The Andean Development Corporation (CAF) will provide partial finance for modernisation of the road transport terminal in the Ecuadorian city of Guayaquil through a US$14mn loan with a 10-year term and two years grace.


The agreement was signed in Caracas by Ecuadorian ambassador in Venezuela Paulina Garc­a Donoso de Larrea, representing the Guayaquil city government, and CAF executive vice-president Luis Enrique Berrizbeitia, who emphasised the importance of this physical infrastructure project.


Berrizbeitia said that the CAF believed it was vitally important to support its shareholder countries in projects to upgrade physical infrastructure and modernise facilities, which result in increased fluidity of passenger and goods transport, a vital factor in increasing competitiveness.


The CAF executive said the modernisation of the Guayaquil road transport terminal was part of the CAF’s broader action in favor of the city since 1997 implemented through five loan operations for the municipal urban transport programme.


The new loan will significantly shorten travel time, provide safety and comfort for users of public transport services, cut transport costs, and eliminate passenger and vehicle congestion. When completed, the work will connect with the Rio Guayas Integration Terminal of the mass transport system and the traffic interchange to the west of the Benjam­n Carrin.
The Guayaquil city government has been executing its infrastructure improvement plan with great success for the benefit of the city, which is Ecuador’s main port, strengthening the economy and improving the welfare of the people.