CAF approves $100 million for building of Caracas-Los Teques Metro
A US$100 million loan for Venezuela was today approved by the Andean Development Corporation (CAF) at its CVII board meeting. The funds will partially finance the construction of the Caracas-Los Teques Metro at a total cost of US$384 million of which CAF’s share will be 26%.
The CAF executive president, Enrique García, said this financial operation is important because it contributes to the development of an efficient mass transport system between Los Teques and the Venezuelan capital.
The operation of the Metro will bring a series of economic, social and environmental benefits to the communities of Los Teques and the surrounding areas, García said.
According to the feasibility studies, the Los Teques Metro will generate savings in travel time, reduce traffic congestion and cut the number of accidents particularly on the Pan-American Highway, which will bring down the operating costs of the existing means of transport.
The project is expected to generate 2,650 direct and 7,850 indirect jobs during the construction and operation phases, along with the environmental benefit of electric power, which will substantially reduce the atmospheric pollution caused by road traffic.
The start of operations of the Metro line will stimulate the urban development and the local economy of the city of Los Teques, situated about 30 kilometers southwest of Caracas, and the surrounding communities.
CAF's more recent content
![CAF, JICA and Sicredi join forces to support women and rural producer CAF, JICA and Sicredi join forces to support women and rural producer](/media/4669796/foto_sicredi_divulgação_310724.jpg)
CAF, JICA and Sicredi join forces to support women and rural producer
The amount represents the largest international facility ever undertaken by Sicredi, with the involvement of four internationally renowned entities: Banco Finantia, BNP Paribas, Eco.business Fund, and Sumitomo Mitsui Banking Corporation (SMBC). The funds raised can also be used in regions with a Human Development Index below the national average.![CAF-FAO: Digitization project for agribusiness with repository launch CAF-FAO: Digitization project for agribusiness with repository launch](/media/4669830/caf-fao.png)
CAF-FAO: Digitization project for agribusiness with repository launch
The Food and Agriculture Organization of the United Nations (FAO), CAF -development bank of Latin America and the Caribbean-, the Ministry of Agriculture, Land and Fisheries and the Tobago House of Assembly celebrated the successful completion of the “Digitization and Innovation for the Competitiveness and Sustainability of the Agribusiness Sector in Trinidad and Tobago” project. The closing ceremony, that took place on the 29th of July, marked a significant milestone in the country's efforts to modernize and enhance the agricultural sector.![CAF recognizes Panama's water potential in the face of climate change CAF recognizes Panama's water potential in the face of climate change](/media/4669780/2_cuencas_hidro_caf_.jpg)