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World Bank approves $52.5 million for citizens in Ecuador

Staff writer |
The World Bank approved a $52.5 million loan to improve mobility in San Miguel de Ibarra and recreation and tourism areas in Yahuarcocha Lagoon in Ecuador.

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The total cost for the project reaches $91 million.
The Ibarra Transport Infrastructure Improvement Project will upgrade accessibility and mobility conditions for 130,000 residents, especially those living in outlying areas of San Antonio and Alpachaca, where the poverty rate exceeds 50 percent.

This investment will provide them better access to work, social and recreational services.

Some of the main components of the project include the construction of a four lane of 22 km long ring-road, and infrastructure improvements to the Yahuarcocha Lagoon area, located north of the city. The lagoon is an important tourist and commerce destination receiving close to 370 thousand national and foreign visitors every year.

The project also contemplates technical assistance to municipal units responsible for mobility, planning and tourism, aimed at supporting a reorganization of public transportation and the creation of a non-motorized transportation and road safety plan.

It will also support project management and execution, including monitoring and evaluation at an environmental and social level.

The project is aligned with the city’s Mobility Master Plan and its components respond directly to key areas identified in Ibarra’s Municipal Investment Plan to improve accessibility.

The total cost for the project reaches $91 million, $38.52 million of which will be contributed by the municipality.

The conclusion of the project is expected for 2021. The loan has a 25-year maturity term and includes a five year grace period.

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