Arguing that a complete report on the financial situation of the companies owning the development was not presented, the Costa Rican Tourism Institute decided to cancel the concession of the Monte del Barco project, in the Papagayo Tourist Pole.
Aldesa Fondos de Inversión reported that Inversiones Monte del Barco S.A. and Inversiones GODA S.A., companies owning the tourism development, were notified last July 4th, but the concessionary companies will proceed to file in time and form, the appeal for replacement or revocation before the Board of Directors of the Costa Rican Tourism Institute.
In Costa Rica new investment funds for development projects are a good alternative to remedy the serious deficiencies in public infrastructure affecting the country.
From a report by Fitch Ratings Central America:
Fitch Ratings - San Jose - (August 24, 2016): The rules on investment funds in Costa Rica incorporate the concept of Investment Funds for Development Projects (FDP) as an alternative to expand financing options (via placement of shares from an FDP).This type of fund can be used in public and private infrastructure projects, as well as in real estate developments (whether they are residential or commercial ones), among other projects.
Through a real estate development fund, $40 million will be raised from the local market to build an office building for the four superintendencies of financial markets.
The state run BN Funds is the manager of Fondo de Inversión de Desarrollo Inmobiliario de Infraestructura Pública -1, created by the Central Bank of Costa Rica to attract the necessary funds to construct a building to house the offices of the regulators of pensions, insurance, securities and financial institutions.