CABEI approves loan to Ortega for USD382.6 million

Faithful to its policy of ‘if you are a good payer -and a good executor- I don’t care about your background’, the Central American Bank for Economic Integration (CABEI), approved this Monday a loan of 382.6 million dollars, for the execution of the tenth ‘Program of Highway Expansion and Improvement ‘.

Since the international community began to turn its back on the regime of Daniel Ortega, accused of crimes against humanity with 355 documented murders, CABEI became the main source of resources for the dictatorship, which it has approved projects for 2,289 million dollars between January 2017 and June 2021.

Although, being a loan tied to the construction of the committed roads, the almost 13,600 million córdobas represented by this new approval of resources, grant flexibility to the management of the Budget, at the same time that they allow the dictatorship to try to continue consolidating his speech of normal.

With this new loan, the amount committed in these five years rises to 2,671.6 million. The Bank’s authorities, led by its executive president, the Honduran Dante Mossi, have responded to criticism from those who question him for continuing to finance the dictatorship, arguing that they do not include political elements when evaluating each request, in addition that, since Central America -and other countries- are the owners of the Bank, it is up to them to make these assessments when deciding on each loan.

The press release published by the entity to inform the approval of the loan, details that “CABEI takes measures to ensure due diligence in all stages of its projects.”

“In this case, the works will be carried out in accordance with the provisions of the procurement policies of CABEI or the World Bank, as applicable; and it includes the hiring of an independent Supervision and Audit for the Program, allowing close and continuous monitoring by internal and external control bodies ”, the publication adds.

“Similarly, CABEI adopted as a basic principle zero tolerance for Prohibited Practices, situations that are contrary to ethics or non-compliance with regulations, for which reason it maintains available means of complaint, where natural or legal persons can carry out the same ”, invited the entity.

Includes ‘La Costanera’

The ‘honeymoon’ between CABEI and Ortega (or between Mossi and Ortega), seemed to be temporarily suspended, when the directors voted in favor of postpone the inauguration of the new CABEI building, built at a cost of 16.5 million dollars, and to transfer to Tegucigalpa the virtual headquarters of the meeting scheduled to be held in Managua at this time.

However, the loan was approved during the first of the virtual sessions scheduled to take place between December 13 and 15.

The loan is expected to be used to build and improve 185.2 kilometers of highways in nine municipalities in the Pacific and two in the South Caribbean, divided into four sections, and according to CABEI, it will benefit some 534,820 citizens, starting with the “improvement” of 119.5 kilometers of roads in San Juan del Sur, Tola, Jinotepe, Diriamba and San Rafael del Sur, to build La Costanera.

In the west, it is planned to build the Corinth bypass with an extension of 8.1 kilometers; In Wapi-El Tortuguero, investments will be made to prepare 45.9 kilometers of roads, while 11.8 kilometers will be improved between La Calamidad and Empalme Masigüe, in Camoapa.

The initiative plans to build 16 bridges, with a cumulative extension of 1,052.5 linear meters, and be executed by the Ministry of Transportation and Infrastructure (MTI). The loan is agreed for a 15-year term, with a three-year grace period, at an indicative interest rate of Libor 6 months, plus 215 basis points.

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