![US$293 million approved for Ecuador US$293 million approved for Ecuador](/media/29214/directorioecuador.jpg)
US$293 million approved for Ecuador
On the $250-million loan to support the Program to Strengthen Debt Management and Quality of Public Expenditure, CAF president & CEO Enrique García explained that "the Ecuadorian government has accepted the challenge of addressing the urgent need for an agenda of specific actions on two fronts: public debt management and improving the quality of expenditure in public investment projects."
The CAF President said that "the agenda considered by CAF and the Ministry of Economy and Finance in this loan includes the activities of strengthening debt management to harmonize financing requirements with the opportunities and advantages of internal and external markets, in a framework of optimization of the use of funds.”García emphasized the importance of the other component of the operation which covers a key area of development related to the quality of public expenditure. "The government of Ecuador has decided to treat this variable from the perspective of its contribution to development, and not only its effect on the deficit as is traditional." The CAF CEO added, “In a context of strong restrictions on resources, it is equally important to analyze public expenditure from the point of view of its contribution to reducing poverty and promoting growth, as well as the compatibility of the budget with development plans or sectoral strategies."
Bringing Guayaquil nearerThis project was conceived by the Ministry of Public Works as a fundamental work and integrated solution for improving the only direct route linking Guayaquil with the rest of the country, along the Guayaquil-–La Puntilla–Durán corridor. This work is needed to continue and strengthen the sustainable development of the western coastal region of the country. The project supplements the effort that Ecuador, through the ministry, is currently making with CAF support, which granted a first loan for US$57 million, now fully executed. The loan will be used to finance the reconditioning of the existing bridge and its extension, construction of a new segmental bridge over the Daule River, construction of road solutions including access to the bridge, the reconditioning of the existing bridge over the Babahoyo River and the La Puntilla overpass.
The total cost of the project is estimated at US$147.9 million, of which CAF loans, taking into account the previous operations, cover almost 70%,and 30% relates to government contributions. According to the project execution timetable, the works are scheduled to be handed over to serve the community in December 2006.Ecuadorian development can count on CAF.
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