CABEI and the OPEC Fund for International Development achieve a successful alliance to improve financing conditions for the expansion of the San José-San Ramón Highway Corridor
• The OPEC Fund for International Development approved EUR 180 million as co-financing for the US$770 million approved by CABEI for the development of the project.
San José, April 9, 2024.- In a milestone for infrastructure financing in Costa Rica, the Central American Bank for Economic Integration (CABEI) achieved the historic participation of the OPEC Fund for International Development in the Expansion and Improvement Project of the San José-San Ramón Road Corridor.
As part of the total financing of US$770 million approved by CABEI last November for the Republic of Costa Rica, the OPEC Fund will co-finance EUR 180 million (approximately US$195 million), making it possible to structure a highly competitive financial solution through the combination of concessional funds and CABEI's own resources, substantially optimizing the original financial conditions of the credit.
The funding will enable work to be carried out on more than 55 kilometers of this important road, including the widening of the General Cañas and Bernardo Soto highways, the construction of a new 4.45 km radial road in Río Segundo de Alajuela and the modernization of 16 key overpasses, such as Juan Pablo II, Castella, Cariari, Firestone, Intel, and the Juan Santamaría International Airport, among others.
“Within the framework of this strategic alliance, Costa Rica becomes the first country in the region to receive support from the OPEC Fund as a co-financing partner, which demonstrates the confidence of international investors in our economy and the quality of the project we want to develop. The Costa Ricans have been waiting more than three decades for a definitive solution for this road corridor, and we are getting closer and closer to making it a reality,” said the acting Minister of Finance, Luis Antonio Molina Chacón.
The Director for Latin America and the Caribbean of the OPEC Fund, Miguel Linares, said: “This flagship project represents exactly the type of initiatives that the OPEC Fund seeks to support: sustainable infrastructure, regional impact, and a direct improvement in the life quality of persons. We are proud to collaborate for the first time with Costa Rica within the framework of this alliance with CABEI, and we are confident that this investment will contribute significantly to the economic and social development of the country”.
On her account, the Executive President of CABEI, Gisela Sánchez, emphasized the role of the Bank as a catalyst for strategic alliances: “From CABEI we reaffirm our commitment to attract top-level financing to the countries we serve, maximizing its positive impact. This co-financing is an example of how international collaboration may transform the infrastructure and quality of life in the region”.
This project will directly benefit more than half a million Costa Ricans, reducing journey times, improving road safety, and strengthening the country's competitiveness. With this solid financing scheme, the San José-San Ramón Road Corridor is consolidated as a model of international cooperation in strategic infrastructure for Central America.
