The Inter-American Development Bank today announced the approval of a $3 million loan for a technical cooperation project to increase the efficiency of public buildings management in Chile.
The project includes the design and implementation of mechanisms to establish incentives for more effective use of government buildings. The project includes the introduction and promotion of an economic management model, the development of a public buildings inventory and studies for the design of a suitable regulatory and institutional framework that will bring about more efficient management of public buildings.
The program will allow the Chilean government to develop a plan built on consensus to create a new institutional and regulatory framework and rationalize the properties portfolio. The project will facilitate use of the most advanced international experience and develop a methodology that may be useful to other countries in the region.
The loan is for a 15-year term with a three and a half year grace period at a variable interest rate. Local counterpart funds total a million dollars.
The Budget Division of the Ministry of Finance will be in charge of the project.
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