Saturday, 27 April 2024 02:38

Commission approves up to US$179 million loan to renovate 1,500 buses

Written by Karla Gutiérrez

The deputies of the Finance Committee approved a favorable opinion to sign a loan agreement with Yutong for up to US$179 million.

These resources will be used to acquire 1,500 bus units. This loan is based on the Special Law for the Contracting of Public Works and Essential Services with Inclusive Financing, which was approved in 2022.

The idea is to renew 100% of the units. The offer submitted by the chinese company was the one with the best bus financing. In addition, the Ministerio de Obras Públicas y Transporte (MOPT) is exploring other financing options with the Inter-American Development Bank (IDB) and other multilateral organizations to improve the public transportation fleet.

There are 9,816 public transportation units circulating in the country and of these, 43.87% are between 16 and 20 years old. According to the current transportation law, the units have up to 20 years to circulate.

In addition, 27.38% have between 11 to 15 years of useful life; 20.97%, between six to 10 years; and only 7.73%, between 0 to five years of useful life.

According to the official, in other countries such as Colombia, public bus fleets are replaced when they are between 12 and 15 years old.


Translated by: A.M