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China to Fund the Expansion of Limon Highway in Costa Rica

Article Summary:

The Chinese government will provide a $400 million loan, which will carry a 20-year term, to finance the expansion of Route 32 to four lanes running from the intersection of Rio Frio to Limon, Costa Rica.

Photo Credit: PacificLots

Original Article Text From President of the Republic of Costa Rica via Google Translate :

Government Achieves Favorable Financing Conditions for Improved Road to Limon

Funding will be about $ 400 million, 20-year term and an interest rate of 3.5%. The Vice President Luis Liberman announced details of the agreement between Costa Rica and China, after her trip to that country, to finance the expansion to four lanes of Route 32, from the intersection of Rio Frio to Limon.

The vice president traveled to Asia to continue the negotiations begun in August by Mrs. President Laura Chinchilla.

As part of the agreement, Costa Rica will finance about $ 400 million, a 20-year term, with a grace period of three to four years “which is not paid principal only interest equivalent to the period of construction plus a year and a rate of 3.5%, which is very reasonable “the vice president said.

Now up to three teams of experts Rican finalize technical details so that everything is ready on October 8. For the first time the country has such a project described as turnkey, so all details should be ready soon, said the economic team coordinator responsible for achieving financial support for this road work.

“Engineers CONAVI MOPT and finalizing the details of what is included, the people who are working on the budget so that the numbers are accurate and can finish the negotiation and finally the environmental impact study,” said Vice.

Liberman hopes to send at the beginning of the extraordinary session of the Legislature, the loan agreement for approval. Notes that are already members of Limon informed and engaged him out ASAP.

In view of the Government, competitiveness will be one of the biggest benefits for domestic producers in the northern Guanacaste and therefore need not reach the central valley to travel to Limón, which will obviously cost reduction.

Link to Original Article:

From President of the Republic of Costa Rica

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