• Costa Rica Coffee Guide

U.S. to Forgive Part Of Costa Rica’s Debt

March 23, 2007

The United States has agreed to exchange $12.6 million of Costa Rica’s $93.1 million debt for projects to protect the environment, according to a statement from the Foreign Ministry.

The U.S. Treasury Department has deemed Costa Rica eligible for the Tropical Forest Conservation Act, a law that allows countries with significant amounts of tropical forest to exchange their debt to the U.S. government for efforts to protect forests.

The Ministry of Environment and Energy (MINAE) and Finance Ministry now have the task of defining how this money will be spent, the statement said.

Foreign Minister Bruno Stagno said he is “doubly pleased” with the U.S. decision, “in the first place, because Costa Rica is once again being a part of international cooperation, and also because the U.S. decision confirms the leadership of the country in conservation and the protection of nature, especially forests,” the statement said.

The $12.6 million is a “significant amount” that can go toward programs including President Oscar Arias’ Peace with Nature, which promotes the efficient use of energy and the creation of alternative energy, the statement said.

Some environmentalists, however, have voiced concern over Arias’ environmental policy, saying it doesn’t go far enough (see separate story).

President Arias asked U.S. President George W. Bush to consider forgiving Costa Rica’s debt during a visit to the White House in December (TT, Dec. 8, 2006).

 

You may be interested

Quepos airport renovations (finally) underway
Costa Rica
2 views
Costa Rica
2 views

Quepos airport renovations (finally) underway

Alejandro Zúñiga - May 6, 2021

Renovation and expansion of the runway at La Managua Airport in Quepos began Wednesday and will completed before September. "The…

PAHO says region’s hospitals are ‘dangerously full’
Latin America
3 views
Latin America
3 views

PAHO says region’s hospitals are ‘dangerously full’

Ariela NAVARRO / AFP - May 6, 2021

PAHO, the Americas office of the World Health Organization (WHO), warned on Wednesday that hospitals in the region are "dangerously…

IDB approves $500 million loan for Costa Rica
Costa Rica
5 views
Costa Rica
5 views

IDB approves $500 million loan for Costa Rica

Alejandro Zúñiga - May 6, 2021

The Inter-American Development Bank (IDB) said Wednesday that it has approved two loans to Costa Rica totaling $500 million. "Costa…