Costa Rica: Slow Progress in Processing Paperwork for Road Works

Three months after a law was signed that supports the use of a trust to expand the San José-San Ramón highway, a bank has not yet been selected to administer the funds.

Friday, May 29, 2015

Although four banks have already expressed interest in participating in the contest, the authorities at the National Highway Council (CONAVI) not only have not selected any one of them, they are only just preparing ".... a document to request special permission from the Comptroller General of the Republic to create a special procedure for selecting the trustee bank. "

"... If the Comptroller gives its approval, and Conavi finally chooses the trustee, the projection of the Deputy Minister of Infrastructure, Mauricio Gonzalez, is that the trust agreement will be made ​​between September and October this year, to then be sent for endorsement in October. " reports that "... Asked whether there are factors that may delay the timely implementation of the project, the Deputy Minister denied this. 'The implementation has required a series of checks of inputs that involves the participation of different actors outside of the Mopt / Conavi as well as internal departments of both institutions'. "

More on this topic

Progress on San José - San Ramón Highway Project

October 2017

With the changes to the contract approved by the Comptroller General, Banco de Costa Rica has become the project supervisor of the road expansion project.

"... The main change is that Banco de Costa Rica will be in charge of the Project Management Unit (UAP) and therefore will have to provide the entire administrative team needed to manage the next phases of the route. In addition, it will assume work such as the selection of contractors for different works."

Great Road Project in Costa Rica Goes Ahead

February 2016

The Bank of Costa Rica has been selected to hold the trust which will be used to manage the project to expand the highway between the capital and the city of San Ramon, which will cost approximately $500 million.

The extension of this road is a long-standing project, and has faced a host of problems, including the cancellation of the initial concession of the work, which involved a payment of $35 million to the Brazilian construction firm OAS, which in turn had bought the contract from Autopistas del Valle.

The Interested Parties in Public Works Trust

March 2015

In Costa Rica four private banks and two state banks have expressed interest in becoming trustees of the $436 million trust fund for expanding the road from San Ramon to San Jose.

Public banks interested in becoming trustees of the project are the Bank of Costa Rica and Bancrédito, and the private banks are Scotiabank, Lafise, BCT and Improsa.

Costa Rica: Trust Banks for Road Route

March 2015

The National Roads Authority will be receiving proposals from private and public banks to administer the trust for the construction of the road from San Jose to San Ramon.

The banks involved have a week to present their proposals, later the National Highway Council (CONAVI) will evaluate the experience of the entities in the administration of trusts and a assessment will be made of the commission for recovery.