Costa Rica inches closer to releasing US$700mn loan for emergency infra projects

Costa Rican President Rodrigo Chaves has signed a bill approving a US$700mn loan from the Central American Bank for Economic Integration (Cabei) to finance emergency infrastructure projects.

The 502 projects include schools, bridges and highways, with 299 classified as being at “imminent risk,” local daily La Nación reported. 

The government cannot use the funds yet however, as it must now submit an extraordinary budget plan for approval in congress. 

Showing his displeasure with a measure approved by lawmakers in December that gives them the final say, Chaves said at a Wednesday press conference that this situation could mean months of delay for the much-needed funding. 

The president of the national assembly’s finance committee, Paulina Ramírez, said Chaves was exaggerating and approval could be granted in as little as 15 days after the plan is submitted. 

“Is the right of all Costa Ricans to know that the funds will be correctly used,” La Nación reported Ramírez as saying.

The paper also reported finance minister Nogui Acosta saying the extraordinary budget plan is ready and will be sent immediately to the assembly.