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Wednesday, 10 January 2024 05:10

Assembly approves that Treasury may subscribe a loan with the BIRF for up to US$150 million

Written by Karla Gutiérrez
Assembly approves that Treasury may subscribe a loan with the BIRF for up to US$150 million

In an ordinary plenary session, the deputies approved a loan agreement for up to US$150 million, signed with the Banco Internacional de Reconstrucción y Fomento, BIRF in order to execute El Salvador's Resilient Transportation and Infrastructure project.

This agreement establishes that a reference rate plus a variable margin will be paid, with an automatic fixing of the reference rate each time disbursements equal or exceed US$15 million. The term will be up to 25 years, including a grace period of up to 4 years and 6 months.

With this project approved by the Assembly with 70 votes, it will be possible to carry out the El Salvador Resilient Transportation and Infrastructure project, which will be executed in the Metropolitan Area of San Salvador, with the objective of improving road connectivity and reducing vehicular traffic.

The works include the construction and improvement of road infrastructure in the sectors of Apopa, Ciudad Delgado and Tonacatepeque.

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Translated by: A.M

Published in Finances
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