City says San Francisco Plaza project will proceed in two phases

Oct 23, 2016 | 0 comments

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.

Cuenca's San Francisco Plaza.

Cuenca’s San Francisco Plaza.

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.


Expat Community News

Dani News

Google ad

Fund Grace News

Veronica Arpi News

Google ad

The Cuenca Dispatch

Week of February 18

The Cuenca – Molleturo – El Empalme Road Remains Shut Down Due to Landslide.

Read more

Woman Escapes House Arrest in Cuenca While Under Police Surveillance.

Read more

Ecuador and Colombia Forge Agreement for Individual Prisoner Repatriation.

Read more

Hogar Esperanza News


Gypsy News

Subscribe to our newsletter

Cuenca High Life offers on-line publications, local translated news, and reports about the expat life and living in Ecuador. 

You have Successfully Subscribed!