CABEI and INCOFER sign agreement to modernize Costa Rica's railway network
The agreement will facilitate and promote advice sharing and knowledge transfer between the Costa Rican railway sector and CABEI in order to be replicated in other Central American countries.
San José, October 08, 2019.- Today, the Central American Bank for Economic Integration (CABEI) signed a memorandum of understanding with the Costa Rican Railway Institute (INCOFER) with the aim of developing strategies for the definition of regional railway projects and providing financing for such potential projects.
CABEI Executive President Dr. Dante Mossi stated that, “In the framework of the PRECOP25 inauguration and in line with its efforts of becoming a leading country in environmental matters through its Decarbonization plan, CABEI is pleased to support the country and INCOFER in the development of an electric passenger train for the greater metropolitan area."
He added that, “Through this memorandum of understanding, we reaffirm our social and environmental commitment by supporting INCOFER in the development of the Electric Train, not only in the project's public component, but also in its private one in order to ensure its achievement, which will greatly benefit Costa Rican inhabitants."
With regard to the agreement, CABEI's goal is to provide integral support to the Greater Metropolitan Area Electric Train project by providing funding to the Central Government to finance the national counterpart in the project’s development, while offering advice and financing to the concessionaire that results winner of the project tender process; this will guarantee a more effective and expeditious financial closing.
Over the last decade, CABEI has been the main financier of road and hospital infrastructure throughout the entire Central American region. By means of its financing of the Electric Train in Costa Rica, it seeks to become the main ally of the countries of the area regarding railway project development.