Time extension for Paraguay project financing

A time extension has been offered to the consortium that will build Paraguay’s Ruta 2 and Ruta 7 highway projects. This extended period has been authorised by Paraguay’s Ministry of Public Works and Communications (MOPC). The highway contract is being handled by the Rutas del Este consortium, which is made up of the contractors Mota Engil, Ocho A and Sacyr. Originally the financing package for the highway deal was to have been in place by April 14th 2018. However the consortium’s deadline for the PPP project has now been extended to October 2018. The contract involves building 149km of highway and is expected to cost US$527 million. The consortium has been handling negotiations over loans for the project, with the Inter-American Development Bank (IADB) being involved as one of the potential backers.