Guatemala seeks $15 billion funding for public works

President Jimmy Morales said that Guatemala will ask for billions in development loans in an effort to turn around country's sluggish economy.

Morales said the country hopes to secure $15 billion in loans over the next decade from multilateral organizations such as the World Bank and the Inter-American Development Bank. The loans, he said, could be used to build one million homes, upgrade ports and build new highways.

Some 80 infrastructure projects were canceled last year amid legal uncertainty as construction companies contracted for the work came under graft allegations, costing the country $400 million in investment while discouraging private enterprise, Morales added.