25,000 Housing Units Project

7/29/2019 25,000 Housing Units Project

1/24

PLAYAS-ENGABAO, GUAYAS PROVINCE, ECUADOR, SOUTH AMERICA

NAME OF THE PROJECT: BEAUTIFUL ENGABAO PROJECT

CONSTRUCTION FIRM: ROURA CARRION CA. LTDA.MANAGING DIRECTOR: WELLINGTON GALLARDO

TOTAL LOAN AMOUNT: US$460 MILLION DOLLARS

TERM: 15 YEARS, WITH 3 YEARS OF GRACE PERIOD

INTEREST: 5% ANNUALLY WITH A 3 YEARS GRACE PERIOD

Abstract

The beach matter of this project is located at the coast of General Villamil - Playasnamed Beautiful Engabao Project and covers about 6 kilometers of sand beachesalong the Pacific Ocean, right in front of its downtown. At present the beach is found invirgin state that is evidence by abundant sand on all surfaces appearance in the shoreof Playas Engabao.

This project consist and is summarized in the following segments:

The project includes the control and protection of the beach and is complemented withthe construction of a Malecon on the seafront, not only because they should form a soleconcept, but fundamentally to constitute the best financial feasibility, based in on taxservices, to be collect for the infrastructural civil works to be done by such urbanregeneration. This will allow covering an important segment of the credit amortizationobtained for the construction of the same. To reinforced and assure this feasibility, aMunicipal concession contract will be celebrated between the Municipality of Salinasand the promoting firm of this project.

Besides, The Municipal Government of Playas authorities leading by its Major is agreedand engaged in developing jointly with this important housing construction project,including the construction of the new malecon, with a global vision considering the

following:

A design concept that does not block the view to the sea, from the construction erectedright in.The Construction of a public pier, to provide service for national vessels, for sportfishing, cruises and other aquatic sports. Loading and services for vessels for cruises.Utilization of municipal lots of land close to the seafront to develop infrastructure workssuch as parking zones, commercial stores, amusement centers, etc.

The legal tool to frame and regulate between the private investment sector, in thepresent case the company (name of the company), and Municipality of Playas is the

concession which also will assure the returns of the investment through the collectionof municipal taxes. This type of contract give (name of the company), the possibility and

1


2/24

security to managed these aforementioned fundamental aspects in the concession. Thishas been our proposal to the Municipal Government of Playas which has been alsoaccepted by the authorities of the Municipality.

Potentiality of the City of Playas - Engabao

The project is based mostly in the potentiality of the city of Playas - Engabao. Thisbeach resort has population of 90,0000 inhabitants (during the beach resort seasonreach to 150,000) and is considered the sea-side resort of Guayaquil (pop. 2.5 million)where the middle-to high class people has constructed numerous apartments and villasto spend the vacation time during our rainy season from December to May. Besides,Playas is been projected as a city of permanent residents, at this moment, counts withcharacteristics that over-passed the condition of a resort for weekends, and now canoffer warm and kindly hospitality all the entire year for national and international visitors.Among its main characteristics as a resort, we can mention the following:

Strategic national and international geographical location.

Basic infrastructural services. And Well-gained prestige in fishing and nautical activities,including sport fishing.

Playas - Engabao is been launched with this project to a national level andinternational increasing scale. This is due to that the Pacific Rim is also beingtransforming in the most import commercial route worldwide. As a beach resort iscapturing international visitors and offering each time better environmental conditions. Inorder to do that the city is generating and offering attracting and recreational activitiesduring the whole year, including sports at national, inter-regional and international level.

Playas, considered as the closed beach resort to Guayaquil (one hour drive) is workingwell in generating firs-class services at a high caliber level and quality where theMunicipal Governments authorities working jointly with basic services enterpriseswhose goals are to provide such services at the most efficient level according tointernational standard beach resort worldwide.

The project focus to capture the increasing demand of domestic and internationaltourism, with priority to Guayaquils market (2.8 million inhabitants), Cuenca (Countrys

third largest city in Ecuador) and the southern region, which based in the proximity andvirtual lack of similar productive units, they constitute an assured market for this project.

Otherwise, the decreasing of emissive tourism (moving of national travelers towardinterior), as a consequence of imperative economic conditions in Ecuador andWorldwide (inflation, increase of international ticketing, hotel and other services tariff,etc) incites and tends domestic tourism, with positive demand for this project.

Playas already have a social and cultural Identity; and its community supports,participate, collaborate, and offer the best of its attractiveness and resources, and theseare:

2


3/24

Sun and sea Natural Atmosphere Modern city Social prestige Kindly peopleRestaurants Hotels Aquatic sports, etc.

Besides, Playas counts with a well-maintained connective inter-county, regional,

national and international vial net. On this vial infrastructure exists a good urbantransporting system, in addition to the first-order air and maritime transportation.

Front the point of view of the economic and competitive activities Salinas also countswith the best infrastructure of Santa Elena Peninsula to lend the corresponding servicesfor commerce and production, supported at the same time, by the establishment ofmicro-firms that boost the economic growth among all existing social classes.

Peninsular Tourist Free Zone.-

This project will be benefit from, in a medium term, of the planning to establish a Free

Zone of Tourist Services that will be in charged to promote and develop the provision ofservices in tourist activities. These will destine to receptive tourism and in a manner tosubside the national tourism. The Free Zone will allow an ample development forfacilities and access with the current ones, such as: basic services, air transportation,land and maritime transportation, telecommunication, internet, etc. Where the interiorand exterior infrastructure will accomplish with the designs, technical characteristics,and standards determinate to be effective to execute jointly, as well as, strictly performthe environmental and conservation standards.

The services that will be established in the free zone they will accomplish with therequirements of the regulating tourist organization. Those activities to be establishedare:

Travel Agencies of receptive tourism Travel Agencies of national tourism Operator ofRecreational Tourism Aquatic Sports Ecotourism Sport Fishing Food and BeverageEstablishments Tourism Information Handicrafts and Gifts AccommodationEstablishments

The projects benefits and advantages that will be provided under the roof of the FreeZone Law will encourage major efforts of competition and it will generate a high rate of

jobs and to boost the skill labor in this zone of Ecuador. This will also encourage thenational and foreign investment, focusing to a sustained and sound development.

Accommodation System Offers and Recreational Sites in Guayas Province (3.5 MillionInhabitants)

Guayas Province accounts with 291 hotels resources of which 47 corresponded to realhotels and the rest corresponded to lodging establishments and services. 50.2% ofhotels are considered of first category and luxury and 49.8% of establishmentsbelonging to second, third and forth categories.

