Initiatives recently approved by CABEI for Costa Rica are around US$2.6 billion

San José, October 22, 2020. - With the same commitment to support the development of the region with which the Central American Bank for Economic Integration (CABEI) began its operations six decades ago, it reinforces its support for Costa Rica as one of its founding partners with recently approved financing amounting to US$2.6 billion with impacts throughout the entire country.

The active portfolio, as well as the initiatives that are in different stages of execution and/or approval by the Costa Rican authorities are diverse in nature.

On the one hand, the Strategic Road Infrastructure Works Program, for an amount of US$340 million, plus a recent addendum in the analysis of the Board of Directors for US$90 million, has made it possible to finance all the projects that make up the ambitious work with the largest viaduct in the country, such as the Northern Beltway in San José and the restructuring and modernization of the bridge over the Virilla River on Route 32.

Meanwhile, the US$270 million Hospital Infrastructure and Equipment Renewal Program has strengthened the capacities of the Costa Rican Social Security Fund (CCSS) with the construction of new buildings at the La Anexión Hospital in Nicoya, and Calderón Guardia with the new East Tower, in addition to the new Monseñor Sanabria Hospital, which is expected to be operational by the end of 2022.

In addition, CABEI hopes that in the coming months its Board of Directors will be able to submit a new financing of US$500 million for the strengthening of the William Allen Hospital in Turrialba, Monsignor Sanabria Hospital in Puntarenas and Max Peralta Hospital in Cartago, for approval.

On the other hand, in order to support the economic reactivation of micro, small and medium enterprises (Mipymes), in June, CABEI approved the first Development Policy Operation (OPD) for Costa Rica for US$300 million, which will serve as the basis for the creation of the National Guarantee and Bond Fund by the Government, which is estimated to have a direct impact on approximately 18,000 Mipymes.

In the area of water and sanitation, almost US$500 million has been approved by CABEI in four major programs that are broken down into hundreds of projects with impact throughout the country, enabling the delivery of drinking water to thousands of inhabitants, in addition to an efficient sewage system.

It is also worth mentioning that in 2019 CABEI approved, for Costa Rica, the largest loan in its history for US$550 million for the construction, furnishing and operation of the Electric Train for passengers of the Great Metropolitan Area (GAM), a credit adapted to the fiscal needs of the country due to the great importance and impact it will generate on its inhabitants.

"CABEI was born to be the Central American financial arm, so much so that in the last 15 years we have become the main multilateral in financing the region for its development, with 46% of the total disbursements and we are pleased to know that Costa Rica is one of the countries with the most active projects," said CABEI's Executive President, Dr. Dante Mossi.

El Jefe Oficial de País, Mauricio Chacón, concluyó señalando que “a como muchos de los proyectos aprobados por el BCIE están ya habilitados, nos complace saber que otros se encuentran en ejecución generando fuentes de empleo y otros en discusión de las autoridades de manera que permitirían reactivar la economía”.