CAF Has Greenlit Funding for Roadwork Project in Uruguay
CAF - Development Bank of Latin America and its subsidiary CAF-AM Administradora de Activos Uruguay S.A. have pledged to support the development of a roadwork on National Route No. 3 which aims to boost the country's road connectivity.
Highlighting their constant contribution to the development of the region’s countries, CAF – Development Bank of Latin America and its subsidiary CAF-AM Administradora de Activos Uruguay S.A., signed the funding papers, cementing support for one of the most important roadworks projected in the country for the coming years.
CAF representative in Uruguay Francois Borit attended the signing of the partnership, which aims to foster sustainable development of the region. The international bank materialized its commitment to finance the Circuito vial No7 project, a road infrastructure of paramount importance to the country.
The signing of the document binds Grupo San José S.A., CAF - Development Bank of Latin America, and CAF-AM Administradora de Activos Uruguay S.A., - the latter through its debt fund for infrastructure - into a Public-Private Participation (PPP) project that represents an investment of approximately $93 million for the design, construction and operation of the road infrastructure on National Route No. 3, between Route 1 and Route 11, and the bypass of San José de Mayo. It is a work of the utmost importance, considering that National Route No. 3 is one of the most important thoroughfares in Uruguay, joining Montevideo with the coast.
"We at CAF focus on boosting the sustainability of economic growth in our member countries,” Borit said. “In this sense, we are proud to be able to support this important roadwork in Uruguay, which will boost the country's connectivity, promoting productive development at the local and regional level.”
The revamping of road infrastructure in Uruguay is helping create almost 200 direct jobs and more than 500 indirect jobs, and has a positive impact on local labor in areas near the project.
This funding adds to a total of $426 million that CAF - Development Bank of Latin America and its subsidiary CAF-AM Administradora de Activos Uruguay S.A., have approved to support road circuits 0, 1, 2, 3 and 7, for a combined intervention on some 948 km of road infrastructure in the country.
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