The European Investment Bank (EIB) is loaning $136 million to build a new bus rapid transit line in Managua, Nicaragua, along one of the busiest areas of the capital.
The new line will be used by high-capacity buses to improve transportation between east and west Managua while freeing up the congested roadways in the area, according to an EIB press release.
A loan agreement was signed today by EIB Vice President Roman Escolano and Nicaragua's Minister of Finance and Public Credit Ivan Acosta Montalvan.
The EIB-financed project will expand the busy Avenida Juan Pablo II roadway from two lanes to three lanes in both directions. The new lane will be for buses, offering 17 stops and serving an estimated 80,000 riders per day, according to the press release. A new bike lane will also be added, while pedestrian areas, overpasses and traffic crossings will be improved.
"Today's loan represents a good example of our support for projects providing people with more rapid, safe and sustainable means of transport," Escolano said.
This is the fifth EIB loan granted to Nicaragua since 2009, offering support for projects such as power generation, upgraded water-supply facilities and renewable energy projects.