General Ruminahui Toll Road

cancelled

The project company ownership is distributed as follows: Tribasa has 70% and Colisa has 30%. This major highway that links San Rafael to Quito was completed in Dec. 1994. The short term financing (construction phase) was supplied by the Ecuadorian bank Banco Popular. The average daily traffic flow in the first half of 1998 was 32,066 vehicles, while in 1997 it was 30,185 vehicles. The lease fee is 15% of the toll revenues. In 2001, the Ecuadorian government sued TribasaColisa for failing to fulfill its obligations, mainly running one year behind in maintenance programs. In 2003, the high court ruled to terminate the contract the decision early. In October 2006, the local court upheld the high court ruling and ordered the TribasaColisa consortium to hand over control of the highway concession to the Pichincha Provincial Council. The TribasaColisa consortium complied, but is seeking arbitration from the Inter-American Court of Human Rights and damages of US $30mn. The TribasaColisa consortium is largely made of the Mexican infrastructure firm Promotora y Operadora de Infraestructura SA (PINFRA.MX). None None