IDB loan for Uruguay's road network
30 October 2008
The Inter-American Development Bank (IDB) has approved a US$ 100 million loan to Uruguay to finance rehabilitation works and long-term maintenance of roads under the concession of Corporación Vial del Uruguay.
The investment is designed to improve the competitiveness of Uruguay's economy, since its road system is used for nearly all passenger transportation and for 90% of freight transportation needs, said the IDB in a statement on its website.
Another US$ 80 million will be used to "streamline and improve" the efficiency of mass public transportation in Montevideo's metropolitan area, home of half of Uruguay's population.
Commenting on the loans, IDB economist Esteban Diez Roux, who is responsible for both transportation projects in Uruguay, said, "Our purpose is to provide citizens of Montevideo and Uruguay with accessible, safe, efficient and sustainable transportation systems."