President of Costa Rica, Carlos Alvarado, and the Minister of Treasury, Rocio Aguilar, signed this Monday Law No.9573 which grants Costa Rica a line of credit for $500 million from the Inter-American Development Bank (IDB) –known as Conditional Credit Loan for Investment Projects (CCLIP) – for the development of sustainable electric projects.

Individual loan contracts will stem from this CCLIP directed to cover the electrical needs of the country and will be signed in the eight years following the publication of the law with execution periods of up to 25 years. The IDB created this credit instrument for clients with outstanding payment records.

Some of the projects that will receive financing include, the Geothermal Plant Las Pailas II; the construction of Geothermal Plants Borinquen I and Borinquen II in Liberia; digitization of public services and conformation and expansions of smart cities.

“Costa Rica must understand with conviction that it must be a leader (in carbon neutrality) in Latin America. A nation that produces 99% of its electricity from clean sources and that can take that to its transportation must lead the ‘decarbonization’ of its economy”, stated President Carlos Alvarado.

The executive president of the Costa Rican Electric Institute, Irene Cañas, appreciated the support “that IDB has given us to allow us to position ourselves as a model country in renewable energies, and in addition, the contribution that now it offers us to become regional promoters in the transformation towards electric transportation and digitization”.