The loans for $850 million authorized by the Inter-American Development Bank (BID acronym in Spanish) were approved by the Legislative Assembly of Costa Rica for financing of the Transportation Infrastructure Program.
According to La Prensa Libre de Costa Rica, “the main idea behind the resources is to give economic support to the renewal of dirt and gravel county roads, the improvement of road infrastructure for the adequate operation of urban public bus transportation and other transport systems, like the railroad. Furthermore, it includes money to begin rehabilitation projects, reconstruction and improvement of national roadways.”
A loan has been approved by the Inter-American Development Bank and the Fund for Chinese Cofinancing to repair roads and build bridges in different parts of the country and carry out port works in the Pacific.
Ministers approved, on its second reading, a loan which will finance the Transportation Infrastructure Program (PIT by its initials in Spanish), which will be used to repair roads and make other improvements to road infrastructure mainly in the northern and central Pacific parts of the country.
The Costa Rican Legislative Assembly has approved a $200 million loan for road infrastructure.
The Inter-American Development Bank (IDB) loan, is part of a loan package of $850 million, which will be disbursed in installments.
"These resources, which are exclusively for matters relating to road infrastructure, will be used for a second tranche of cantonal road development in a number of towns and roads that have already been established, the projects will be monitored by a unit of the Ministry of Public Works and Transportation", published Prensalibre.cr.
IDB loans in that amount for road infrastructure have not been implemented and are at risk.
During a visit to Costa Rica, IDB president Luis Alberto Moreno urged the country's legislature to approve the use of funds for roads, ports and airports, indicating that excessive delays could put the loan at risk due to the high demand of resources by other countries.
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