WASHINGTON, June 25th, 2018 – The World Bank Board of Executive Directors approved US$230 million in additional financing today for the Quito Metro Line One Project, which adds to the US$205 million in initial financing approved in 2013.
This new funding will contribute —together with other multilateral agencies— to closing the financing gap for this major work of infrastructure. Moreover, it will strengthen the implementation of the integrated transport system.
The Quito Metro Line One Project seeks to improve mobility in the city, becoming the backbone of an integrated transport system. It will have an extension of 23 km (14.5 mi) and will crisscross the city from El Labrador station to Quitumbe station. The project includes 15 stations and 18 electric trains with 6 cabins each, with a capacity of 1,200 passengers per train. It is estimated that it will transport close to 400 thousand people per day.
“One of the main objectives of the National Government is to improve the well-being of Ecuadorians and these funds will be used toward this end,” said Richard Martínez, Minister of Finance of Ecuador.
Alberto Rodríguez, World Bank Director for Andean countries, pointed out that “the additional financing reflects the commitment of both the Government and the World Bank to invest in a transport project that will transform Quito, one that will have a great impact on the quality of life of its citizens.”
The Metro will reduce travel times, cut the operating costs of the transport service, improve connectivity, security and comfort compared to the current system, and reduce the city’s pollutant and greenhouse gas emissions.
The Mayor of Quito, Mauricio Rodas, expressed that “we are very pleased with the credit approved by the WB, once again it confirms the trust that multilateral banks have over the way the Quito Metro Line One project is being handled. This project is an example not only of adhering to a schedule, but also to a planned budget, an unusual occurrence in works of this magnitude and complexity.”
To date, the progress status of the project is greater than 60%; it is expected to conclude in the first half of 2019 and to come into operation in the second half of the same year.
The scheduled closing date for the project is December 2020; the credit has a 20-year maturity period and a 10-year grace period.