Spain Struggles Over Failed Roads

As the Head of Infrastructure at Spain’s Fomento (Development) ministry is reportedly preparing to move to state airport operator AENA as its new CEO, a syndicate of banks is demanding payment from Ferrovial (Cintra) and Sacyr of US$522 million for outstanding loans on AP-36, a 36-year concession for a 160-km toll road that runs south of Madrid to link Ocaña and La Roda. As a result, Fomento, which is charged with producing a solution suitable to the European Union, the Spanish government, banks and failed concessionaires, could be left temporarily headless at a critical time.


About Bill Reinhardt

Editor of Public Works Financing newsletter
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