A. M. The Legislative Assembly of El Salvador approved a second modification to the sovereign guarantee contract of a loan with the Central American Bank for Economic Integration (CABEI), which will allow the Fondo de Conservación Vial (FOVIAL) to continue with the maintenance and improvement of the national road network. With 57 votes in favor, the deputies approved the increase of the loan up to US$400 million.
Initially, the loan was subscribed for US$100 million in December 2022. Subsequently, on August 14, 2024, a first increase of US$150 million was authorized, reaching US$250 million. Now, with this second increase for another US$150 million, FOVIAL will have more resources available to cover its growing road maintenance needs.
During the 66th plenary session, legislators highlighted the importance of investment in infrastructure for the economic recovery of the country, noting that the work of FOVIAL is not limited only to the maintenance of streets, but also to the construction of new roads in historically forgotten communities.
Congressman William Siriano said that this decision provides the Government with the necessary tools to continue accelerating works for the benefit of salvadorans. “We are bringing progress to many communities that for years were abandoned”, said the congressman.
CABEI’s executive board authorized this second modification considering the effectiveness of the projects executed and the positive impact on the country’s connectivity. The initiative also seeks to strengthen nationwide coverage and respond to the growing demand for road infrastructure.
With this legislative approval, the salvadoran government reinforces its commitment to road development, a key element for economic growth and the well-being of the population.
