San Salvador, June 18, 2021. – In an effort to resolve the traffic congestion problem caused during rush hour on the Los Chorros section of the Pan-American Highway, this Friday the Central American Bank for Economic Integration (CABEI) signed a US $ 245.8 million financing contract with the Republic of El Salvador for the execution of the “CA01W Viaduct and Highway Extension Project”.

This operation will directly benefit the more than 58,000 drivers who use this route daily, resulting in more than 327,000 users who will improve their quality of life and safety, as well as strengthen connectivity in the region and contribute to the increase. competitiveness and boosting the national economy.

CABEI Executive Chairman Dr Dante Mossi explained: “This project will not only have a positive impact on the well-being of Salvadorans, but will also improve development opportunities for the agricultural, poultry, animal and textile industries located in the area of ​​direct influence of the Los Chorros section, and will serve as an international corridor with other Central American countries.‘ He also added that this project serves as a catalyst for highly concessional resources, such as those coming from the Republic of Korea, as an extra-regional partner of the Bank.

The total investment for the project is $ 268.7 million, of which $ 165.3 million will be provided by CABEI and $ 80.5 million by the Republic of Korea, which will be channeled through the CABEI. In addition, the Salvadoran government will provide $ 22.9 million in matching funds to complete the resettlement plan and secure the road rights for the project.

This initiative is part of CABEI’s 2020-2024 institutional strategy, in its axis of sustainable competitiveness, which generates economic and social capacities by developing regional capacities offering better opportunities for competition on global markets. It also contributes to the provisions of the Cuscatlán plan, which establishes that “connectivity with the rest of the world is a priority to guarantee competitiveness”.