New landfill to pay for highway extensionsTo help pay for the proposed extensions of the corridors North and South the government has announced plans to fill in 60 hectares of seabed near the Atlapa Convention Center, and then sell the property to developers.
It estimates a profit of $285 million on the transaction.
If the sale of the land exceeds the amount needed for the extensions the surplus will be used to reduce the debt the government has acquired in purchasing the highways at a cost of $970 million.
Most of the money for the purchase will come from the Fund for Social Investment and from Social Security but Finance Minister Alberto Vallarino is also mulling the possibility of issuing bonds to be sold locally which would reduce the commitment needed from the two institutions which has been strongly criticized in some quarters.
New landfill to pay for highway extensions
