$12 Million More Approved for Public Building

In Costa Rica, an additional $12 million was approved for the construction project of the new Legislative Assembly headquarters, and part of the resources will be used to cover change orders in the construction of the building.

Monday, November 12, 2018

According to official documentation, ₡2.526 million ($4 million) will be used to fulfill change orders in the building's construction, ₡1.522 million ($2.4 million) were requested for exchange rate differential increases, ₡1.016 million ($1.6 million) for interest rate increases on loans granted and ₡2.589 million ($4.1 million) for working capital.

The budget increase decision was approved by the Legislative Directory, which means that the work so far has a cost of ₡69.240 million ($111 million).

You may be interested in "Public Works: $1.1 Billion in New Projects"

Crhoy.com reports that "... The company in charge of the works is the builder EDICA Ltda. When the construction began in March, ₡62 billion was estimated to be enough for the 21 floors, of which 4 are underground, where it will house the Legislative Plenary, the Commissions, as well as offices. In October 2015, that disbursement was ₡52 billion, but in November 2017, an increase in the credit limit of ₡9.587 million was approved, the sum is precisely the money wherewith the work began."

In this regard, Antonio Ayales, Executive Director of the Legislative Assembly, explained that "... We have a surplus of colones but with high risk, we are going to reduce the amount of dollars by converting that fund into colones, we will have to wait over time to find out if we have to make more adjustments, I think we have to make more adjustments because those colones have been reduced significantly."

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