Costa Rica has announced plans to modernize its border crossings along with increasing its renewable energy this year. In order to accomplish those goals, the Central American country has made a request of $302.9 million from the Inter-American Development Bank (IDB).
Among the projects given priority for this year is the modernization of Costa Rica’s border crossings, a project that will cost approximately $100 million and which has been approved by IDB. The primary goal of this project would be to revitalize the border crossings between Costa Rica and Panama as well as Nicaragua.
Costa Rica Looking Toward the Future with New Plans for Economic Development
Costa Rica has also made a request for a $200 million credit line from IDB. The funds from that credit line would be allocated for distribution, transmission, and renewable energy projects. Specifically, those funds will benefit sustainable economic growth as well as the promotion of regional integration via the Central Regional Electricity Market.
IDB and Costa Rica has also announced plans to work together to form the Country Strategy 2015-2018, which addresses a number of issues, such as competiveness, public finances, macroeconomic stability, poverty reduction, infrastructure.