The Caracol Road is closer to becoming a reality with a very generous financial contribution today from the Kuwait Fund. It's $20 million US dollar loan on concessionary terms of two percent per annum and a repayment term of 20 years with a grace period of five years.
The loan agreement was signed today between Acting Prime Minister Patrick Faber Marwan Al-Ghanem, the deputy director general of operations for the Kuwait Fund. After a few formalities and some brief words of gratitude both parties signed on the dotted line:
The Caracol Road Project consists of upgrading the existing primary dirt and gravel road to an asphalt two-lane and two-way road. Works include the replacement of several bridges covering some 40 miles of highway from the junction of the George Price Highway to the Caracol Archeological Reserve. It is a two lot project and the Kuwait loan is to finance the second lot of this project.
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