The Central American Bank for Economic Integration (CABEI) announced a $90.2 million loan to Costa Rica to finance buildings or repairing of public schools.

According to the bank, that loan is part of the $700 million loan approved last year,  to finance 2,500 urgent interventions such as roads, bridges, housing and railroad lines, among others, that were damaged by the tropical storms emergencies that affected the country in the last quarter of 2022. 

A total of 36 schools in various locations in Costa Rica will be repaired and/or rebuilt, and 252 classrooms will be built. It is estimated about 11,405 children will be available to keep studying in new schools to be built with this loan, they said.

The schools are located in Buenos Aires, Cartago, Coto Brus, Esparza, Garabito, Golfito, Guanacaste, Guatuso, Heredia, Hojancha, Limón, Matina, Osa, Parrita, Pérez Zeledón, Poas, Puntarenas, Puriscal, Quepos, San Carlos, Santa Cruz, Talamanca, Upala, San Carlos, Santa Cruz, Sarapiquí and Talamanca. The funding can cover the cost of furnishing, equipping cafeterias and other model spaces.

"Education is the most powerful tool that future generations have to prepare themselves and be part of the active economy of their countries, so we are pleased to know that part of this historic approval will be used to rehabilitate the learning space for hundreds of children in various areas of the country, many of them vulnerable," Dante Mossi, CABEI Executive President said.

However, before being able to execute the infrastructure repair plan, the government must present the agreement with the bank before Congress. Then, the deputies will decide whether to approve or reject the million-dollar loan.

This is one of many loans requested by Costa Rica to international banks. 

In December, President Chaves announced a $450 million loan with (CABEI) to develop the project named Government City.

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