank (IDB).

The project will improve the road infrastructure and thus enable the permanent transit, especially in the north and east, which have potential for productive development.

Also, the deputies of the legislative fractions agreed that the Minister of Public Works shall give report “in detail” about how funds are used in the execution of the project.

Both loans are conditional upon a 25-year term also applies a variable interest rate based on three-month LIBOR, and are payable semiannually.

Deputies say the project will encourage those people productive as marketed under the various items better that occur in designated areas.

The Ministry of Public Works will be responsible for selecting the municipalities that will benefit from the program, but will argue that selection and report it to the deputies.

Lawmakers also gave the green light to the signing of a $ 17.7 million loan with the International Fund for Agricultural Development (IFAD) to finance the Rural Competitiveness Program, known as “Sunrise Rural”.

This project, under the Ministry of Agriculture, will be used to improve employment opportunities, incomes and food security in selected municipalities that will benefit.

For the deputies of the legislative fractions, these loans allow help develop these areas of the country also provide business opportunities for traders in the area.

Link to Original Article:

From DiariocoLatino

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