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TIN news:  The European Investment Bank (EIB) has agreed to provide financial assistance of $82m for construction of two new lanes in each direction on the road connecting the Confital and Bombeo areas, forming part of the east-west corridor in Bolivia.
The new road is reported to be the key link as it connects three largest cities in the country, including La Paz, Cochabamba and Santa Cruz, as well as offers a new connectivity to Bolivia with Brazil, Peru and Chile.
Funds will used towards widening of 44km of road in the Cochabamba department to two lanes in each direction.
The new project is also expected to increase the country’s economy as it will improve road transport connections with other countries, in addition to boosting exports from the country.
The project will also see decease in the traffic congestion levels and improve motorist’s safety in the region.
Construction work is expected to begin later this year.
"The EIB is providing favourable financing terms for an important project that will make it possible to support infrastructure development in Bolivia."
It is the second project in Bolivia that has been backed by the EIB.
Earlier, the bank has offered a loan of $68m to finance another major road between Uyuni and Tupiza, which linked the south and centre of the country.
EIB vice-president Román Escolano said: “The EIB is providing favourable financing terms for an important project that will make it possible to support infrastructure development in Bolivia.
“This is one of the European Union's objectives in Latin America, to which the EIB, as the EU bank, contributes with loans promoting sustainable economic growth and social development across the region.”
The EIB loan is covered by the EU guarantee agreement and is granted under the EU Latin America lending mandate of 2014-20.

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