US$59 million: Metro de Caracas receives loan

(Caracas, July 19, 1995).-- A US$59 million loan was granted to the state company Metro de Caracas (CAMETRO) to expand the operating capacity and maintenance of Line 3, including acquisition of 20 wagons.

The signing ceremony, held in CAF headquarters in Caracas, was attended by acting director of Public Finance of the ministry of Finance, Mauricio Roitman; CAMETRO President José González Lander, and CAF President & CEO Enrique García, who said the operation was “part of the institution’s operating policy which is to support the development of the physical infrastructure of member countries, especially in the energy, transport and communications areas, along with projects to improve public services in the region."

CAF -- financial institution formed by Bolivia, Colombia, Ecuador, Peru and Venezuela -- provides trade, investment and development banking services. With assets over US$2.25 billion the Corporation’s shareholders also include Mexico, Chile, Trinidad and Tobago and 22 private banks from the Andean region, and the entry of Brazil is expected soon, as recently announced by the president of that country, Fernando Henrique Cardoso, on an official visit to Venezuela.

The construction program of Line 3 of Metro de Caracas, which covers the Plaza Venezuela-El Valle section, began in 1990 and was completed in December 1994 and is now in full operation. The area of influence of the section has one of the highest population levels in Caracas. With its advanced technology, design and engineering, this Venezuelan public service is one of the most modern in the world.