Following federal refusal to provide more funding, mayor says Cuenca will finance tram construction with loans from other sources
Although Cuenca Mayor Marcelo Cabrera said he was disappointed that the federal government refused to provide the additional $17.8 million he had requested for tram construction, he said funding will be found through other sources.
“There would be no problems in obtaining the money we need,” he said. “We will explore the options and find ones with the most beneficial terms. The loan will only be a minor burden for our citizens.”
Among the funding possibilities, Cabrera said, are the Andean Development Corporation, the Inter-American Development Bank, and the World Bank. “It’s important to understand that this money is not just for the tram project,” Cabrera said. “It will help fund an integral mobility plan of which the tram is an important part,” he said.
The majority of the $17.8 million, however, will go to tram work in the historic district, increased overtime hours, and construction of a parking facility for tram commuters.
Explaining the funding shortfall, Cabrera said his administration had inherited poor planning from the administration of previous Mayor Paúl Granda. “We are doing the best we can with a bad situation but the tram work will continue and the project will be completed.”
Granda denies the charge and says planning was accurate and complete when he left office last year.