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According to the bank, the loan is intended to strengthen small and medium enterprises (SMEs), reinforce fiscal sustainability and post-pandemic recovery.
- World Bank Group photo -






Published Thursday, July 1, 2021


By the A.M. Costa Rica staff


The Washington, D.C. -headquartered World Bank Group approved on Wednesday a new $300 million loan to Costa Rica for 20 years, including a grace period of 4 years.

According to the bank, the loan is intended to strengthen small and medium enterprises (SMEs), reinforce fiscal sustainability and post-pandemic recovery.

“This operation is part of a solid and long-lasting relationship with the World Bank,” Elian Villegas, Costa Rica’s Finance Minister said. “It supports our efforts to respond to the different waves of the pandemic while continuing to set the conditions for a strong and sustainable recovery through economic, fiscal, and climate-action reforms.”

Costa Rica has a strong health care system and the authorities promptly responded to the health emergency; nevertheless, the country has experienced large social, economic, and fiscal impacts since 2020, and currently faces a third wave of covid-19, the bank said in its statement.

However, the loan must first be approved by Congress. It is expected they will vote on the subject sometime this week.

Last month, another
$500 million loan was offered by the Inter-American Development Bank to Costa Rica.

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Should Congress approve this new loan?  We would like to know your thoughts on this story. Send your comments to news@amcostarica.com



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