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Paraguay signed a US$117mn financing agreement with Mercosur to build the second phase of the Costanera Norte road project in capital Asunción.
Mercosur's structural convergence fund Focem will provide non-reimbursable cooperation funding of US$83.2mn. The Paraguayan government will cover the remaining balance.
Paraguay's public works and communications ministry (MOPC) will carry out the project, which entails the construction of a two-lane 11.5km road, paving, and an overpass.
The road will connect Primer Presidente avenue with the Ruta Transchaco highway, according to a government release.
Works are to begin in the first quarter of 2015 and be completed in 36 months