City of BA

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The proposed IFC corporate loan will support Buenos Aires’ 2017 investment program of around US$400million in critical transport infrastructure. IFC financing consists of a an A-Loan of up to US$50 million. A law will be passed in the City of Buenos Aires (CABA or the “borrower”) legislative body to allow the City to enter the loan agreement with IFC. The law will include the definition of the use of proceeds, which are the following: (i) investments for the construction of phase 1 (3.5 km) of the bus rapid transport (BRT or “metrobus”) system linking Paseo Colon to Avenida Alem; (ii) construction of the Pacifico bus distribution terminal; (iii) the ‘Flores’ transportation hub, involving improvements to sidewalks and existing stations facilitating the accessibility and interconnection of users between bus and metro lines on Rivadavia Avenue; (iv) investments to improve the functionality (software, online application, etc.) of ‘eco-bici’, a free of charge bike share program in the City of BA; and (v) an additional 34 km’s of bicycle lanes added to the bicycle network using secondary roads with low traffic congestion. These components are collectively referred to as the “project”. The project will be designed and built by the Secretary of Transport (SoT) of CABA, but managed and maintained by private sector firms awarded multi-year contracts, in accordance to the City’s procurement office and procedures.  The project supports CABA's strategy to enhance urban mobility, accessibility and connectivity through an increasingly integrated, efficient and environmentally friendly public transport system.   The Pacifico intermodal hub will benefit 120,000 passengers a day. The construction also involved five tenders, and was completed in November 2016. The ‘Flores’ transportation hub will increase accessibility for handicapped users, improve road safety, rationalize the distribution of bus stops minimizing passenger changing times between lines, and provide an organized bus stop scheme that will prevent other buses to delay start until passengers from the bus ahead have finished getting on. The Flores transportation hub construction began in May 2017, while the other two projects will be completed in 2018. Metrobus del Bajo, a BRT corridor in a central avenue of Buenos Aires, was finished in June 2017. The scheme benefits over 300,000 people daily and services 30 bus routes, with a 45% travel time reduction.