BRASILIA – Chinese President Xi Jinping proposed Thursday to create a $20 billion fund to finance infrastructure projects in Latin America and the Caribbean. The fund was announced at the end of a summit hosted by Brazilian President Dilma Rousseff that marked the launch of the China-Latin America-Caribbean Forum.
The renegotiations targeted several legacy projects devised by previous National Liberation Party administrations, including former presidents Óscar Arias (1986-1990, 2006-2010) and Laura Chinchilla (2010-2014), including Route 32 and the stalled Moín oil refinery.
President Luis Guillermo Solís, representing Costa Rica as the president pro tempore of the regional organization, is set to meet with the presidents of China, Brazil and Chile during the week-long event in Brasilia.
Costa Rica's lawmakers agreed to postpone until Oct. 12 discussion of a $395 million loan from the government of China to finance the expansion and renovation of Route 32, the main access highway to the province of Limón.