The increasing tourism facilities demand is very widely noticed, not only during thebeach time on weekends and holidays, but during the whole year there are a big

3


4/24

number of visitors from different zones of the country and besides foreign visitors withlimited numbers due to the lack of hotel infrastructure and recreational center or sites offirst categories.

The coastal rim of Guayas and Santa Elena provinces has became the main tourismzone of the country during the whole year. This developing is based and having asprincipal actor the private and free enterprises whos lately have constructed three newclubs with unique particularity.

The creation of these large clubs will increase the attraction for new thousand oftourism, including common citizens, who will not have to spend vacations in othercountries, but to stay in exotic places near their domiciles in Guayaquil.

In the same zone currently are operating the following tourist attractiveness: SanVicente thermal Bath, Salango Petrified Forest, Machalilla National Park (Indian

museum), Isla de la Plata (Silver Island), Ensenada de Ayangue, Olon Beaches,Montaa Surfing, besides there are many Indian archeological centers like Guangala,Real Alto, Las Vegas, Chorrera and Valdivia cultures.

Summarizing, our named Costa Azul Zone (Blue Coast) counts with ideal beachescomplemented by the beauty of Pacific ocean and the presence of traditionally peoplewhere flourished our ancient Indian cultures full identified with Ecuadorian roots, as wellthe surging of resorting towns and cities of great urban development. The EcuadorianCosta Azul (Blue Coast Rim) belonging to Santa Elena and Guayas Provinces offers agood number of enchanted and fascinating places that assures rest and rejoice of allkind of visitors.

From the geographical point of view, there many beach towns around this area offeringa wide variety of entertainment to move and change of sites easily and close eachother, and putting in practice any initiatives for visitors from sport fishing, surfing,yachting, tennis, scuba, etc. Naming these towns from the southeast: Posorja, Data dePosorja, Data de Villamil, Chanduy, Ancon, Punta Carnero, Salinas (Biggest DevelopingBeach Resort), La Libertad, Ballenita, Punta Blanca, Capaes, and San Pablo.

Facing further north there are: Palmar, Ayangue, San Pedro, Valdivia, Manglaralto,Montaita y Olon, all this sites are located right on the beaches are linked together by

the highway called Ruta del Sol (Sun Route). The called blue coast, in the circuit fromSalinas to Puerto Lopez, in Manabi province, offers an attractive variety of touristwealth, to known and visiting it to meet with emotions, peace, sun, handicrafts, andwalking by beaches and woods, extreme sports, observation of birds and whales, dawnand warm sandbank. Without doubts this zone represents an enormous tourist potentialfor our Blue Coast province of Guayas. This means an increasing demand of dozensof thousands of potential visitors and potential buyers for the villas of our housingproject that definitely assured the repayment or return of capital investment in projectlike proposed by (name of the company)

International Seafront.- In our project we offer the construction of a vehicular and

pedestrian, of restricted use, establishing regulation for the opening of commercialestablishments. All will be organized for the maintenance of seafront itself. This project

4


5/24

will count with several complementary services and precise co-projects, such ashandicraft market; areas of skating, biking, walking, etc. Besides, areas of parking, restrooms, showers and playing sports on beaches. This seafront will be constructed undera concept of an open big commercial mall, this means the development of other

services in encircled areas such as the following:

Ecuadorian Tropical Garden.- Additionally, artificial lakes will be constructed in anarea of 2.5 hectare, including summing pools with mechanically generated-waves andtoboggans, forming a great familiar recreational center. In another area of 12.5hectares, with the technical advisory and patronage of Tropical Garden of Miami,Florida, we are going to construct a large garden, including the their seeds and our richnative flora seeds and a mini zoo with the native zone fauna.

Center of Art and Culture.- This type of center will be also constructed where nationaland international festivals for special series of performances as the well-known in Via

del Mar and Acapulco. Complementary and related service to these activities, are goingto be patronage and perform, such as movies, exhibits, conventions, seminars, etc.

Playas-Engabaos beaches, although the infrastructure works to be performed and carryout to develop this project, and special care will be kept to preserve the natural status ofthe beaches by definition are geometric places to equilibrate the earth and ocean, inorder to preserve this equilibrium, it is necessary to preserve the beach under the bestnatural conditions.It is necessary to point out that the sea does not supply solids, this concept is importantbecause the following reasons:

This Playas-Engabaos project will constitute the future main tourist center of Ecuador,and it has gained by its natural beauty of the beaches, under these conditions andcircumstances, the project considers, under the single concept that the whole city ofPlayas-Engabao, includes the seaside resort, the seafront and the beach. The projectstechnical team force is under periodically observation of the affected beach in thisproject and to accomplish these tasks, the Projects Task Force Team will have a seaenvironment quality laboratory, equipped to undertake the physical, chemical andbiological analysis on sediments and water, as well as the needed field instrumentation.Also, it will have an electronic and instrumentation workshop which, in addition, willprovide services to other units of the city of Playas-Engabao.

The Projects main consideration is the creation of a Center of Studies to aim atdeveloping long term statistical analysis on marine climate (waves and wind). It alsoapplies numerical models of marine hydrodynamics to the studies on beaches and portcoastal engineering. Knowledge of the wave climate is a prerequisite in most of thestudies of the coastal areas, since it is the main agent in the evolving dynamics of thecoast and a key action to be considered in the regeneration in coastal structures andbeaches. The objective of this Center is to maintain the relative information as up todate as possible in the techniques for wave characterization, needed for the differenttypes of studies, as well as to contribute to the development of this discipline as muchas possible. The Project will consider the numerical models of marine hydrodynamics

are today worldwide and in certain areas a highly competitive tool in comparison to thephysical models from the point of view of cost, execution time, versatility and quality of

5


6/24

results. The Projects Task Force Team will make extensive use of models of wavetransformation in coastal zones (refraction, refraction-diffraction), wave disturbancewithin the beach and long wave analysis.

Coastal Studies

The basic goal of the Coastal Studies to be consider in this Project is to support projecthimself and others one for the defense and protection of beaches. This is accomplishedby a direct collaboration in the design of these projects and the maintenance of thebasic information needed. The Project also will try to keep our country up to date in thetechniques used in this field. This is going to be a pioneer work and studies in theprotection of its coastline and in the regeneration of beaches, this activity is anextraordinarily young branch of civil engineering, which requires a significant effort inbasic and applied research.

