Costa Rica’s President Rodrigo Chaves said on Tuesday he plans to present a bill to sell state-owned banks Banco de Costa Rica and Banco Internacional de Costa Rica, as well as 49% of the state-owned INS insurance company to reduce public debt.
If approved, the sale of the banks is expected to raise $1.8 billion, equivalent to some 2.8% of Costa Rica’s gross domestic product, while the stake in the insurance company should fetch around $890 million, Chaves said in a speech marking his first 100 days in office.
“Soon we’ll present the bill to Congress, they’re ready for it and I’m looking over (it),” Chaves said.
Earlier on Tuesday, the Central American Bank for Economic Integration (CABEI) approved a $290 million credit line for Costa Rica to be used for the country’s fiscal consolidation and a “low-emission economic recovery,” the development bank said.
(Reporting by Alvaro Murillo; writing by Anthony Esposito; Editing by Christian Schmollinger and Muralikumar Anantharaman)
Topics Carriers
Was this article valuable?
Here are more articles you may enjoy.
Florida Appeals Court Reverses $200M Jury Verdict in Maya Kowalski Case 
Truck Driver in Fatal Crash Repeatedly Failed Driving Tests, Florida AG’s Office Says 
World’s Largest Retirement Community Taps Muni Market to Help Build More Homes 
Security First the Latest in Florida to Announce Home Insurance Rate Cut 
