Costa Rica signs agreement to be a full member of CAF
With the aim of strengthening the well-being of the population and sustainable development, CAF, the Development Bank of Latin America, has signed with the Central Bank of Costa Rica the incorporation of this Central American country as a full member of the multilateral body. In 2002 Costa Rica joined CAF as a shareholder in the ‘C’ Series by promoting several initiatives for the national development.
Membership of the CAF will allow Costa Rica to have access to more long-term financial resources with favorable conditions to meet fiscal needs while boosting economic growth, jobs, and non-reimbursable T-cooperation funds. Another benefit is technical cooperation in various areas, especially those that are for the sustainable advancement and well-being of the country.
CAF has been a key partner in tackling the pandemic. In 2020, a USD 500 million dollars loan had been approved in 2019 to boost the country’s fiscal efforts and contribute to meeting short-term financial needs. On the other hand, to support the health emergency generated by COVID-19, CAF approved two long-term loans totaling USD 550 million dollars.
Carlos Gómez Fonseca
Partner
García & Bodán
Costa Rica