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   - Photo via Institute of Electricity -
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Published on Tuesday, November 8,
2022
By the A.M. Costa Rica staff
The U.S. Export-Import Bank (EXIM) offered the Institute of Electricity (ICE), a loan of $300 million for the development of 5G technology projects in Costa Rica.
The Washington-headquartered bank is the official export credit agency (ECA) of the United States federal government. While the ICE is the Costa Rican government-run electricity and telecommunications services provider. Together with the Radiographic Costarricense SA (RACSA) and Compañía Nacional de Fuerza y Luz (CNFL), they form the ICE Group.
According to the institute, the bank's decision to offer the loan was made after a review of financial information and the positive ratings provided to that financial organization and the positive review to ICE issued by firms such as Moody's and Fitch.
Representatives of the bank delivered the offer to Marco Acuña, president of the institute, during a meeting that took place in Washington D.C, USA. At the meeting, Marisa Lago, the Under Secretary of Commerce for International Trade, was also present.
"Months ago there was no clarity about the implementation of 5G telephony by ICE," Acuña said. "With the decisions we made, we managed to obtain this letter (referring to the loan offer), which is a big step in the development of the business plan, the use of the spectrum and the implementation of the networks.”
According to Acuña, after obtaining the loans, the institute will hold an international competition to hire the company in charge of the 5G technology implementation project.
The letter of interest delivered by the bank is a document before the signing of the loan contract.
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