Costa Rica: Municipalities to Finance Works with Debt
Several regional governments are planning to issue debt in order to pay for public works projects such as highways and buildings.
Thursday, August 26, 2010
For example, a group of seven Atlantic region municipalities intend to issue $13.7 million of debt in order to improve their road infrastructure.
Costa Rica expects congressional approval within a month to sell as much as $4 billion in bonds abroad and plans an offering of at least $500 million by November, Vice President Luis Liberman said.
The Panama branch of the International Bank of Costa Rica (BICSA) has made a public offer of corporate bonds worth $100 million.
The proceeds of the issue will be used to settle obligations maintained by the Ministry of Communications, Infrastructure and Housing (CIV), with construction companies.
The monetary authority has endorsed the issuance of $447 million in Treasury bonds, which will be used to settle debts with private contractors.
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