The Costa Rican financial system makes no effort to provide resources to support innovation processes in companies.
A report entitled ‘Indicators for Science, Technology and Innovation 2010-2011’ published by the Ministry of Science and Technology of Costa Rica, notes that "what continues to stand out in the country's financial system is the fact that it does not seem to be very mature in terms of providing resources for company’s innovation processes.
Negotiations are being conducted with the National Network of Spanish Railways for a passenger train to join the urban centers of Cartago and Alajuela.
A statement from the Presidency reads:
Vice president Liberman seeks options for passenger train between Alajuela and Cartago
Madrid, October 22, 2012. The Vice President, Luis Liberman, participated this morning in a series of meetings with officials from the Spanish government to explore the feasibility of a commuter train that would carry passengers between Alajuela and Cartago. These meetings involved Ekhart Peters, Costa Rica's ambassador in Spain and Miguel Carabaguíaz, INCOFER’s president.
The National Bank has $14 million from the System for Development Banking for small industrialists who have a capacity to pay, good credit and a clear plan of investment.
A statement from the Chamber of Industries of Costa Rica (ICRC) reads:
- Small Industries will have 7 billion colones for funding to improve productivity
- System for Development Banking will provide financial resources for the program.
A feasibility study has been submitted by the mayor of the capital of Costa Rica which sets the required investment at $220 million.
The French government provided the $700,000 required for the feasibility analysis of the proposed tram transportation system, which will run along a 10 kilometer stretch in the capital of Costa Rica.
There is still no government decision on how to finance the project, with the option being considered, among others, of equity financing and the granting in concession of the construction and system operation.
At the First Central American Forum on Energy and Infrastructure Project Finance, participants highlighted the number of ventures taking place in Central America in these sectors.
The Panama Canal expansion is just one example that stands out of the many investment projects in energy and infrastructure, both public and private, going on in Central America, in contrast to the sluggishness in Europe, according to participants in the industry forum held in Panama.
The Costa Rican Institute of Aqueducts and Sewers needs resources of $598 million immediately and $371 million in the short term.
The funds are for projects that were put to the bottom of the list and have now become a priority for the institution.
Eduardo Lezama, assistant manager of the institution, referred to the projects that need to be done urgently, "We need improvements in collection, in the distribution network sectors, in storage tanks or increased storage."
The regulations for the investment of venture capital funds, which were recently published by the Superintendency of Securities, have generated positive expectations from market participants.
Although there are differences of opinion, most experts in the field feel the addendum to the regulation of investment funds covers all the minimum elements that must be detailed in an instrument of this nature.
The primary objective of this scheme is the temporary investment in private bonds of recommended companies, which have not been registered on a stock market over the past five years.
Costa Rica’s National Council of Financial System Supervision approved the regulations covering the operation of the long-awaited Venture Capital Funds.
These instruments are an alternative for financing projects or companies, especially those which by their nature have limited access to traditional funding mechanisms.
Costa Rica's state-owned electricity and telephone services supplier (ICE) has decided to finance its future capital expansion projects with an international debt issuance.
Aldesa's analysis of ICE's decision comments that the company is looking to make the most of the joint conditions of low dollar interest rates and a lack of this kind of opportunity for investors.
$100 million of loans have been granted, paving the way for larger passenger capacity at Juan Santamaria Airport.
A press release from the Inter-American Development Bank reads:
Juan Santamaria International Airport in San Jose, Costa Rica has successfully completed a three-year restructuring process and is preparing to more than double its passenger capacity after partnering with the Inter-American Development Bank (IDB) and the Overseas Private Investment Corporation (OPIC).
A feasibility study by a Chinese company for the development of a refinery in Costa Rica, is being questioned by the U.S company Honeywell.
Honeywell, a company specializing in oil industry, was hired by the Costa Rican Petroleum Refinery (RECOPE) to analyze the feasibility study was prepared by the Chinese consulting firm Huanqiu Contracting & Engeneering Corp. (HQCEC).
Costa Rican builders are objecting to the award to a Chinese company of a concession for building the hydroelectric station Reventazón, which came as a condition for funding from the Asian country.
A statement from the Costa Rican Chamber of Construction reads:
CCC Proposes to Fund 25% of Reventazon Works with Local Resources
The Costa Rican Chamber of Construction (CCC) is opposed the fact that the construction of the Reventazón is on condition that the Instituto Costarricense de Electricidad (ICE) includes an Asian company in the project.
The $300 million loan from a bank in China contains the condition that the company Sinohydro be allowed to participate in the project in Costa Rica.
The funding of $300 million accounts for 25% of the total cost of the works, said Teofilo de la Torre, chief executive of the Instituto Costarricense de Electricidad (ICE).
The executive from the ICE, said the institution is analyzing the request and that the decision will be taken before the end of this year.
The connection between entrepreneurs with good ideas and sophisticated investment professionals results in venture capital funds.
For years, experts in this type of investment have tried to promote the development of a format that will allow the participation of several sophisticated investors in the financing of enterprises that require resources for their development.