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Latin America Investment News on Viva Tropical

Chinese Donate $100 Million to Costa Rica in Infrastructure Funds

Article Summary:

Costa Rica is starting $380 million worth of major infrastructure projects in the country, with funds coming from loans and a $100 million grant from the Chinese government.

Photo Credit: La Republica

Original Article Text From La Republica via Google Translate :

Chinese Way to Expand Lemon
Following the successful construction of the new National Stadium, the government of Laura Chinchilla Chinese intended to also address the expansion of the road to Limon.

Through the Government of China is negotiated both the financing and development of the works.

The Asian nation has pledged to donate a portion of the project investment and facilitate other resources. This, through a 20-year loan term with low interest rate to be paid by issuing debentures.

While responsible for the completion of the project, which includes expanding to four lanes 107 kilometers (km) from crossing the Rio Frio to the center of Limon.

In addition to building 14 overpasses and a stretch of bike lanes from 56 to 30 km.

“We want to be turnkey, as the National Stadium, which we will only give its approval to the project and they would leave the way ready to transitarla, demarcated, with tunnels, pedestrian bridges and bike paths,” said Francisco Jimenez, Minister Public Works and Transport.

This project requires an investment of U.S. $380 million. China will donate that amount just under U.S. $ 100 million, which was what it took the stronghold of the Savannah sports.

At the moment there is a preliminary design that the Government has been working with their Chinese counterparts and officials of the ICBC Bank and China Development Bank, financial institutions that provide resources.

The representatives of these banks these days are in the country with the intention to gradually close the deal. However, not until within two or three months that the agreement would remain firm.

It remains to define how much money and how much will China donate loan. Like some works to reduce and modify a bit the project.

Considering that initially the project value was $440 million and now seeks to reduce costs by eliminating some work, or modifying others.

For example, the section of the bike path would be reduced and some of the bridges that were thought to be changed by installing false tunnels.

However, the road always remain four lanes, high speed, as viewed from the beginning.

Negotiations are in the hands of Marco Vinicio Ruiz, Costa Rican ambassador in China and will not be until the President Chinchilla trip to the Asian nation, where the donation is realized.

After reaching an agreement and after getting approval from the Comptroller General of the Republic, the Chinese had 25 months to deliver the completed project.

“I do not think the work is completed in this administration, but only the next government will have to come to cut the ribbon, because it is all ready,” said Jimenez.

The extension of this route would reduce the congestion that cause about 5,000 vehicles that travel daily, including about 700 vans that target the ports of Limon and Moin.

This project becomes more important now, when to build new container terminal in the Caribbean, which will increase traffic in the area.

Link to Original Article:

From La Republica

Latin America Investment News on Viva Tropical