The activity of this sector of the Project consists of four basic areas: Coastal dynamicsstudies, whose aim is to progress in the knowledge of the transport processes whichlead to beach evolution. Beach regeneration projects and management techniques.Monitoring of regeneration projects with topographical and bathymetric measurementcampaigns and evolution analysis. Advanced measuring in the marine environment andsetup of new equipment and systems for coastal monitoring.

To undertake this work, this part of the Project will need to have, among other tools, adata bank with aerial photographs of the Ecuadorian coast and of the shoreline positionin sandy coasts from 1970 till the present. It also is going to look for software for thecalculation of sediment transport along the shore and the evolution of the shore in itsplan-shape and profile under wave action. In the future, a special effort is going madewithin the part to apply Geographical Information Systems concepts and tools in thecoastal area.

A good part of the activity of the Project will depend on the collection of data in the field.For this purpose the Center of Studies will have boats, sounding equipment and variousfield instruments, as well as a workshop for sedimentological analysis.

(Company name) backed under legal contract by (Constructing company), hasproposed to the Municipality of Playas-Engabao to provide all the technical support and

environmental impact study of this project that allow the protection and naturalconservation of the affected virgin beach considered in this project, which suchprojection that goes further: To convert Playas-Engabao beaches, into beaches that willbe rated or classified ones as Blue Flag which is granted by World Organization ofTourism (WOT). This distinction is granted to beaches basis on mainly for ExcellentQuality of the waters, good infrastructure, appropriated services, a correctenvironmental management and control of the natural conditions and fundamentally asustainable maintenance program of the beach, and not only a cleaning andrecollection of waste system, but a hygienic and oxygenation process of dunes.

Besides, The Municipal Government of Playas-Engabaos authorities leading by its

Major is agreed and engaged in developing jointly with (Promoting Company name) this

6


7/24

project of control and protection of the beaches and the construction of the newmalecon, with a global vision considering the following:

The control and protection of the beach of the city of Playas-Engabao must be

complemented with the protection of the seafront, not only because they should form asole concept, but fundamentally to constitute the best financial feasibility, based in ontax services, to be collect for the infrastructural civil works to be done by such urbanconstruction development. This will allow recuperating an important segment of thecredit amortization obtained for the construction of the same. To reinforced and assurethis feasibility, a Municipal concession contract will be celebrated between theMunicipality of Playas-Engabao and the promoting firm of this project.

The legal tool to frame regulating between the private investment sector, in the presentcase the company (name of promoting company), and Municipality of Playas-Engabaois the concession which also will assure the returns of the investment through the

collection of municipal taxes. This type of contract give (promoting company name), thepossibility and security to managed these aforementioned fundamental aspect in theconcession. This has been our proposal to the Municipal Government of Playas-Engabao which has been also accepted by the authorities of the Municipality.

The Economy of Project

The tourism movement is of great importance to the local economy. With 150,000Visitors yearly and with earnings of around $3 million. Tourism together in action withhousing development is the major foreign currency earner and major provider ofemployment. There is no doubt that the tourism and housing development industrieshave contributed enormously to the economy of the Republic of Ecuador and to thestandard of living of the people.

To cater for this increase in tourists and housing development in Playas-Engabao, thedemand of number of hotels and hosing need to shoot up to provide comfort and firs-class accommodations and medium-class income villas to supply the current demandperiod. The majority of hotels and hosing development have been built on the coast ofPlayas - Data because the main attraction for tourists in Playas - Engabao is the seaand its beaches. The Housing Development and its complementary constructingdevelopment is located along and in front of the beach of Playas- Engabao covering

1,800 hectares (18 Millions square meters), the center of the resort, and account withthe fact that the most beautiful and scenic beaches are to be found around at thoselocations.

As the number of arrivals of tourists and new inhabitants are expected to increasesteadily over the next few years there is considerable pressure from propertydevelopers to obtain permission from government for the construction of more hotelsand housing development around the coastline.

In view of the fact that due to an increase in numbers of visitors and the floatingpopulation, more and more people spend time at the seaside on weekends and

holidays, there is an increased demand by the public for more public beaches andbetter amenities on site and, of course, new construction of villas. This obviously

7


8/24

conflicts with the demand from property developers for more sea frontage. In our case,the project account with its own housing development and territory.

The further development of tourism will require on behalf of government new policies

that can reconcile the legitimate demands of the population for more leisure amenitiesand that of the tourism and housing construction development industries. In thatperspective, the government is encouraging the development of inland tourism and eco-tourism. The idea is to encourage tourists to visit the interior of the Playas-Engabaobeaches and its sites.

(Promoting Company Name).

The projects promoting company is owned mostly by (names of partners) who are well-known among local commercial, social, and banking circles. Mr. (name of president) isits president and CEO who accounts with a vast experience in the construction field.

Housing Construction Development: The company is willing and ready startpreparing the movement of lands and soils covering 18 Millions square meters and atthe same time planning sales packages for the villas that it including sales tours inPlayas-Engabao beaches and it is being trialed for a further year before beingcommercially marketed. The various natives of the communities have been involved inconsultation and discussion about the type of housing construction development andinvolvement that they want. Infrastructure needed along the way (toilets, water supply,and accommodation) has been carefully planned . Two different drivers, each with theirown vehicle, have been contracted for the tours. The vehicles are comfortable carry 8-14 domestic visitors and 50 for international tourists.

How to Develop the Product : The native communities participating in the tour haveidentified the features of the environment and their culture, visiting the local museums,that they want to present to tourists, and the individuals who are best able to act asguides. Some dance performances are being developed for tourists. Initially, much ofthis participation is supported by the projects promoting companys payments. All theparticipants are receiving guidance and training, though much of this is on-the-job, giventhe remoteness of the communities from our own training force team. Some key nativepeople with experience

In the sales industry have been involved from the start in providing advice and trainingothers.A separate commercial organization is being established to operate the tour for sellingthe villas, with involvement of the participating communities. The Sales tour will beoriginally planned as a single five day event starting in Playas to Engabao and returningto Playas, with a maximum of 50 kms being traveled each day.

Networking : Travel Agencies based mainly in Guayaquil, will coordinates the salestours and act as affiliated company works in co-operation with the Ecuadorian TourismAssociation, and therefore the promoting construction company has good links with themainstream tourist industry and potential buyers to become inhabitants of the covered

area for this project. There is a great deal of industry support for the development ofnative tourism in the Playas-Engabao region.

