In the Región Metropolitana
US$10 billion investment for Santiago region in the next 3 years
Infrastructure in and around Chile’s capital in will receive the largest portion of the investment, 73% of which will come from public sources.
Friday, April 29, 2011
Investment in Chile’s Metropolitan Region is expected to total US$10.56 billion in 2011-14.
Investment in Chile’s Metropolitan Region is expected to total US$10.56 billion in 2011-14, announced Fernando Echeverría, Metropolitan Governor and head of the Extended Regional Cabinet.
The money, which comes from a mix of private and public sector investors, will go primarily toward development projects in the Metropolitan Region’s 52 distinct comunas, or districts.
Nearly one third of the total money invested – about US$3.2 billion – will go toward further improvements in the region’s public transportation system, particularly the future construction of Santiago Metro lines 3 and 6.
This will bring access to the southern periphery of the city, the northeastern restaurant and shopping hub of Vitacura, as well as the residential district of Ñuñoa and its central Plaza, known for its bars, clubs and concert venues. Other transit projects will include construction of new bike lanes, expansion of the Transantiago bus system, and improvements in paving.
Of the money expected to be spent in these projects, 73 percent – about US$7.7 billion – will originate from public funds, especially from the National Fund for Regional Development and from the municipalities themselves. Another 23 percent will be financed through special grants and a further 4 percent from private investors.
The data for this budget analysis was gathered from over 200 sources, including representatives from central government authorities, local mayors, regional advisers, and professionals from several public services.
Other areas receiving major investments include the housing sector, with 20 percent of the total budget, territorial management (18 percent), health (11 percent) and education (7 percent). Poverty relief, regional heritage and culture, and urban security will also be major recipients of funds.