Costa Rica plans to raise $2.7 billion through the sale of state financial assets

Costa Rica’s President Rodrigo Chaves speaks during the second plenary session of leaders during the ninth Summit of the Americas in Los Angeles, California, U.S., June 10, 2022. REUTERS/Mike Blake

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SAN JOSE, Aug 16 (Reuters) – Costa Rican President Rodrigo Chaves said on Tuesday he planned to introduce a bill to sell state-owned banks Banco de Costa Rica and Banco Internacional de Costa Rica, as well as 49% of public banks. INS insurance company to reduce public debt.

If approved, the sale of the banks is expected to bring in $1.8 billion, or about 2.8% of Costa Rica’s gross domestic product, while the stake in the insurance company is expected to bring in about $890 million. Chaves said in a speech marking his first 100 days. in the office.

“Soon we will present the bill to Congress, they are ready and I am looking at it,” Chaves said.

Earlier on Tuesday, the Central American Bank for Economic Integration (CABEI) approved a $290 million line of credit for Costa Rica to be used for the country’s fiscal consolidation and a “low-emissions economic recovery”, it said. the development bank.

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Reporting by Alvaro Murillo; Written by Anthony Esposito; Editing by Christian Schmollinger and Muralikumar Anantharaman

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