Government of Costa Rica Takes Out Loans It Doesn't Use

Interest and fees are paid for $781 million in outstanding loans, of which only $41 million have been used, 5% of the total.

Tuesday, October 1, 2013

The country pays interest and fees for a total of nine loans that have hardly been used. "Up until August, the Government paid a total of $3.8 million in commitment fees and interest on loans that were first implemented in the last four years ...", reported

Even the General Comptroller's Office has criticized the low implementation of these loans in recent years. Some of the institutions that granted loans to the country are the Central American Bank of Economic Integration (BCIE), the Inter-American Development Bank (IDB) and the Japanese Bank for International Cooperation.

According to Jordi Prat, Vice Minister of Investment and Public Credit, ... payments for every loan starts six months after the first disbursement is provided. "Is is a long process. First approval must be given in Congress which in record time is six months. Then a tender process is started which is often delayed by appeals," he added.

More on this topic

Panama: $75 million for Customs Modernization

May 2018

With a loan from the IDB, part of the investments in infrastructure and fiscal control equipment will be financed at the country's customs posts.

From a statement issued by the Ministry of Economy and Finance:

May 17, 2018 The National Economic Council (CENA) endorsed a draft loan agreement for B /.

Nicaragua: $91 million for Road Infrastructure

September 2013

The Inter-American Development Bank has granted a loan of $91.5 million to improve 150 kilometers of roads.

A press release from Inter-American Development Bank (IDB) reads:

Nicaragua will improve the efficiency and safety of its road transport system and promote regional integration using a loan of $91.5 million approved by the Inter-American Development Bank (IDB).

Honduras: $1.254 billion available in loans

March 2012

The IDB, CABEI, and the World Bank top the list of the seven financial institutions that together have pledged a total of $3.189 billion in loans for the development of public works.

The amount still available in the Honduran loan portfolio for external funding is $1.254 billion. The total amount of loans approved is $3.189 billion.

$850 Million For Roads and Highways

June 2009

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.

The loans for $850 million authorized by the Inter-American Development Bank (BID acronym in Spanish) were approved by the Legislative Assembly of Costa Rica for financing of the Transportation Infrastructure Program.

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