China Development Bank provides $5 million USD loan for construction of access road to Bahía de Caráquez

The Chinese Development Bank is estimated to have loaned $5,146, 219.14 USD to construct an access road to Bahía de Caráquez. The loan terms and agreement date are unknown. The total project investment is $25,146,219.14 USD. The Ministry of Transportation and Public Works of Ecuador (Ministerio de Transporte y Obras Públicas; MTOP) and China Gezhouba Group Company Limited executed the project. Project construction began in August 2016. The project was suspended on July 24th 2018 due to lack of funds. On September 19, 2018, the Chinese funds were disbursed, and on December 21, 2018, works restarted (K084 MTOP - Proyecto de reconstrucción de obras por el terremoto 2016 - Manabí). As of 29 August 2019, construction progress was at 90%. The access road will be 6.8 km long, with two lanes in each section. It is estimated that it will benefit more than 57 thousand people living in the Sucre canton, and will increase tourism to the area. #

Additional details

The loan amount from China Development bank is approximated. The total project cost is $25,146,219.14. The National Government is estimated to have invested 20 million USD (See: Se funde paños de hormigón en el acceso a Bahía de Caráquez). CDB's contribution is estimated to be $25,146,219.14 - 20,000,000 = 5,146, 219.14.

Number of official sources

9

Number of total sources

9