Following last week’s announcement by Ecuador’s Development Bank (BDE) that the loan for Cuenca’s San Francisco Plaza project had been cut in half, city officials say the change will not affect the schedule for work on the plaza itself. The larger project involves the renovation of several buildings around the plaza and a parking facility.
On Monday, the BDE said it was reducing its project loan offer from $6.8 million to $3.4 million. The cost for renovation of the plaza is $1.6 million, according to the city.
“Renovation on the plaza will continue according to plan,” the city said in a statement. “The rehab of the buildings around the plaza will constitute phase two of the project.”
BDE said the loan reduction was the result of “incomplete” documentation and the fact that the city did not provide proof that the overall project would be “economically sustainable.” Later, BDE said that the city could reapply for the remaining funds.