8


9/24

There will be good attraction and success in attracting corporate sponsorship for somecomponents of the infrastructure being provided for the sales tour. The Sales tour,starting at Playas, will include use of mainstream accommodation and restaurantfacilities along the route. However, it is expected that in time more of the

accommodation will be provided by the individual communities.

Marketing : The Sales tour for the villas is seen as appealing to the internationalmarket, as well as to educational markets in Ecuador (including universities, miningcompanies, big corporations, different labor associations and others). Some marketsmay prefer the shorter 3 day tours rather than the full five day tour.

Problems that have been encountered : The main problem has been in securingfunding support over the length of time that it has taken to develop the tour. It wasnecessary to proceed at a pace which suited the communities involved, and to ensurethat everything was fully tested before marketing it. We are enthusiastic in marketing the

tours with the funds available in the international private sector which is the main aim ofthis project.

Future Prospects : The development of housing construction is seen as only onecomponent of each community's tourism involvement. Individual community groups areseen as being free to pursue their own tourism operations on a day-to-day basis and inconjunction with other (mainstream) tour operators, as they gain skills and confidence.Other community groups are expressing interest and wanting to become participants inthe sales tour. However, there is a practical limit on manageable numbers. It is possiblethat other tours may be developed with different communities, in due course.

Financial Scenario of Project.-

Total Loan Amount: US$460 Million Dollars

Term: 15 years, with 3 years of Grace Period

Interest: 5% Annually, with 3 years of grace period

Guarantee: The Projects Promoting company put as collateral the property covering 18Millions of square meters appraised at US$20 dollars before the added cost of

investment totaling US$180 Millions dollars. Additionally, the Royalty, Municipality ofPlayas-Engabaos Concession on the use and services of the Beach and its Seafrontduring 25 years.

Distribution of Loan: US$10 Million for the Construction of the Playas-EngabaosSeafront; US$10 Millions for the preparation of land and soils. The construction of the45,000 villas will be made by stages of 5,000 villas totaling US$50 Million per each one,until reaching the total construction of the 45,000 or 9 stages.

NAME OF PROJECT: Beautiful Playas-Engabo Major Housing Project in the best

second weather in the world, 2008

9


10/24

AMOUNT TO BE LOANED: US$ 460 millions American Dollars.

PURPOSE: To Construct 25.000 low-to-medium income people houses, in stages of

9,000 houses each. Contracts with local Municipalities will be celebrated between theparties, namely: the projects promoters, the Municipality of Playas-Engabao, and thehouses beneficiaries, and a qualified international financial institution.

INTEREST: Libor + 2.

TERM: 15 years with a 2-years grace period.

FORM OF PAYMENT: 10% of down payment by the applicant, and 90% to be financedby international investors( the portfolio and debentures could be bought by theEcuadorian Housing Bank).

GUARANTEE: Beautiful lands, appraised by the Municipality of Santa Elena atUS$20.00 per square meter, totalizing US$360 Millions _dollars for 18 Millions squaremeters. All the funds US$450 Millions to be loaned are going to be invested as addedvalue cost to the lands, that means that after the investment, the cost of the land plusthe construction of the complete project will totalized US$810 Million Dollars. And thesales cost per housing unit is US$18,000 Dollars.

ENTREPRENEUR: Group of Landlords covering 1,800 hectares of lands where theconstruction projects per stages are going to be undertake it by leading Constructionfirms in Ecuador.

PROJECT ORIGIN: Ecuadorian are suffering a 1.6 million deficit of houses which anincreasing growth of 50,000 houses a year. The main projects purpose is to cover onlythe increasing growth per year, applying friendly policies and the use of newinternational sources of capital with appropriate long-term credit scenario to let the low-income people to adjust a reasonable monthly payment.

DESCRIPTION OF PROJECT: Several leading constructing company in Ecuador, dulyapproved by the Ministry of Housing of Ecuador, are undertaking the challenger toconstruct low-income peoples houses, including important construction companies

based with long experience in the construction business, like major works in Guayaquilsuch commercial malls, Guayas Bay shore, shopping centers, supermarket buildings,churches, multi-family houses, individual houses, etc.; and the accumulation of soundequity on paid-in capital, construction machinery and labor force, and good relationswith political and banking circle in Ecuador.

FINANCING PLAN: the total cost of construction per house, including land and theinfrastructure works is US$10,000 American Dollars. The opportunity cost on rawmaterials, such as steel, iron and cement are guaranteed by future purchasing contractswith the local cement plant and steel mill under excellent price policy to be covered bysureness of the big sales amounts required in the project, in such way, these providers

will act as covered partners in this construction project. In addition, the low-cost laborforce and different lands provided by the local Municipalities, and the huge deficit of

10


11/24

houses, assures to undertake this project into a success. The landlords will transfer theproperty dominion into a fiduciary contract which also will receive the correspondingtransferring value for the purchasing of their lands. The funds will be placed in thefiduciary contract by a prime bank against a bank guarantee issued by an international

financing company. The Funds Administrator or Trustee will manage the funds toundertake for developing the entire housing project in stages of 9,000 houses each.

Other significant factor that influences strongly in the success in this project is thecurrent Governments enthusiasm in the solution of low-income people deficit houses,by compromising a subsidiary payment called a construction bond, in a form of a Bankscertificate of US$3,600 Dollars per finishing constructed house, plus a down-payment ofUS$900.00 per applicant, totaling US$4,500. This means that only US$5,700 Dollarswill be financed by our lender in practice, backing by a Pool of mortgages to be paid in15 years at a rate of US$1.50 dollars equivalent per day, US$45 per month, andUS$540 annually.

The BEV-Ecuadorian Housing Bank could also help and participate in developing thisimportant housing project, acting a second floor bank through financing the rediscountof the portfolio of the pool of mortgages of 45,000 houses, whose cost of constructionswere financed by financing intermediaries on favor of the constructing firms in Ecuadoror international financing companies against sales contracts, per each constructedhouse, and already endorsed by the beneficiaries on its favor.

We also are looking for the patronage of a 3 Millions Ecuadorian living abroad: In USA,Spain, and who can patronage the purchase of a house units for their family membersliving in Ecuador under the best conditions available such as US$900.00 as downpayment and a monthly payment of around US$100.00. All Ecuadorian living abroadwill be invited to participate in this construction project to provide a house for a low-income relatives living in Ecuador by paying the equivalent US$2.00 or $3.00 per day.For this purpose we can established a new processing system of transferring or wiringthe money from those countries directly to the Trust under pre-instructed conditions bythe international lender or organization.

