The International Finance Corporation (IFC) has agreed to lend international consortium Norvial US$18mn to operate, rehabilitate and expand a 183km stretch of the Panamericana north highway, dubbed Red Vial no5. This will be <
The 12-year term loan has a 2.5-year grace period. The consortium has a 25-year licence.
In addition, the Inter-American Development Bank (IADB) is at an advanced stage of negotiations with Norvial regarding its own US$18mn loan for the project’s US$35mn first phase.
Though slated to commence in July, construction may not start yet because the state has not turned over necessary project land, he said. But with financing nearly secured, works should start as soon as proper land transfers occur.
The project is divided in two stages, with the first involving construction along the Huacho-Primavera, Ambar-Pativilca, Primavera-Ambar and Huacho-Pativilca sections. Stage two starts with additional roadway, bridge and interchange construction after about two years once traffic reaches required levels.
“The improved road network will reduce the cost of bringing goods to the local and international markets, thus increasing the competitiveness of the Peruvian economy,” IFC infrastructure department head Francisco Tourreilles says.
The consortium is made up of Peru ‘s Grana y Montero and JJC Contratistas and Chile ‘s Besalco. State investment promotion agency ProInversion is planning to launch concession tenders for other “Red Vial” projects, including no1, no4 and no9, though it has not published bidding dates.