IADB agrees $350m financing for roads project in Costa Rica
The Inter-American Development Bank will offer Costa Rica a long-term line of financing worth $350 million for investment in sustainable projects to improve and expand parts of its Strategic Road Network.
The project is designed to enhance development and the flow of traffic in the Greater Metropolitan Area.
The $350 million conditional line of credit will be handled with two transactions. The first sets aside $178 million for specific works, of which $125 million will be financed by the IADB and $53 million by the Ministry of Public Works and Transport through the National Road Council.
The second operation earmarks $225 million to finance completion of new highway to San Carlos and works to complement Highways 1 and 2.
The facility has a imbursement period of 25 years, a grace period of five and a half years, and interest rate pegged to the LIBOR.