In addition, this project contemplates in sales marketing with the BEV-BancoEcuatoriano de la Viviendas (Ecuadorian Housing Bank) data base of 100,000 potentialbuyers with all up-dated necessary information to choose easily 50,000 qualified buyers

for the houses of this project.

Profile for Rediscount Portfolio :

1.- The Financing Institution present the portfolio for rediscounting at the BEV-Ecuadorian Housing Bank.2.- According to financing conditions: Maximum Sale Price is US$18,000 Dollars,maximum amount to be rediscount is US$5,600 Dollars.The percentage to be rediscount is up to 100% of credit line, from IFI ( IntermediateFinancing Institution) extended to BF(Final Beneficiary), under the following scenario:

Term: Up to 15 years. BEVs Interest 1.5% + IFIs free margin to be readjusted

11


12/24

semiannually.Credit repayments: To be paid monthly.

Guarantees: Promissory Notes to be endorsed on favor of BEV, and on the land or lot

and for the individual or macro lot.

3.- The commitment to individualize the mortgage by the IFI-Promoter.4.- Monthly payment, according to BEVs interest is : US$97 with a monthly grossincome from the final beneficiary of $300 dollars, with a rate of 1 to 3.

CREDIT PROGRAM FOR SECOND FLOOR BANKING

Rediscount range : From $8,000 to $40,000 per houseSubsidy : These houses are not subject of subsidy.Rediscount : By line of credit extended to the constructor and final beneficiary.

Financing Scenario: The constructor is granted with funds for the construction works forhousing up to months, time during which the said construction on the lot should befinished.

Loan Term for Final Beneficiary: Up to 15 years

The loan for the constructor is base on BEVs validation on the project according to:a. Technology : Approved project by Municipalities.Commercial : Determination on real existing demand for construction in such areaconstituting at least 51%d of the total project , that is the pre sales.Financing : Presentation of cash flows required to finance the project and the report onprojects feasibility from IFI.Constructing Firms or promoters present the alternative to obtain an international primebank guarantee to cover the total cost of the housing construction, as collateral toconvert themselves into Preferred Customers, for 12 and 24 months to finish thehousing construction and obtain the title deeds to the houses and to reach therediscount operations with the BEV-Ecuadorian Housing Bank.

e. Leading constructing firms also offer a revolving bank guarantee from an internationalprime bank to cover 50% the first 90 monthly payments and later for the following 90

monthly payments, once that the first repayments have been accomplished under thefollowing chart: :

House type M. Payment Total 90 months total 180 months1 $113 $10,170 $20,3402 $225 $20,250 $40,5003 $338 $30,420 $60,8404 $451 $40,590 $81,180

Priority of the Project : Preferences for the projects protected under an umbrella of aprime bank guarantee.

Financing terms or financing scenario for loans for housing construction from US$8,001

12


13/24

to $40,000 Dollars.

Rediscount coverage : Up to 90% of the portfolio value.Term : 12 and 24 months of constructing period.

Interest : BEVs rate , plus the IFIs free margin.Guarantees : Mortgage, with cession clause on favor on BEV and endorsed promissorynotes by the constructor.Rediscounting Instruments : Endorsed Promissory Notes on favor of BEV.Execute Control Instruments : By IFI, Trustee or another.

The portfolio rediscounting conditions for houses constructions are the following:

Sales Price a : From US$8,001 to $40,000.Maximum Loan : 70% House value.Percentage to be discount : Up to 100% credit of the IFI to the Final Beneficiary.

Term : Up to 15 yearsInterest rate : BEVs rate plus free margin for IFI (readjustable semiannually).IFI/Promoters Guarantee : Legal commitment to individualize the mortgages.

Payment Parameter for the second floor banking. :

Type Sales Price 30% Down Loan M/Payment Income1 $8,001 a $10,000 $3,000 $7,000 $113 $3772 $10,001 a $20,000 $6,000 $14,000 $225 $7503 $20,001 a $30,000 $9,000 $21,000 $338 $1,1274 $30,001 a $40,000 $12,000 $28,000 $451 $1,503

Financing scenario for the loans for the housing construction:

From US$8,001 to $40,000 dollars.

Rediscount coverage : Up to 90% of the portfolio value.Term : 12 and 24 months for the construction period to carry out the respectiveconstructions.Interest : BEVs rate , plus IFIs free margin (Financing Institution ).

Guarantees : Mortgage with cession clause on favor of BEV and promissory notesendorsed by the constructor.Rediscounting Instruments : Endorsed promissory notes on BEVs favor.Executed Control Instruments : By IFI. Trustee, or another

The rediscounting conditions for the portfolio are the following:

Sales Price : From US$8,001 to $40,000.Maximum Loan : 70% House construction value.Percentage to Discount : Up to 100% of the IFIs credit to the final beneficiaryTerm : Up to 15 years.

Interest rate : BEVs rate plus IFIs free margin(readjustable semiannually).IFI/Promoters Guarantee : Legal commitment to individualize the mortgages per

13


14/24

houses..

Payments Parameter for the Second Floor Banking per house.

Type Sales Price 30% Down Loan M/Payment Income

1 $8,001 a $10,000 $3,000 $7,000 $113 $3772 $10,001 a $20,000 $6,000 $14,000 $225 $7503 $20,001 a $30,000 $9,000 $21,000 $338 $1,1274 $30,001 a $40,000 $12,000 $28,000 $451 $1,503

Payments parameter for 1,000 houses:

Down payments :

Type 1 : US$3,000,000Type 2 : US$6,000,000Type 3 : US$9,000,000Type 4 : US$12,000,000

Payments for 1,000 houses:

Monthly Payment Annual Payments 15 yearsType 1 : US$113,000 $1,356,000 $20,340,000Type 2 : US$225,000 $2,700,000 $40,500,000Type 3 : US$338,000 $4,056,000 $60,840,000Type 4 : US$451,000 $5,412,000 $81,180,000

Guarantees for 1.000 houses in monthly payments :

90 M/payments 180 M/paymentsType 1 : US$10,170,000 $20,340,000Type 2 : US$20,250,000 $40,500,000Type 3 : US$30,420,000 $60,840,000

Type 4 : US$40,590,000 $81,180,000

OTHERS PROJECTS OBJECTIVES.-

Besides, the current projects objective is focused is contributing to develop a realhousing market in Ecuador, to help to overcome the economic standstill that Ecuador isfacing at this moment. Housing construction is one of sectors that generates more directand indirect in a short term. We see the housing construction as a real estate industry,using fresh funds resources on long term and with financing tools that eliminate sometaxes or encumbrances. Housing construction improve the family welfare and generatesmassive labor and employment in the less possible time frame.

