No menu items!

COSTA RICA'S LEADING ENGLISH LANGUAGE NEWSPAPER

HomeArchiveICE Says Its Finances Are in Great Shape

ICE Says Its Finances Are in Great Shape

IN 2003, the Costa Rican Electricity and Telecom Institute (ICE) reported ¢3.35 billion ($78.7 million) in revenues – 18.2% more than in 2002.

The increase in revenues was attributed to three main reasons – sales from second-generation GSM cellular telephones, an increased demand for electrical services and better control over expenses, according to ICE.

At the end of last year and the start of this year, ICE issued $100 million in bonds that will be used to finance future electricity generation and telecom infrastructure development projects.

The first bonds, totaling $40 million, were issued on Dec. 10, 2003 and quickly sold out after being released on the international market. The bonds were negotiated at 7.10% interest over 10 years.

The second set of bonds, totaling $60 million, were issued Feb. 3 of this year and also sold out shortly after their release. The bonds were negotiated at 6.45% interest – a lower rate than the latest series of foreign-debt bonds issued by the Costa Rican government – over 10 years.

The bonds sparked controversy because in May 2003, the Central Bank had refused to allow ICE to issue them, fearing they would negatively compete with government bonds and could lead to an increase in interest rates. In response, ICE workers’ unions went on a threeweek strike.

Eventually, the government agreed to allow the bond issue (TT, Dec. 24, 2003).

 

Trending Now

Latin America Questions US Boat Strikes in the Drug War

US military strikes that Washington claims have targeted "narco-terrorists" ferrying drugs to American soil are having little to no impact on Latin America's bustling...

U.S. Strikes Drug Boat in Pacific Near Colombia, Killing Two

The United States military carried out its first strike in the Pacific Ocean against a boat suspected of drug trafficking, killing two people near...

Costa Rica Welcomes Ed Sheeran Back for Loop Tour Show

British singer-songwriter Ed Sheeran will wrap up the Latin American leg of his Loop Tour with a performance in Costa Rica on May 30,...

Costa Rica Presidential Candidate Eli Feinzaig Recovering

Presidential candidate and Congressman Eli Feinzaig of the Progressive Liberal Party (PLP) underwent surgery Saturday night to repair a fractured sternum sustained in a...

Costa Rica Bans Tattoos and Makeup in Schools

The Ministry of Public Education (MEP) has rolled out new guidelines that will reshape how students present themselves in public schools across Costa Rica...

Guatemala Seeks FBI Help After Gang Leaders Escape Prison

The Guatemalan government announced Friday that it will ask the United States for an FBI team of experts to help recapture the leaders of...
Avatar
spot_img
Costa Rica Coffee Maker Chorreador
Costa Rica Coffee Maker Chorreador
Costa Rica Travel Insurance
Costa Rica Rocking Chait
Costa Rica Travel

Latest News from Costa Rica