A consortium consisting of Spanish construction company Eurofinsa and Paraguay construction company Ingeniería de Topografía y Caminos has reached financial close on a $130 million highway project in Paraguay, according to InfraPPP.
IREI understands the Inter-American Development Bank provided $100 million to help finance the undertaking.
The Costanera Sur project, part of the larger Asunción Coastal Strip project, involves a 7.5-kilometer-long (4.6-mile) highway stretch connecting Lambaré Hill to Avda Colón. It is expected to transform the country's capital due to its high social, environmental and urban component, according to bnAmericas.
The project was awarded to the Southern Consortium in July. The contract term includes six months for the final engineering design and 36 months for execution from the commencement order. The consortium broke ground July 7.