Chacao Mayor's Office partners with banks and insurers for earthquake-damaged infrastructure recovery

The Mayor's Office of Chacao has forged a strategic alliance with 27 banking institutions and more than 20 insurance companies to spearhead the recovery of infrastructure severely damaged by recent seismic activity. The agreement specifically targets buildings classified under "red criteria," indicating critical structural issues.

Mayor Gustavo Duque announced the partnership, which aims to expedite urban rehabilitation through private sector involvement. Under the terms, banks and insurance firms will sponsor the repair of salvageable "red criteria" buildings. In return, the Mayor's Office will grant them tax benefits over the next two years. This initiative seeks to leverage private capital for essential reconstruction efforts.

A team of technicians will begin inspections this Monday to assess whether the 36 buildings currently marked "red criteria" can be structurally reinforced or if demolition is necessary. The municipality has also identified 95 buildings with "yellow criteria" and 464 with "green criteria."

To address the immediate housing needs of residents whose homes are deemed unsafe, the municipality has secured 450 hotel rooms in Chacao for initial two-month stays. Additionally, evaluations are underway for the 95 "yellow criteria" buildings to determine the scope of assistance required. Since June 24, the mayor's office has processed 1,413 resident aid requests and responded to 164 incidents, including gas leaks and water pipe ruptures.

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The red criteria buildings will be evaluated and sponsored by banks and insurance companies in exchange for tax benefits that the Mayor's Office will provide over the next two years. They will sponsor the repair of buildings that are salvageable from the red criteria, and we will give them discounts for the next two years in tax matters.