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. Representatives from the Ministry of Public Works and Transportation (MOPT) announced that the next phase will establish the conditions and timetable for the tender to select the trustee.

Mauricio Gonzalez, Deputy Minister of Infrastructure, told Nacion.com that "... There are other banks that have reported their potential interest in contributing resources to the trust, which is very positive as it is a large and expensive project, estimated at $436 million, it would be difficult for a single entity to provide all of the capital. "

Source: Nacion.com

More on this topic

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.

Costa Rica: Hesitation of Investments in Infrastructure

November 2015

The process of selecting trustees for the construction and operation of a major road work is running out of participants.

In February, when the law enabled the use of a trust to finance and build the road from San Ramon to San Jose, seven banks expressed interest in participating in the process, but now, following Banco Nacional´s decision to withdraw a few months ago, two other private banks have also decided to step aside.

Costa Rica: An Over Complicated Trust

July 2015

The amendments made to the law on the trust to finance the expansion of the road from San Ramon to San Jose, limit sthe interest of potential trustees.

The Ministry of Public Works and Transport argues that the changes made to the original text raise questions for potential banks interested in setting up the trust, particularly because it does not include, among other things, the information necessary to determine the financial feasibility of the project. "...The practical effect of this gap in the law is that there is not the desired and necessary security required in the case that there is a need to go to the market to raise funds to finance the work. "

Costa Rica: Slow Progress in Processing Paperwork for Road Works

May 2015

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.

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 "....