CABEI and Costa Rican government sign contract for financing that will allow 72% of its population to be vaccinated against COVID-19
The US$80 million loan, formalized on Monday, will have an impact on more than 3.7 million inhabitants.
San José, May 31, 2021. - The Central American Bank for Economic Integration (CABEI) and the Government of the Republic of Costa Rica formalized financing for US$80 million for the acquisition, equipment and application of vaccines against COVID-19 to 72% of its population.
The signing of the credit agreement took place this Monday in a protocolary act in which the President of the Republic of Costa Rica, Carlos Alvarado; the Minister of Finance, Elian Villegas; CABEI Executive President, Dante Mossi; CABEI Director for Costa Rica, Ottón Solís; CABEI Country Chief Officer for Costa Rica, Mauricio Chacón; and the President of the National Commission for Risk Prevention and Emergency Attention (CNE), Alexander Solís, participated.
"The COVID-19 pandemic has represented a health and economic setback for the entire world. Through this financing with CABEI, we will be exchanging expensive debt for cheap debt that will allow us to protect the health of the Costa Rican population and also protect the country's public finances," said President Alvarado, thanking the Bank for the support it has given Costa Rica throughout the pandemic.
"We reaffirm our commitment as Central America's bank to support the efforts of our partner countries to combat the pandemic. We understand that this financing will impact more than 3.7 million people, thereby immunizing a large majority of the Costa Rican population," said Mossi.
This financing, which will require congressional approval, is part of CABEI's Emergency COVID-19 Support, Preparedness and Economic Reactivation Program for the Acquisition and Application of Vaccines. It is for a 20-year term, with a five-year grace period, under competitive financial conditions and in compliance with national regulations.