FONPLATA grants USD 29.5 million to Corporación Vial del Uruguay - CVU
This is the first operation conducted by FONPLATA in Uruguay under the non-sovereign line of credit. The loan agreement was signed in Montevideo by the Executive President of FONPLATA, Juan Notaro, the President of CVU, José Luis Puig Folle, and the Director of CVU, Ángel Néstor Fachinetti Castiñeras.
The purpose of the USD 29.5 million loan is to provide CVU with financial assistance to meet the funding needs of investments in progress, strengthening its disbursement capacity for works under management or execution.
Corporación Vial del Uruguay (CVU – Road Corporation of Uruguay), a wholly-owned subsidiary of Corporación Nacional para el Desarrollo (CND – National Corporation for Development), has been a public works concessionaire in Uruguay since 2001 under a permit granted by the Ministry of Transport and Public Works (MTOP).
This operation adds to the several sovereign loans in force granted by FONPLATA to CND since 2012 and is the fourth operation aimed at funding the non-sovereign public sector in the history of the Bank, which continues to pave the way for projects of a similar nature in the other member countries.