Ecuador's government has begun a program to sell off assets in order to fund coastal re-construction. The goal is to reconstruct homes, roads and bridges in areas damaged by the April 16th 7.8 earthquake, a subsequent 6.2 quake and many after-shocks.
This weekend (Saturday, April 30, 2016) El Presidente announced that the government is putting up for sale assets including the Sopladora hydro-electric plant that is being built near Cuenca at a cost of $800-million.
”We have decided to sell these assets to rebuild the coast,” he said. “We are not only building physical structures, but rebuilding lives too."
Also going up for sale by the Ecuadorian government, according to the Saturday announcement:
-- Banco Pacífico
-- Two television stations
-- Consideration is being given to selling TAME Airlines.
-- A public-private partnership will be contemplated for CNT, the communications company.
As reported at www.cuencahighlife.com
How the Government Is Raising Money to Rebuild Ecuador’s Pacific Coast
The Ecuadorian government has established new lines of credit for the coastal rebuilding with the International Monetary Fund and regional EC banks, according to the same report.
The government previously announced a two percent increase in the national sales tax and new one-time taxes on millionaires and those making more than $1,000 per month.
El Presidente had said that earthquake damage totaled up to $3-billion.
cccmedia in Quito
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