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LatinNews Daily - 21 June 2021

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In brief: BCIE signs loan for highway project in El Salvador

* The Central American development bank (BCIE) has signed a new US$245.8m loan with El Salvador’s government for the execution of a new highway project for the Los Chorros section of the Pan-American Highway, aimed at solving traffic congestion. The initiative involves constructing a new viaduct and expanding an existing highway in La Libertad department. According to a BCIE press release “this operation will directly benefit more than 58,000 drivers who travel this road daily” as well as strengthen connectivity in the region and contribute to the increase of competitiveness and the dynamisation of the national economy. The total investment for the project is US$268.7m, of which US$165.3m will be provided by the BCIE and US$80.5m by South Korea, which will be channelled through the BCIE. In addition, the Salvadoran government will provide US$22.9m in counterpart funds to carry out the resettlement plan and obtain the project’s road rights.