Costa Rica Could Lose $850 million in Loans
IDB loans in that amount for road infrastructure have not been implemented and are at risk.
Tuesday, May 26, 2009
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.
A loan from the Inter-American Development Bank has been approved for the construction of two hospitals and improvements to the health system.
In Costa Rica bureaucratic process and the slow pace of legislative approval for loans for infrastructure are key factors in the terrible record for execution of projects.
Costa Rica approved a line of credit from the IDB for the rehabilitation of roads and improvements to the road infrastructure in cities and national routes.
During a meeting of Governors, IDB President Luis Alberto Moreno announced that the entity will increase its support to countries in the region.
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