CABEI and WB to promote development policy operations for Costa Rica
By means of its investment of US$250 million, CABEI will contribute to improving the fiscal sustainability and environmental sustainability of Costa Rica in order to support building the foundations for inclusive and sustainable economic growth.
San José, December 19, 2019.- This week, the Central American Bank for Economic Integration (CABEI) worked jointly with the World Bank (WB) to prepare a parallel financing for a Development Policy Operation (DPO) in Costa Rica for an amount by CABEI of US$250 million.
CABEI approved the Development Policy Operation Program as a financing instrument for the sovereign public sector to support policy actions and development results, pursuant to the current trends and practices of multilateral banks regrading financing for development in the region.
In that sense, CABEI Executive President, Dr. Dante Mossi, stated that, “The operation aims to support Costa Rica's efforts to reinforce fiscal sustainability and continue to improve environmental sustainability enabling to set the foundations for inclusive and sustainable economic growth.”
Dr. Mossi added that, “The two latter elements are considered essential for the country's long-term development, as they serve to generate the fiscal space necessary to invest in infrastructure and in the natural and human capital required by the country's development agenda, as well as to reduce greenhouse gas (GHG) emissions. Likewise, Costa Rica's long-term fiscal and economic prosperity depends on the sustainable use of its natural resources.”.
