Costa Rica signs $1 billion concession

The Costa Rican government signed a $1 billion concession with the Dutch company APM Terminals to construct a new port terminal in the Caribbean town of Moín on Tuesday. It was the largest concession contract ever signed in Costa Rican history.

Construction on the new terminal will begin in 2013, with an expected completion date of 2016. The terminal will be used primarily to ship and receive large containers. It will be equipped with 13 cranes and a six-slip platform large enough to dock Post-Panamax ships carrying 5,000-12,000 containers.

APM will conduct land surveys and design building plans during the next 18 months.

President Laura Chinchilla lauded the investment, saying it will bring employment and improve national infrastructure. The project will create an estimated 2,000 direct jobs and 8,000 indirect jobs, Chinchilla said. Representatives from APM Terminals said most of the workers for the project will be hired locally.