Feb 4, 2015 (SeeNews) - Costa Rica has applied for USD 302.9 million (EUR 264m) in loans from the Inter-American Development Bank (IDB) as it seeks to upgrade its border crossings infrastructure and build more renewables in 2015.
The Costa Rican Ministry of Finance and IDB said in a joint press release on Tuesday that about USD 200 million will be needed for renewable energy, transmission and distribution programmes, while USD 100 million could be allocated for modernising the country’s four border crossings. Additionally, the IDB will provide USD 2.9 million in technical cooperation grants for the nation’s social and fiscal growth.
The above-mentioned initiatives have been prioritised in the Latin American country’s National Development Plan, finance minister Helio Fallas said. He added that the IDB financing will help lower the impacts of climate change and support sustainable economic growth and regional integration through the Central Regional Electricity Market.
Costa Rica and the IDB have also agreed to work on a country strategy for 2015-2018 and address issues related to Costa Rica’s macroeconomic stability, public finances, competitiveness, infrastructure and poverty reduction.
(USD 1.0 = EUR 0.872)