Costa Rica Coffee Guide

World Bank Offers Costa Rica $500 Million Credit Line

February 13, 2009

Costa Ricans could have access to $500 million dollars of standby credit during the present economic crisis.

On Wednesday, the vice president of the World Bank for Latin America, Pamela Cox, visited San José and spoke briefly about pending and current loans to Costa Rica.

The World Bank loaned Costa Rica $65 million as part of the first Catastrophic Deferred Drawdown Option (CAT DDO), aimed at providing a source of immediate financing in the aftermath of a natural disaster. Costa Rica requested the disbursement after the Jan. 8 earthquake.

The CAT DDO provides financing that may be disbursed partially or in full if the country declares a state of emergency as a result of a natural disaster.

The World Bank also approved a $72.5 million loan to revitalize the city of Limón and prepare the nearby port for modernization.

The loan is awaiting approval by Costa Rica’s Legislative Assembly.

“This is a very important program for the Atlantic region,” said Finance Minister Guillermo Zúñiga.

Cox emphasized that the financial crisis is affecting every country in the world will. She said the World Bank plans to loan $35 billion worldwide, including $3 billion to Central America alone.

Cox said that despite being affected by the financial crisis, Latin America was not its cause nor at its center, as the problems originated outside the region.

Cox says that one such problem is that some countries rely on the relatives in the United States who send them funds, and that in countries such as Mexico, Guatemala and El Salvador, these funds are dropping.

–Meagan Robertson

 

You may be interested

IMF predicts ‘partial and uneven’ recovery in Latin America due to Covid-19
Costa Rica
824 views
Costa Rica
824 views

IMF predicts ‘partial and uneven’ recovery in Latin America due to Covid-19

AFP and The Tico Times - September 24, 2020

The International Monetary Fund foresees a "partial and uneven" recovery in Latin America after the Covid-19 crisis, and it anticipates…

Costa Rica coronavirus updates for Wednesday, September 23
Costa Rica
5494 views
Costa Rica
5494 views

Costa Rica coronavirus updates for Wednesday, September 23

Alejandro Zúñiga - September 23, 2020

Costa Rica announced 21 new coronavirus-related deaths over the last day for a total of 781, according to official data…

Costa Rica’s Playa Hermosa named as World Surfing Reserve
Costa Rica
11837 views
Costa Rica
11837 views

Costa Rica’s Playa Hermosa named as World Surfing Reserve

Alejandro Zúñiga - September 23, 2020

Save The Waves Coalition has named Playa Hermosa in Garabito, Puntarenas as a World Surfing Reserve (WSR), the non-profit announced…