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 -Published: Friday, November 1, 2019- An
international bank approves $550 million loan for
the electric train
By the A.M. Costa Rica staff The Central American Bank for Economic Integration approved a loan of $550 million Thursday for the rapid transit project for the greater metropolitan area, meaning an electric train. "Four days after being elected as president, I made a commitment to Costa Rica that we would work to make the electric train a reality," President Carlos Alvarado said after the loan was confirmed. "Today I want to announce that the Central American Bank for Economic Integration approved the financing for the project." According to Alvarado, the $550 million loan will have five years of grace, meaning no payments need to be paid during that period. However, before the execution, the loan must be approved by the deputies in the Legislative Assembly. "We are still working to make this yearned project a reality," Alvarado said. According to information provided by the bank, the project's investment in infrastructure and equipment represents $1.30 billion and is expected to be executed under as a public-private-partnership with a contribution of the Costa Rican government of $550 million, which will be provided by the bank. The loan is made under a 25-year term, including the grace period and an indicative annual interest rate of 4.95%. Due to the positive impacts of this operation, the bank is making significant efforts with other sources of cooperation to maximize these conditions with the expectation of extending the term to up to 40 years and lowering the annual interest rate to 1.55%, said the bank in its statement. According to the bank, the project involves the construction, equipment and startup of an electric rail passenger system in the greater metropolitan area. The greater metro area, mainly the Central Valley, consists of parts of the provinces of San José, Cartago, Alajuela, and Heredia. "The main expected impacts include direct benefits for 4.5 million inhabitants of GAM; hiring of 1,000 temporary employees for construction; generation of 461 fixed jobs for the project's operational stage, generation of 189 direct temporary jobs, reduction of carbon dioxide emission, alleviation of road congestion and reduction of road accidents," said the bank in its statement. "The Electric Passenger Train in the Greater Metropolitan Area is a transformative project that will change the lives of thousands of people in Costa Rica, providing benefits in terms of transportation times, reduction of costs to people and the country, improvements in health and air quality and a reduction in the country's carbon emissions in order to decarbonize the economy," said Alvarado. "In addition, the project is a milestone that lets us dream about other initiatives, such as a Central American train. It is one of the best investments that the country can make and we are pleased that the Central American Bank for Economic Integration is a key part of this significant project.” Train motors now run on diesel. For his part, the bank executive president, Dante Mossi, said "this project marks the beginning of environmentally-friendly railway projects in the region since it is being carried out in a country where most of the electric power is renewable. Likewise, it will serve as a benchmark for the other similar regional projects. " Related to the electric train, as A.M. Costa Rica reported on Oct 18th, the government, through the Railways Institute, announced the development of the advertising campaign entitled Virtual Reality Tour of the Electric Train so that people could know more about the operation of an electric train. The campaign will bring the train experience to malls and other public places. According to the institute, the campaign consists of presenting virtual tours so that "people experience what the train will be like.” In the announcement of the campaign, the first lady, Claudia Dobles, also participated in the program of the first electric train for public transport in the country. "We invite all families and people to approach the shopping centers and experience the virtual reality, spend a moment of entertainment and also know what the electric train will be like and see how the future stations will be," said Dobles. The tour be presented on seven weekends, starting Saturday until Sunday, Dec. 1, in seven shopping centers: City Mall, Multicentro Desamparados, Multiplaza Curridabat, Multiplaza Escazú, Lincoln Plaza, Mall San Pedro and Paseo de las Flores. At the same time the installation of free internet in 14 train stations was announced. According to the data provided by the Ministry of Technology, in the last six months free internet service has been installed in 175 places such as parks, plazas, and avenues. ------------------------ Where other provinces should the government develops an electric passenger train service? We would like to know your thoughts on this story. Send your comments to news@amcostarica.com |
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