Quito, Ecuador: February 9, 2022
Press Release
A Reliance Rail International delegation meets President Guillermo Lasso of Ecuador
President of the Republic of Ecuador Guillermo Lasso, met with a delegation from Reliance Rail International (RRI) and representatives from US financial investment and manufacturing companies, at the presidential palace in Quito today.
Reliance Rail International reconfirmed its commitment to a project that will rehabilitate, modernize and expand Ecuador’s antiquated rail system. The proposed Public Private Collaboration Agreement, will invest up to 2.5-billion-dollars in vital rail logistics and transportation infrastructure upgrades, to grow Ecuador’s economy. The investment, construction and operation of the railway will be funded entirety by investors framed in an inter-institutional cooperation agreement, where the state does not assume any financial commitment.
This privately funded project will connect four maritime ports from San Lorenzo, Posorja, Guayaquil and Peurto Bolivar to nine strategically located industrial terminals or dry ports. Here transport cooperatives from 13 provinces can deliver their products for export and transport imported goods. The revenue generating freight rail system will subsidize the tourism portion of the project. The enterprise is projected to create at least 39,000 new jobs during its five-year construction period and will adopt the highest industry standard eco-friendly practices.
Reliance Rail International CEO Marcus Mukoro said, “We have the experience and expertise to make this project a reality and we brought American companies here who are ready to invest in Ecuador today. “US based representatives from Reveille Capital, Thomasson Company and West Virginia Steel are also part of the delegation.
President Lasso said he is committed to moving forward to make the project proposal viable after diligent consultation with his cabinet ministers.
RRI is ready to work with Ecuador’s Ministries of Transport and Public Works, Production and Foreign Trade Investment and Fisheries, Foreign Affairs and Human Mobility, the Embassy of Ecuador in Washington D.C., national and international private industry, to make this much needed infrastructure project a reality as a soon as possible.
For more information contact:
Mary Arobaga-Reardon
VP Public Affairs & Media Relations
mary.reardon@reliancerail.com
www.relaincerail.com
+1 202-390-7072