Tuesday, 07 December 2021 03:15

Ministry of Finance issues favorable opinion for US$1 billion securities issue to FOVIAL

Written by Evelyn Alas

The Treasury and Special Budget Committee of the Legislative Assembly issued a favorable opinion to authorize the Fondo de Inversión Vial (FOVIAL) to issue securities in the domestic or international market for up to US$1 billion.

The purpose is to obtain financing for the execution of at least 45 road construction and maintenance projects, in order to solve the road debt.

Among the works that the institution plans to carry out with this financing is the replacement of 778 provisional bridges, as well as the construction of bicycle routes.

It also plans to address the problem of flooding on 49th avenue north, San Salvador, a situation that for years has affected vehicles traveling along this road.

The executive director of FOVIAL, expressed that to date they have made great efforts and have managed to reduce little by little the road delay. There are roads that should have already been rehabilitated, but it has not been possible to do so due to limitations in the current budget.

Likewise, there are plans to build a turnaround on the Nahulingo highway, access to Sonsonate, due to the high accident rate reported in the area. There will also be a turnaround on the road to El Congo, Santa Ana, at kilometer 55.

Among the routes to be rehabilitated are the Santa Rosa de Lima to El Amatillo border, in La Unión; Longitudinal del Norte highway, in San Salvador, as well as Jocoro and Perquín, in Morazán, and Ilobasco San Isidro Sensuntepeque, in Cabañas.

Also, in San Francisco Gotera towards Agua Salada (Morazán), known as Ruta Militar; improvement of the access to San Vicente and the road to Lake Coatepeque (Santa Ana), and in the Sitio del Niño section (San Juan Opico, La Libertad).