Published on Monday, May 6, 2024

By the A.M. Costa Rica staff and wire services

The World Bank Group (WBG) Board of Executive Directors announced that they endorsed the new line of credit to Costa Rica, known as "The Costa Rica Country Partnership Framework 2024–2028."

According to the international financial institution headquartered in Washington D.C., U.S.A., the priorities of this new line of loans are to promote private sector-led economic growth, strengthen human capital in key areas such as education and social protection and build resilience to social, natural, and climate shocks. The strategy also seeks to help the country tackle regional and global challenges such as migration.

“The partnership between Costa Rica and the World Bank underscores our commitment to more broad-based, sustainable growth. To preserve the country’s social contract and deliver improved well-being for the population, the plan aims to drive improvements concerning the performance and efficiency of, and equity in, essential social services in areas such as education, social protection, and the environment,” said Nogui Acosta, Costa Rica’s Minister of Finance.

The International Bank for Reconstruction and Development (IBRD) and the International Finance Corporation (IFC), member institutions of the World Bank Group, will coordinate actions to take this agenda forward in Costa Rica.

The current bank loans to Costa Rica include five IBRD credits for a total of $1.2 billion and seven IFC loans for more than $63 million. 

The bank stated that they also support Costa Rica through advisory services, research and policy analysis, and technical assistance. 

In March 2024, the bank approved a $370 million loan to enhance disaster and climate-resilient infrastructure and services in Costa Rica.

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