President Daniel Noboa Azin announced on March 19 the reactivation of the Iskay real estate project in Cuenca, which had been stalled for years under previous administrations. The initiative is being led by the Banco del Instituto Ecuatoriano de Seguridad Social (BIESS) and aims to complete a development that began in 2011.
The resumption of work on the Iskay project marks an important step in recovering strategic real estate investments and returning social security funds to productive use. According to officials, USD 4.7 million has been invested to restart construction through a trust fund, with the goal of boosting the construction sector, creating jobs, and expanding housing options in Cuenca.
“My commitment is clear: what was left unfinished will be completed. Every halted project will be reviewed and reactivated. We will not allow works to remain incomplete again,” President Noboa said during an event at the Iskay building.
Hugo Tamayo, manager of the Iskay project, said that half of the units have already been sold and that there is strong interest from local residents. Marco Acosta, manager of BIESS, said this effort aligns with national legislation aimed at strengthening credit sustainability and asset management at BIESS. “When things are organized and managed transparently and responsibly, stalled projects become opportunities (…). Thanks to this government’s political will we now have the tools needed to reactivate these types of projects forgotten by previous governments,” Acosta said.
Located on Ordóñez Lasso Avenue, the Iskay development includes 124 apartments and eight commercial spaces. It is designed as modern housing for one of Cuenca’s fastest-growing urban areas and aims to meet local demand while contributing to urban planning and family well-being.
Officials say this initiative reflects President Noboa’s commitment to protecting affiliates and retirees by turning investments into tangible results that stimulate economic activity.
