• Costa Rica Real Estate Auction
  • Costa Rica Real Estate

Costa Rica struggles to manage $1.7 billion in development loans

November 8, 2014

The Finance Ministry and the Inter-American Development Bank (IDB) have been trying to speed up the implementation of more than $1.7 billion worth of development loans in energy, infrastructure, security, education and other strategic sectors. Costa Rica has struggled to complete its public works projects in the past, including those with IDB funding, on time and on budget, according to Casa Presidencial.

IDB currently has 11 projects in the pipeline worth $1.7 billion in various stages of development, $1.3 billion of which is available to pay out now. Finance Minister Helio Fallas said in a joint statement Friday that the government and bank have been looking for ways to speed up Costa Rica’s notorious bureaucracy to implement these projects, including expanding broadband access, the Reventazón hydroelectric project and disaster risk management.

IDB offered specific recommendations to speed up the implementation of each of the 11 projects to find ways to more efficiently complete the public works.

Of the 11 active projects IDB approved $810 million for transportation, $500 million for energy, $167.5 million for education, $132.4 for security, $35 million for innovation, $82 million for water and sanitation and $19 million for tourism.

During his presentation of the 100-day report, President Luis Guillermo Solís highlighted that Costa Rica ranked dead last — 26th out of 26 Latin American countries — when it came to effectively using funding from the Inter-American Development Bank.

“We pride ourselves on having the best democracy on the continent and living in one of the world’s happiest countries, but we have the most inefficient state when it comes to managing development loans,” Solís said.

You may be interested

Hotel Belmar and Madre Tierra Farm in Monteverde certified as carbon neutral
Ecotourism
1 views
Ecotourism
1 views

Hotel Belmar and Madre Tierra Farm in Monteverde certified as carbon neutral

The Tico Times - November 13, 2019

Hotel Belmar and Madre Tierra Farm in Monteverde have taken ecotourism to a new level. For a third consecutive year,…

Costa Rica places 1.5 billion dollars in Eurobonds to refinance debt
Costa Rica
28 views
Costa Rica
28 views

Costa Rica places 1.5 billion dollars in Eurobonds to refinance debt

AFP and The Tico Times - November 13, 2019

In an operation to cover state budgetary needs, including the refinancing of public debt, Costa Rica on Tuesday placed $1.5…

The coffee conundrum: consumption is up, but trade prices are low
Coffee
20 views
Coffee
20 views

The coffee conundrum: consumption is up, but trade prices are low

Benoît Pelegrin / AFP - November 13, 2019

Despite a steady increase in coffee consumption around the world, trade prices have fallen dramatically in the past three years,…

Do NOT follow this link or you will be banned from the site!