The housing construction represents for the Ecuadorian economy , in the current

14


15/24

project, as the best distributed investment, because it goes and reach the biggestnumber of families helping to improve peoples purchasing capacity, constituting a longterm saving, replacing the classic monthly rent cannon which at the end it does notproduce any result; in our project the Ecuadorian family is paying its own house and in

this manner the money or funds used are distributed in a vast number of providers fromall over the economic sectors. The majority of the material and products employed inthe construction field are domestically made and It is important to keep in mind that$0.35 cents of a dollar invested in the construction, it goes to informal labor of oureconomy.

This project will benefit around 250,000 people that belongs to the middle cast andbelow, this means an average of 5 people per house. They normally could notundertake this project individually, because they have not available the necessary toolsor financial instruments or banking to execute this important project. Thus the urgencyto link all the factors to undertake the construction of houses, such as the subsidy or

construction bond granted by the Ecuadorian government, the international bankingguarantee, The BEV-Ecuadorian Housing Bank as a potential discounter of the pool ofmortgages portfolio for the 45,000 houses to be constructed, and the final beneficiarywith its US$800.00 down payment.

A.- LANDLORDS AND CONSTRUCTORS.-

The landlords owners of the most appropriate and characteristics lands for developingthis project, under the best construction costs and basic infrastructure parameters. Thisincorporation avoid that the landlord sells his land at a lower price, instead he is able tosell it at the best opportunity price being part of this project which sells constructedhouses with all basic infrastructure. The repayments for the lands will be administratedby a qualified trustee that is familiarized and counts also with a good infrastructure tomanage as well the funds placed by an international financing firm as the fundsgenerated from the sales of constructed houses.

The constructing firms that will provide with houses designing drawing and themunicipalities permits and authorizations, including their construction systems. Besides,the constructing firms will conduct the ground topography, soil studies, the feasibilitystudies on construction costs; including housing finishing, sewer, drainage, electric andtelephonic network, and water pipeline installations. The constructing firms will also

provide for the trusts autonomous capital with a descriptive report and technicalspecifications, complete work budget, including retaining of taxes. The constructor alsowill elaborate the evaluation schedule of works and the disbursement chart ofinvestment.

The constructor will work jointly with the house sales promoters to assure theconstruction feasibility and projects commercialization to reach the sales equilibriumpoint, which will be guarantee by a prime banks stating the following:

.- Construction starting date fixed by the promoter.

.- The assurance to count with funds and necessary financing instruments to finish the

all construction works..- Ending date for all works.

15


16/24

.- The assurance that the funds will conducted exclusively to undertake this project.

.- To demostrate that the project has technical, financial and legal suitability to beaccomplished..- Sales schedule with appropriate customers or final beneficiaries, who assure with

their owned resources, including other source of resources and financing instruments..- To involve each potential purchaser or final beneficiary to accomplish the conditioningfulfillment to overcome this project.

The constructing companies and sales promoters will integrate part of the Trust that willadministrate the funds for all housing construction operations and sales of the housesrespectively, in every stage of this project. The projects trustee will administrate allbanking financial operations.

B. - PROPER TECNOLOGY. -

For developing this housing construction project it is necessary to apply an excellentconstruction technology that provides the following characteristics:

1.- The best construction costs by employing high structural capacity materials.2.- High resistance / weight rate to absorb seismic movements.3.- Fast construction system with a minimum of supervision.4.- Long-useful-life materials employed for the houses construction.5.- Modular flexibility to allow adjusting extensional construction works.6.- Solid and minimum wall weight.7.- Excellent thermal resistance to save energy and environmental control for coldnessand hotness.8.- Facility to hide electric and sewer installations.

The technology must be protected under a construction patent duly accredited byprofessional schools in Ecuador, issuing a patent certificate for this project. The use ofthis patent constitute an additional guarantee for the granting the line of credit by theinternational investor, based on the log lasting life of the houses which will not sufferany kind of damages or problems during the credit term, as much as for the for theinsurance policy that covers this negotiation..

C.- FINANCING .-

The financing will be carried out by the conversion of this project and its promoters intoa Preferred Client under a Real State Trust, which will include the following parties:The landlord, the constructor, guarantor, and the trustee which is the FundsAdministrator for the construction and the funds generated by the project, under afinancing scenario that allows the proper development of this project in stages of a9,000 houses, under the following requirements::

1.- A reasonable economic down payment equivalent to 1% of the total loan amount tobe financed per house..2.- Reasonable monthly payment, including the financing of the construction of the basic

services such as potable water, sewer, telephone and electricity networks, etc. thismeans between $40 and $60 a month.

16


17/24

3.- LIBOR plus 2 annual interest fixed during the loan financing term.4.- The basic repayment term per house is 15 years.5.- Insurance policy against fire, disaster destruction and fixed rate.6.- 0.05% payment of total house value as registration fee for the project.

7.- 1,2% payment for the Funds Administrator to look for financing.8.- The international Loan will be placed among the commercial private Banks toguarantee to back 60 monthly payments averaging $50.00 each. Once finishing the first60 payments, the banking guarantee will roll automatically for the second 60 monthlyobligations. The 120 monthly payments totalized 90% of the houses cost value.

The financing company will place the necessary funds, after reaching its equilibriumpoint, which is covered by the monthly banking guarantee to initiate right away theexecution of the project, first of all the model houses, so the interested people can havea real vision of their future selected home from them. The financing company willprovide all the necessary funds to develop this project through its different housing

construction stages.

2.3.- PROJECTS RISK

The projects risk are duly limited and controlled for the following reasons: 10% of thehouses total cost is backed by a bank certificate given by the beneficiarys downpayment, 75% or $6,000 that corresponds to 120 monthly payments averaging $50.00each backed by a rolling bank guarantee of $3,000, after finishing the first 60 payment itwill roll over the pending 60 monthly payments, and the balance will be cover by theMIDUVIs bond, that means this project is 100% covered from non-payment risk, underthe following digits:

Total construction house price: US$10,000.00 Dollars

A.- US$900.00 down payment

B.- US$3,600.00 governments subsidy construction bond.

