FOVIAL granted new powers to partner in infrastructure projects

The Legislative Assembly has approved reforms to the Road Conservation Fund (FOVIAL) law, expanding the institution's authority to participate in infrastructure and road-related service projects. With 56 votes, the reform allows FOVIAL to form or participate in various types of companies, provided the activities involve the rehabilitation, maintenance, operation, or exploitation of the road network and associated services.

Under the new regulations, FOVIAL is authorized to acquire, subscribe, administer, and dispose of shares in these companies. It may also intervene in processes such as transformations, mergers, modifications, or liquidations of the entities in which it holds a stake.

Public Works Minister Romeo Rodríguez stated that these changes enable the creation of mixed-economy companies to facilitate public-private partnerships. Potential applications include the development of transport terminals, where private investors could contribute land, and the administration of the aerocable system to optimize operating costs and manage fare revenue. The reform specifies that such participations must not be carried out at the institution's discretion and require proper authorization.