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Costa Rica Applies for $ 132 Million IDB Loan

The Government signed a declaration of intent for a loan in order to fund new security programs.

Wednesday, March 2, 2011

Justice Minister, Hernando Paris, said the funds will be used to strengthen the penitentiary system ($ 74.3 million) and for social programs aimed at young people living in high risk areas.

"The amount required to implement the projects is $ 187.8 million, so the country would provide $ 55.8 million," reported Nacion.com.

The Executive Board of the Inter-American Development Bank (IDB) must first approve the agreement then request endorsement by the Central Bank, the Finance Ministry and finally get Legislative approval.

Source: Nacion.com