Costa Rica eyes raising $2.7 bln via sale of state financial assets

Costa Rica’s President Rodrigo Chaves speaks on the Leaders’ Second Plenary Session throughout the Ninth Summit of the Americas in Los Angeles, California, U.S., June 10, 2022. REUTERS/Mike Blake

SAN JOSE, Aug 16 (Reuters) – Costa Rica’s President Rodrigo Chaves mentioned on Tuesday he plans to current a invoice to promote state-owned banks Banco de Costa Rica and Banco Internacional de Costa Rica, in addition to 49% of the state-owned INS insurance coverage firm to cut back public debt.

If authorized, the sale of the banks is anticipated to lift $1.8 billion, equal to some 2.8% of Costa Rica’s gross home product, whereas the stake within the insurance coverage firm ought to fetch round $890 million, Chaves mentioned in a speech marking his first 100 days in workplace.

“Quickly we’ll current the invoice to Congress, they’re prepared for it and I am trying over (it),” Chaves mentioned.

Earlier on Tuesday, the Central American Financial institution for Financial Integration (CABEI) authorized a $290 million credit score line for Costa Rica for use for the nation’s fiscal consolidation and a “low-emission financial restoration,” the event financial institution mentioned.

Reporting by Alvaro Murillo; Writing by Anthony Esposito; Modifying by Christian Schmollinger and Muralikumar Anantharaman

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