CABEI approves US$400 million in financing to improve national road network for the benefit of more than 500,000 Costa Ricans

Tegucigalpa, September 06, 2023. - To improve and modernize Costa Rica's road network, optimize travel times for people and goods, and increase road safety for the benefit of 563,512 people, the Central American Bank for Economic Integration (CABEI) approved US$400 million to execute the "National Impact Asset Management (GAIN) Program", which includes five key road projects for the country's economic and social development.

These include the completion of the Barranca - Limonal project, the design and construction of the structures for the vehicular crossing and pedestrian bridge between Hatillos 7 and 8, the widening of the radial road in Lindora including a roundabout at the intersection known as Panasonic in San Rafael de Alajuela, and pedestrian bridges on National Route 32, which together will total 401.5 kilometers between built, widened, and rehabilitated.

It also contemplates allocating resources from the financing to the National Roads Council (Conavi) for road conservation investments, and the final design to determine the technical, financial, environmental, social and climatic feasibility and profitability of three other projects: the road improvement between Guacimal and Santa Elena in Monteverde, the expansion to four lanes of the Heredia highway, and the design of tunnels false tunnels on National Route 32, in the Braulio Carrillo section.

Subcomponents such as supervision, external auditing, and socio-environmental and climate management, which are intended to contribute to reducing the physical risk of investments, mitigating climate change and improving the program's environmental and social management, are also contemplated, as well as the creation of 1,389 jobs during project execution, which is in line with CABEI's human development strategic axis.

The financing is for a 20-year term with a five-year grace period, competitive interest rates, and does not require a sovereign guarantee, thus adjusting to the country's fiscal particularities so that it can invest in public works without affecting its macroeconomic indicators.