C.- US$5,500.00 total loan requested.

.- STEPS TO BE TAKEN FOR DEVELOPING THIS PROJECT.

.- PROGRAM STARTING.-

Once the Real Estate Trust duly established, then the point of equilibrium will be reachby the issuing of the rolling bank guarantee for $3,000.00 per house by the internationalfinancing institution, thus the executing of the construction works will start right awayaccording the constructing firms schedule.

.- BENEFICIARYS SELECTION

The projects administration, MIDUVIs representatives, and Sales Promoters willundertake the selection of potential beneficiaries using mainly the BEVs data base

17


18/24

formed by 100,000 pre-classified families, plus the new families to be called by the localmedia to fulfill all requirements aforementioned and then implementing a record tobecome part of this project whose objective is to provide a complete finished house perlow-income family.

.- DEBT ADMINISTRATION.-

The projects trustee will be in charge of collecting all the funds generated by subsidyconstruction bonds, beneficiary down payments, rolling bank international guarantee,and finally monthly amortization payments. The Trustee also will be responsible forsemiannually payments to international lenders, according to the chart of paymentaheadmentioned. All legal and financial documents will be placed in a prime bankssafekeeping custody until the fulfillment of all projects obligations on favor of theinternational lender by part of the financial beneficiaries or future house owners..

.- FINANCIAL SCENARIO.-

The fixed annual interest: LIBOR plus 2Total amount to be loaned: $5,500.00Down Payment: $900.00Subsidy Government Bond: $3,600.00Trustee administration fees: 0.5% per projects registration.Financial Broker Fee: 1.2% one time.

.- FINANCING PROJECTS COST.-

Total amount to be financed per house: $5,500 Dollars, include 120 square meters ofconstruction , 120 lot of land, and also including the infrastructure works for the project.

Total Loan to be financed per house: $5,500.00Financial Broker Fee: 1,2% : $67.20*Trustees administration fee 0.5%: $28.00*International Lending Interest: LIBOR PLUS 2 $420.00

Total Sales Price: $18,000.00

.- HOUSING SALES COSTS.-

7.1.- COST PER SQUARE METER OF LAND.

COST 120 Meters 1000 HOUSES$3 $360 $360,000

7.2.- COST PER CONSTRUCTION METER.

1 Floor/M 36 meters 1,000 houses$85.00 $3,061 $3,601,000

.- CONSTRUCTIN COST AND LAND.-

18


19/24

CONSTRUCTION LAND TOTAL 1000 VILLAS$3,601 $360.00 $3,961 $3,961,000

7.4.- COST OF URBANIZATION.-

The cost to urbanize the land selected per each stage of construction, including cost ofvehicular and pedestrian streets, sewers, electric lighting and telephonic lines,ecological parks, etc. equivalent to 30% of the total housing construction cost, thatmeans $1,440.00 dollars, considered in the following chart:

Land cost = US$2,160Construction cost = US$3,60130% Urbanization = US$1,440TOTAL COST = US$5,901

.- Other costs

Technical fees $603.00Sales commission $120.00Publicity expenses $120.00Maintenance expenses $152.00Other expenses $40.00Total $1,035.00

.- Financing Repayment Program.-

Total cost/house -10$ down payment -20% Subsidy Balance$8,000.00 $800.00 $1,800.00 $5,400

Year Amortization 4% Interest Total Balance

1 $360.00 $216.00 $576.00 $5,0402 $360.00 $202.00 $562.00 $4,6803 $360.00 $187.00 $547.00 $4,3204 $360.00 $173.00 $533.00 $3,960

5 $360.00 $

TOTAL INTEREST: $15,423AVERAGING MONTHLY PAYMENT: $162.46

12.- DESCRIPTION OF THE URBANITATION

12.A.- LOCATION

12.D.- LAND TRANSPORTATION.-

The lands are located to the north of General Villamil Playas city, crossing the roadnamed Playas-Engabao city. This facilites the urban passenger public transportation as

19


20/24

well as the direct private driving transportation to these sites. It only takes 10 minutes byurban public and a spacious bus terminal will be constructed to facilitate all the servicesrelated with urban public transportation. Besides, the project includes enough andadequated parking places transportation per each housing units.

12.E.- LOCAL STREETS.-

The urbanization will include the construction system of paved 8 meters-width streetsthat Hill cover the whole urbanization to allow the free driven-transportation for urbanpublic as well as for domestic personal private transportation that allows a everyone topark into their own garage inside their homes.

12.F.- FUNDAMENTALS OF THE DESIGN.-

To take the best advantage of the land topography, urbanization project has been

designed, to construct at the front part of each housing unit a garage or parking placeper each unit. Besides, the 30% of green areas tha the Municipaly law demand orenforce per urbanization to be constructed. Additional swimming pools for kids will alsoconstructed for the security of all families that will be the corresponding beneficiary pereach housing unit.

12.G.- CHART OF USES OF SOIL.-

TOTAL AREAAREA TO BE TRANSFER TO THE MUNICIPALITYCOMMERCIAL AREA TO BE SOLDHOUSING AREA TO BE SOLDGREEN AREASCOMMERCIAL PREMISES TO BE SOLDRESERVED ECOLOGICAL

13. I.- DENSITY.-

In our project we are promoting a Housing Construction Using Simple Technology:"Low-Cost Housing" for short We were able to offer construction at prices up to 50percent lower than the going rate."

The large-scale contract from the city of Playas-Engabao housing project wasincorporated into the project, which is being implemented by a Low-Cost Housingproject advises the municipal administration on planning and implementing low-costhousing programs, trains and upgrades local human resources, and promotes small-and medium-sized construction companies. Offering know-how and services ininternational markets on a commercial basis, is responsible for the technical andfinancial execution of the construction project in the city of Playas-Engabao HousingProject. The main goal is to take action to reduce the desperate need for housing, toimprove construction quality and at the same time to create jobs.

"Low-cost housing technology means inexpensive, good quality and durableconstruction," explains Eng. Roura, technical advisor to the project. "The future

20


21/24

residents must become owners and pay 10 percent of the construction costs." Theremainder is being financed through 15-year construction loans. The Promoting firmadministration is providing pre-financing. "By doing this, we want to support a sense ofownership and responsibility among the residents also for repairs, maintenance and

looking after the various facilities".

