CABEI and the Republic of Costa Rica sign an agreement for US$90.5 million to finance strategic road infrastructure

San Jose, November 16, 2020. – The Central American Bank for Economic Integration (CABEI) and the Government of Costa Rica signed the contract for the extension of the loan "Strategic Road Infrastructure Works Program" which finances, among other works, the construction of Circunvalación Norte.

The US$90.5 million addendum approved by CABEI, in addition to the US$340 million of the Program, will allow the construction of the Northern Bypass Functional Unit V, which maintains a cost of US$70.5 million; as well as the reinforcement and modernization of the bridge over the Virilla River on National Route 32 of the recently inaugurated works that also received financing from CABEI, for US$20 million.

CABEI`S Executive President, Dr. Dante Mossi emphasized, “it is of great satisfaction to extend our contribution in works of this magnitude that will allow the reactivation of the economy generating about 385 temporary jobs during the construction phases”.

According to the Chief Country Officer in Costa Rica, Mauricio Chacon, who signed the loan contract this Monday along with the Minister of Public Works and Transport, "with this work will be providing a direct benefit to more than 211,527 users, in addition to another million inhabitants of surrounding areas”.

Rodolfo Méndez Mata, Minister of the Public Works and Transport Ministry (MOPT) said: “we fulfill our commitment to secure the resources that will allow us to conclude National Route 39, thanks to the support of CABEI, we have the money to develop the only section of the Northern Beltway that we have left to start and that, when it is built, will connect all the peripheral ring that surrounds the capital city".

The Northern Beltway in San José is made up of five functional units that make up 5.4 kilometers of track over highly trafficked locations. As of August, of this year, the Functional Unit (UF) I was 40% complete, the UF IIA 14%, the UF IIB 95%, the UF III 87% and the UF IV 87%; while the UF V, which will be financed with this credit extension, expects its start order in the coming months.

The CABEI's Strategic Road Infrastructure Works Program is made up of several works of great national importance. Some of them have already been executed and enabled for their use, such as the Social Guarantees overpass, the bridges over the Virilla River on Route 1, Route 32 and Route 147, as well as the final access to the Container Terminal in Moín, Limón; while others are being executed, such as the Northern Beltway and the Guadalupe overpass.