CABEI approves US$500 million for Costa Rica to strengthen its hospital network

Tegucigalpa, Honduras, January 20, 2021. – The Central American Bank for Economic Integration (CABEI) approved the second largest financing in its history at its first Board of Directors meeting in 2021. This is US$500 million for the Republic of Costa Rica, with which the Caja Costarricense del Seguro Social (CCSS) will strengthen its hospital network through infrastructure and equipment for three national hospitals.

CABEI's "Regional Hospital Infrastructure Strengthening Program", which includes this loan, will finance the design, construction, equipment and maintenance of the Monseñor Sanabria Hospital in Puntarenas, the Max Peralta Hospital in Cartago and the William Allen Taylor Hospital in Turrialba, providing more than 200,000 m2 of construction and more than 1,000 new beds.

At the Monseñor Sanabria Hospital, the planned construction area is 72,132 m2 to house a total of 474 beds. CABEI had already approved US$ 129 million for this medical center in 2013, while the present operation increases the contribution to the hospital, which the government considers the "most modern and innovative" in the country, by US$ 88 million.

For the Max Peralta Hospital in Cartago, the planned construction area is 94,094 m2 to house a total of 450 beds. The new hospital will develop and implement research and training projects in various medical specialties and is expected to cost US$ 288 million.

The William Allen Taylor Hospital in Turrialba is expected to build 40,251 m2 to house a total of 136 beds, in addition to providing outpatient and inpatient care for basic specialties and some subspecialties. The cost of the Turrialba hospital was contracted in 2019 for US$ 91.45 million..

“Investing in health is investing in our population. For CABEI, it is an honor to be able to contribute to this. In the case of Costa Rica, this is the third program we have approved for its health system administered by the CCSS, which has undoubtedly become a reference for our region, as it has demonstrated how the investments made throughout its history in social security have allowed it to make significant progress in its human development indexes and in the treatment of the COVID-19 pandemic," said CABEI Executive President, Dr. Dante Mossi.

For his part, the President of the Republic of Costa Rica, Mr. Carlos Alvarado Quesada, stated: "We are deeply grateful to CABEI for its support in this important project that will strengthen our health system and that is part of the agreements between the Executive Branch and the Board of Directors of the CCSS".

In line with its Human Development and Social Infrastructure strategic axis, over the last eight years CABEI has approved two additional loans to the CCSS of Costa Rica totaling US$330 million, which have enabled the modernization and equipping of its hospital infrastructure in five national hospitals and more than 20 specialized care centers, these include the Calderón Guardia Hospital, the Heredia Hospital, the Nicoya Hospital, the Osa Hospital and the Women's Hospital. With the new loan, CABEI's support for the hospital sector is now visible in all the country's provinces.

In addition to supporting the improvement of Costa Rica's hospital infrastructure and equipment, CABEI has also participated in strengthening the nation's capacity to face the health crisis caused by COVID-19 through the implementation of the Emergency Support and Preparedness Program for COVID-19 and its Economic Reactivation, which was implemented in March 2020.

The current loan is for a 25-year term, with a five-year grace period, with competitive financial conditions and in compliance with the corresponding national regulations.