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Photo via Ministry of Public Education.



International bank approves $200 million loan to improve public education in Costa Rica



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Published on Monday, December 9, 2024
By the A.M. Costa Rica staff



The World Bank’s Board of Executive Directors approved $200 million to Costa Rica to be administered by the Ministry of Public Education (MEP).


According to the international financial institution headquartered in Washington D.C., U.S.A.,  the loan will be used to finance the “Costa Rica Results in Education” project to improve the foundational learning, digital competencies, and employability skills of students in public primary and high schools.


The project aims to benefit one million students (51 % girls and 49% boys) in preschool, primary, and secondary education, improving their learning outcomes and digital skills, and testing and grading systems.


The initiative will provide 90,000 teachers and administrative staff in the education system with access to pedagogical platforms and close to 18,000 MEP employees can use digital tools.


In addition, approximately 180,000 students in technical programs and 50,000 Indigenous, migrant, and refugee students will benefit from these upgrades.


“Costa Rica needs an overhaul of its education system that will deliver a positive and sustainable impact on students, equipping them with the tools they need to navigate challenges in the job market, changes in digital technologies, and environmental sustainability," said Finance Minister Nogui Acosta-Jaén. "The World Bank’s support is a significant contribution to this much-needed process in the country.”


According to Acosta, the project is expected to help students develop strong reading, comprehension, and numeracy skills, which are considered to be the building blocks for lifelong learning. In addition to focusing on reading and writing, the project provides for sustained investment in digital capabilities through platforms, learning management systems, connectivity, hardware, and on-site support.


Costa Rica has been a pioneer in the teaching of computer science since the 1980s, and the project will support the implementation of the National Program for Technological Preparedness (PNFT) to ensure that the country continues to be a world leader in teaching computational thinking.






The PNFT covers four areas: Technological Adaptation, Algorithms and Programming, Physical Computation and Robotics, and Data Science and Artificial Intelligence. 



The $200 million loan financed by the International Bank for Reconstruction and Development (IBRD), is a variable-rate loan with a 33.5-year maturity and a grace period of six years.



However, before being able to execute the loan, the government must present the agreement with the bank before Congress. It's up to the deputies to decide whether to approve or reject the multi-million-dollar loan.



This is one of many loans requested by Costa Rica to international banks.  Last month, as part of the pre-investment program, the Honduras-headquartered Central American Bank for Economic Integration (Cabei) approved $5.9 cooperation funds to develop studies for the repair of several roads in Costa Rica.



Statistics from the Ministry of Finance show that in 2023, the country's debt stood at 59.0% of the Gross Domestic Product (GDP), which is equivalent to approximately $49 billion.



The Ministry of Public Education (MEP) is the government agency in charge of overseeing the public education system, implementing plans, programs, and other actions to provide basic, public, and free general education.



The Ministry of Finance is the government organization that regulates fiscal policy for public resources based on economic, efficiency, and effectiveness principles.





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What else could Costa Rica do instead of borrowing money to finance public projects?
We would like to know your thoughts on this story. Send your comments to news@amcostarica.com




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