The Quito subway yesterday took another step with the delivery of sovereign guarantess to get more funding. At a press conference, the coordinator minister of Economic Policy, Patricio Rivera, explained that the State will provide sovereign guarantees of up to 440.9 million dollars to the Municipality of Quito for the acquisition of the new public debt.
Multilateral bodies request, on some occasions, guarantees of the national government in order to grant loans to smaller territories. Quito needs 500 million dollars in addition to the 1,500 million announced initially, to finish the subway.
Then, the mayor of Quito, Mauricio Rodas, also at a press conference said that the project, after many doubts, will be a reality. He acknowledged the management of the central government but emphasized that the resources obtained are part of the hard work and coordination of the Municipality and the Ministry of Finance.
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