The technical cooperation enterprise for this major housing project is widely requestedto the international private market for sustainable development with worldwideoperations. We are looking for the provision of viable, forward-looking solutions forpolitical, economic, ecological and social development in a globalized world. Our mainobjective is to improve people's living conditions on a sustainable basis, framed underthe following terms and conditions:

Urban management, focusing to support local policymakers, administration expertsand local authority associations in managing municipal development. For instance,

delivery approaches by which to improve public service provision and managemunicipal finances and lands. We are aiming for advise stakeholders in politics,administration, business and society on how to implement these approaches.

Local land management

Advise for towns and communities on managing land and property and help them tocreate legally defined ownership structures and transparent land markets.

Interurban cooperationAdvising to local authorities on forging alliances with other towns and communities thathelp them to assert their political interests and solve common problems moreeffectively.

Creating a liveable urban environment (UrbanEco)Strictly confident in promoting environmentally sustainable development in urbansettings, for instance through waste management, clean air policies and sustainableproduction and consumption.

Improving urban infrastructures and servicesWe looking forsupport the improvement of urban infrastructures in the fields of waste,

energy, transport and water; our aim is always to involve the population and the privatesector.

Local business promotionIn cooperation with the private sector to promote the competitiveness of businesslocations and the local economy. Formula to advise local authorities on promoting smalland micro enterprises in the informal sector in order to reduce poverty.

Developing socially inclusive, safe citiesHelp to promote civil society development to enable all citizens to participate in politicalprocesses. We also support peaceful forms of conflict transformation.

21


22/24

Urban renewal and using cultural resources for development purposesWe are aiming to support towns, cities and communities in restoring their historicalbuildings using local knowledge an important precondition for developing a tourismindustry.

Good Urban Governance: We are focusing in how to help Municipalities in developingand transition countries, we are aware and acknowledge that urbanization isprogressing at such a fast pace that the authorities' administrative and urbandevelopment capacities are unable to keep up. As cities are not just economic andpolitical centers but also major sources of social renewal, undesirable social, economic,ecological and institutional developments can often impact negatively on the entiredevelopment process. Good 'urban governance' is hence the key toovercoming pressing development problems, above all to

create liveable urban environments offering high levels of safety, mobility, leisure

opportunities and quality of life, as well as employment for millions of people reduce urban environmental and health risks effectively through advanced waste

management, clean air, transport and urban health policies allow disadvantaged population groups to participate in the social and political

aspects of urban life and benefit from economic progress offer urban integration support for migrants to the cities transform cities into service centers for rural regions and hubs linked into the

global economy create urban networks as supraregional forums for cooperation in the fields of

peace building and other global issues.

Urban and municipal development : We know that half of all the worlds people areorganizing their lives in cities and towns. As the lowest political and administrativelevel of government, cities are of special significance in the provision of state-runservices. They are also the hubs of economic momentum, social life and culture.Cities exert an enormous appeal: their populations are growing day by day. By2025, two-thirds of the worlds population will live in cities, including Ecuador.

Cities with good living conditions offer their inhabitants many opportunities, from a sharein economic growth, to access to infrastructure and services, to participation in politicaldecision-making. Accompanying these opportunities, however, are growing demands onthe capacities of municipal institutions. As public funding dwindles, public resources

must be stretched to meet the needs of more and more people. In many places, urbanpoverty is on the rise. Environmental resources are being strained to the limit.

In our project we intend to support the Municipality of Playas-Engabao in their searchfor appropriate solutions to their problems. We are offering them a single address forobtaining services based on broad experience in a variety of fields. These servicescover not only specific areas such as water and sewage, provision of housing, transport,air quality, and local economic promotion, but also the preservation of urban culturaltraditions. We are looking also to help in implementing municipal management methods.Together with local actors, we believe in the strengthen the capacities of cities and

towns to accomplish their tasks economically and in a manner responsive to publicconcerns. Local development potential is optimized by pooling the resources of thepolitical leadership, the municipal administration, local citizens and enterprises, in

22


23/24

pursuit of common purposes and goals as the one in this major housing project. Poorpopulation groups also stand to benefit from this joint effort through better access topublic services and being specifically integrated into decision-making processes.

The urban millennium (Kofi Annan General Secretary of the United Nations) hasbegun: in 2008, more than half of the global population will live in cities. By 2030, therewill be 2 billion new urban dwellers (180,000 daily), practically all of them in developingcountries.

The people in these expanding cities need jobs, housing, safe drinking water, provisionof goods and facilities for sewage and waste disposal, health care, education andaffordable transportation.

Governments, administrations, civil organizations and the private sector recognize thatthey must take action in view of the explosive growth of the urban population in

developing countries.

In our major housing project we are aware of the challenges confronting city plannersand managers. It has been studying and carrying out this urban development project forthree years, working with many entities private and public to achieve one of the bestmajor housing dev elopement project in Ecuador.

We are now working very hard in this Playas-Engabao Housing Project to promote adialogue between city administrations and residents of poor districts. Wherecommunication barriers and silence once prevailed, today readiness to discuss andcooperate is taken for granted. Particularly, we are looking for international private

financing to extend or provide a successful an urban line of credit backed by aninternational fund. This will be managed between the residents themselves and offerspromotional instruments tailored to the needs of the extremely poor, and it evenprovides a credit card for obtaining the construction materials.

We are working to formulate and implement poverty-oriented development plans, thatwe considering in our major housing project to implement sustainable maintenancesystems for local infrastructures, apply transparent budget management procedures,and provide opportunities to the communities to participate in local decision-making.

Our approach is the program to supports state and non-state actors by jointlydeveloping instruments and methods which ensure poverty-oriented and participatorydecision-making processes in the districts. Examples include the Poverty Profiling,Mapping and Pro-Poor Planning methodology which allows to assess the povertysituation in a district, and the establishment of district databases in order to improve theavailability of social and economic data. Our program will aid districts in theestablishment of operations and maintenance (O&M) systems for local infrastructures(such as markets and lorry parks).

The planning instruments will be developed by the program and for sure to be havebeen incorporated in the planning guidelines of our national planning commission for

the 2008 - 2016 medium-term development plans of the Playas-Engabao Municipality.

23


24/24

In our project the district databases will be contributed to a significant increase ofMunicipality' own revenues.

Prepared by Wellington G. Gallardo, Ciudadela. Los Esteros, Manzana 29, Villa 4,tel.(593 4)2523616, e-mail: [email protected], Guayaquil, Ecuador.

25,000 Housing Units Project

Documents

Transcript of 25,000 Housing Units Project