Friday, 23 December 2022 03:34

Commission issued two opinions for the Government to subscribe loans with CABEI and CAF

Written by Evelyn Alas

The Treasury and Special Budget Commission issued two opinions in favor of the Executive Branch subscribing a loan with the Central American Bank for Economic Integration (CABEI) and the Corporación Andina de Fomento (CAF).

The legislators approved that the Executive Branch sign a loan agreement with CABEI for an amount of US$250 million. The funds will be used for the "Operación Políticas de Desarrollo (OPD)".

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The purpose of this project is to implement programs to promote the reactivation of the economy, the protection of vulnerable groups and the strengthening of macroeconomic stability.

In addition, the legislators voted in favor of authorizing the Ministerio de Hacienda to contract a loan with the Corporación Andina de Fomento (CAF), for the Sectorial Program to Support Climate Resilient Transportation Infrastructure, for up to US$75 million.

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To further study these initiatives, the working group received technical input from the general director of Investment and Public Credit of the Ministerio de Hacienda, Marlon Herrera.

The official explained that the Government, through the Ministerio de Obras Públicas and the Fondo de Conservación Vial (FOVIAL), has developed the regulatory framework for the creation of more resilient transportation infrastructure and adaptation to climate change.

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The resources would be granted by CAF, through a freely available and rapid disbursement financing, under the modality of Sector Wide Approach Credit (SWAp).


Translated by: A.M