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Financing Secured For Oil Pipeline

Tico Times
By Tico Times

THE Central American Bank forEconomic Integration (CABEI) and theAndean Development Corporation(CAF) on Wednesday signed a $90 millionloan agreement with the CostaRican Petroleum Refinery (RECOPE)that will allow the country to finance thethird and final phase of a proposed oilpipeline between the Caribbean port ofLimón and La Garita de Alajuela, in thenorthwestern portion of the CentralValley.CABEI will lend RECOPE $60 million,and CAF will loan it the remaining$30 million.The funds will be used to construct a133-kilometer pipeline and two pumpingstations.

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