CABEI approves US$300 million to Costa Rica to mitigate the effects of the pandemic, strengthen its fiscal sustainability, and maintain low-carbon development
San José, July 23rd, 2020.- In order to support the Republic of Costa Rica in mitigating the economic effects of COVID-19, strengthen its fiscal sustainability, maintain low-carbon development, and strengthen its macroeconomic stability, the Central American Bank for Economic Integration (CABEI) approved credits for US$300 million.
In this way, Costa Rica becomes the first nation to receive the maximum amount of US$250 million per year available for each country under the Development of Policies of Operations Program (OPD). It is also receiving an additional US$50 million to address the emergency caused by the pandemic under CABEI's Regional Support and Preparedness Program for COVID-19 and Economic Recovery.
These fast-disbursing financial resources will help strengthen Costa Rica's fiscal sustainability and lay the groundwork for economic recovery, promoting the environmentally friendly growth and development that characterizes Costa Rica.
"The main objective of CABEI's Development of Policies of Operations Program (OPD) is to financially support its member countries in the implementation of actions that allow the reactivation and strengthening of their economies, seeking their macroeconomic stability," highlighted CABEI's Executive President, Dr. Dante Mossi.
Referring to these funds the Minister of Finance, Elian Villegas said: "In the midst of this pandemic that also attacks the financial health of Costa Rica, the CABEI credit comes to enable us to maintain the domestic market without excessive pressure, so that the Costa Ricans' savings support the effort of economic recovery that must go hand in hand between the Government and private enterprise, so this is a way to collaborate in this national effort, which is imperative at this time for the country.”