Published: Volume 7, Issue 35
The World Bank has approved a $150 million loan for Ecuador to address the recovery of road infrastructure damaged by the March 2023 earthquake and the recent impact of heavy rains.
In a press release issued on June 9, 2023, the World Bank announced its commitment to supporting Ecuador in responding to natural events that affect transportation infrastructure.
The loan will be utilized in the Resilient Reconstruction Emergency project, implemented by Ecuador’s Ministry of Transport and Public Works (MTOP). The primary goal of this project is to restore connectivity, enhance infrastructure, and improve road safety in areas affected by the earthquake and the ongoing rainy season since February 2023.
The project not only targets the current impacts of these natural events but also allows for flexible allocation of resources to address future damages caused by natural events. Furthermore, the loan can be utilized to strengthen the MTOP’s response capacity through the acquisition of machinery and equipment.
The press release highlights Ecuador’s position among the ten countries in the region with the highest risk of natural hazards, underscoring the importance of the financial support provided.