The contract is to resurface one of the two runways serving the Benito Juárez international airport (AICM).
Infrastructure for the Pan American Games is set to get new support with six months to go as the government allocated additional funding.
The loan is the first of its kind in 20 years that the bank has provided for Guatemala's road infrastructure sector.
The prosecutor alleges that the tender process favors mining company Vale over other potential competitors.
Flooding and landslides are wreaking havoc on Bolivian highway and water infrastructure as torrential rains herald the arrival of the El Niño phenomenon.
The US$238mn operation involved the firm that owns the concessionaires of Santiago's Vespucio Norte highway and San Cristóbal tunnel.