CAF granted a loan for USD 75 million to the National Development Corporation (CND, for its acronym in spanish) to strengthen the network of national highways

(Montevideo, February 26th, 2014). CAF, Development Bank of Latin America, and the National Development Corporation (CND) signed a loan contract which grants USD 75 million to the national entity to strengthen the road infrastructure in Uruguay. 

The resources will be channeled to the Road Corporation of Uruguay (CVU, for its acronym in Spanish), to execute an investment plan called II Road Infrastructure Program, aimed at maintaining and improving national roads. The total cost of the program reaches USD 100 million and the CND will contribute the remaining 25 percent. 

The main objective of this loan is to increase the security and trafficability of the existing export road corridors in Uruguay, in order to decrease logistic costs and increase the country's competitiveness. 

Gladis Genua, CAF's Director Representative in Uruguay, stated: "We are convinced that Uruguay has strengths to become a logistic hub, so we will continue to provide our support to improve the transportation routes in the country."

In addition, Genua stated that in past years, CAF has supported the development of projects in strategic areas for the country, such as road infrastructure, production and distribution of energy, and provision of potable water and sanitation.

At the same time, the Minister of Transportation and Public Works, expressed gratitude for the great support provided by the Development Bank of Latin America, which will help continue working to revert the country's deficit in road infrastructure.

Along the same lines, the President of the CND, Adriana Rodriguez, stated that accessing this type of financing means an opportunity "to do what needs to be done" to promote the country's growth.

In 2009 CAF granted USD 100 million to implement the I Road Infrastructure Program, the fifth of a series of loans in the road infrastructure area in Uruguay.