IADB to help Costa Rica energy sector

The Inter-American Development Bank gave its approval to a USD381 million non-sovereign guaranteed loan operation to help improve the debt profile of the Costarricense de Electricidad (ICE), the country’s power and telecommunications institution. The arrangement consists of a loan of up to USD200 million from the bank and a syndicated loan of roughly USD181 million from commercial fiscal institutions. “The new financing will help ICE free up cash currently used for debt service and devote more resources to investments in infrastructure to continue improving service quality and coverage,” said IADB project team leader Javier Molina. “It will also assist ICE in meeting working capital requirements to grow its operations.” (Press Release: IDB approves up to $381 million in debt refinancing for Costa Rica?s ICE/IADB)

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