CAF approves Costa Rica’s program for supporting competitiveness and international insertion

The Andean Development Corporation (CAF) today approved Costa Rica’s Competitiveness and International Insertion Support Program, the purpose of which is to provide the country’s private sector with assistance in modernizing its productive apparatus so that it can accept the challenges and take advantage of the opportunities of the Free Trade Treaty with the United States.

The CAF’s Executive President, Enrique García, indicated that Costa Rica’s Competitiveness and International Insertion Support Program has two main components: the first entails financing support for the creation of productive and trading capacities in order to develop the export potential of expanding sectors that are a priority for the country’s economy with technical cooperation funds of up to U$S 600,000 from the CAF, the Central American Bank for Economic Integration (BCIE), and other financial institutions. US$ 200,000 of this amount will be contributed by the CAF.

The second component, according to the CAF’s Executive President, is for implementing a global financing program of up to US$ 160 million to be used to modernize the productive apparatus, of which the CAF will contribute up to US$ 40 million through credits to be granted to Costa Rican public and private financial institutions taking part in the Program.

The Program has been structured by the CAF together with the BCIE as a response to the challenges facing the country and having regard to the priorities of the Government and the CAF’s Action Program in Costa Rica, agreed upon with the consensus of the authorities. It is consistent with the government strategy of creating conditions for strengthening and consolidating Costa Rica’s foreign trade position bearing in mind that the country has achieved considerable progress on the economic and social fronts and has implemented a successful strategy for promoting exports.