Andean Group - November 2013 (ISSN 1741-4466)

The mayor of Quito signed an accord with the World Bank (WB) on 11 November which brings funding from four multilaterals to some US$900m for the capital’s nearly US$1.5bn metro transport system. After signing an agreement with the WB to provide a loan of US$205m, Mayor Augusto Barrera said the metro was the only project in the world to enjoy financing from the WB, the European Investment Bank (EIB), the Development Bank of Latin America (CAF) and the Inter-American Development Bank (IDB), the latter three having already agreed to provide some US$700m in funds for the project. Hasan Tuluy, the WB vice-president for Latin America, echoed Barrera’s words, saying that the joint financing was a milestone, and was something which could be replicated by other countries.

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