Above: Costa Rica
By the Caribbean Journal staff
Costa Rica is receiving a total of $450 million in loans from the Inter-American Development Bank and China to improve its road and port infrastructure.
The country will receive a $400 million loan from the Inter-American Development Bank and a $50 million loan from the China Co-financing fund for Latin America.
According to the IDB, the project will repair or pave up to 110 kilometres of the national road network, while widening 51 kilometres of roads from two to four lanes.
The project will also build or repair 19 bridges and almost 400 metres of breakwaters in the country’s ports. Also part of the project are the rebuilding and expansion of ferry terminals in Puntarenas, Paquera and Playa Naranjo.
In a statement, the IDB said the road improvements were “expected to help communities throughout the country to transport their products at lower cost and more efficiently to domestic and foreign markets.”
“Better transformation infrastructure also will help Costa Ricans access social services by allowing them to reach health, education and other government facilities more easily and in timely fashion,” the IDB said.
The IDB said its $400 million loan was for a 24-year term with a 6.5-year grace period.