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.