According to a decree published on June 5 in the Official Gazette, "... the signing of the Loan Agreement ... between the Republic of Panama and the Inter-American Development Bank (IDB)has been authorized, up to the sum of seventy-five million dollars (US $75,000,000.00)."
The loan will be used to finance the "Customs Logistics Integration Program", which consists of improvement to the country's logistics sector through the modernization of processes, technology, infrastructure and fiscal and parafiscal control equipment in the three Costa Ricanborderposts (Paso Canoas, Guabito and Rio Sereno).
According to the decree, the term of the loan will be 25 years and the period of disbursement will be five years from the date of entry into force of the contract.
Approved resources from an international loan will be allocated to infrastructure improvements at the customs offices of Peñas Blancas, San Pancho and Guasaule.
One of the purposes of the improvements to be undertaken at the customs offices is to reduce the time it takes to process control of goods in transit, something that Nicaraguan businessmen and the region have complained about repeatedly.
An announcement has been made that an agreement will be signed between the two governments to build ten border crossings using funding from the Inter-American Development Bank.
From a press release issued by the Government of Guatemala:
250 million dollars will be invested in the installation of 10 border posts between Guatemala and Mexico.
A new customs office to be inaugurated in March 2014 will save commercial cargo 140 miles of travel to Puerto Limon in Costa Rica.
The president of the Superior Council of Private Enterprise (Cosep), Joseph Adam Aguerri has asked for "strengthening and securing of the new border crossing" in order to promote trade.
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