Halting of RACSA Trust Denied

Costa Rica’s Banco Nacional denies that the $360 million trust to expand high-speed Internet has been cancelled.

Thursday, July 8, 2010

Eduardo Doryan, head of the country’s state-owned electricity and telecommunications provider (ICE), had declared that without the trust, the high-speed internet investment was impossible, because an institution the size of RACSA could not possibly finance such a huge project.

However, the director of the Investment Banking branch of Banco Nacional, Lourdes Fernández, told La Prensa Libre that the trust remains active and that no instructions have been received from ICE to cancel it.

Plans have been announced and denied in recent days to turn RACSA into a marketing and sales unit of ICE.

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RACSA is the company responsible for providing Internet and data communication services to both the Costa Rican public and businesses. Formally it is a subsidiary of ICE, the state telecoms and electricity provider.