President Rodrigo Chaves announced a loan of $450 million with the Central American Bank for Economic Integration to develop the project named Government City.

According to Chaves, the bank will initially provide non-reimbursable funds to cover the cost of the studies of urban feasibility.

The plan is to transform approximately four blocks of the capital, to build government buildings. "The goal is for this urban reorganization to reactivate the economy, improve safety and the mobility of vehicles and pedestrians," Chaves said.

In addition, the plan will allow the government to save $23.5 million per year on the payment of rentals for public offices. This saved money would be used to pay off the loan.

Government City will be carried out in three phases and built on state-owned land. The first phase is a study corresponding to the feasibility of the project.

The second phase consists of constructing four buildings with more than 15 floors each and will be built with a construction area close to 178,000 square meters. The lower floors of shops will be constructed while the rest of the floors will house government offices.

In the third and final phase, government offices will relocate to the new building.

Chaves expects this project to start next year.

 

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