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International consortium Norvial expects to receive US$21mn in financing in coming days to support its concession to operate, rehabilitate and expand a 183km stretch of <

  • xml:namespace prefix = st1 />Peru’s Panamericana north highway, dubbed Red Vial No5.

    The Inter-American Development Bank (IADB) will extend US$18mn and a local bank will lend the balance.

    The loans would follow the International Finance Corporation’s (IFC) agreement to extend US$18mn to the concessionaire. Norvial, made up of Peru’s Grana y Montero and JJC Contratistas and Chile’s Besalco, signed the 25-year concession contract January 15.

    The project, Peru’s first toll road concession, will have stages, with the first involving construction along the Huacho-Primavera, Ambar-Pativilca, Primavera-Ambar and Huacho-Pativilca sections. The US$39mn in financing would provide sufficient resources to carry out this phase.

    Stage two starts with additional roadway, bridge and interchange construction after about two years, once traffic reaches required levels.

    Works are scheduled to start this month, though observers say the government’s failure to submit land to Norvial for construction may delay the project.