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 restart of this project is significant because it marks progress in recovering strategic real estate investments and returning resources invested by social security. According to officials, USD 4.7 million has been injected into resuming work through the project’s trust fund, which is expected to boost construction activity, create jobs, and expand housing options in Cuenca.
During an event at the Iskay building, President Noboa said: “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.” He also acknowledged those who have worked on the project over time, stating: “This progress is also yours.”
Hugo Tamayo, manager of the Iskay project, reported that half of the units are already sold and that there has been strong interest from local residents. Marco Acosta, manager of BIESS, said this effort aligns with national legislation aimed at strengthening credit sustainability and managing BIESS assets more effectively. Acosta added: “When things are organized and managed transparently and responsibly, stalled projects become opportunities (…). Thanks to the political will of this Government today we have the necessary tools to reactivate these types of projects forgotten by previous governments.”
Located on Ordóñez Lasso Avenue, the Iskay development includes 124 apartments and eight commercial spaces. It is designed as modern housing in 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 that with this step, President Noboa’s administration seeks to protect affiliates and retirees by turning investments into tangible results that stimulate economic growth.
