World Bank Approves
us$258 Million Lending
For Costa Rica
(Reuters) - The World
Bank on Thursday
approved a new
three-year us$258
million lending program
for Costa Rica to help
improve education,
telecoms reform,
infrastructure
development and tackle
climate change.
The program covers
lending from August 2008
to December 2010 and
includes us$65 million
in quick-disbursing
funds in the event the
country is struck by a
major natural disaster,
such as a hurricane.
"The new partnership
strategy for Costa Rica
will support key areas
of development for the
country including
competitiveness,
disaster management and
secondary education."
said Laura Frigenti,
World Bank country
director. "The strategy
includes a combination
of traditional and
innovative financial
instruments, technical
assistance and fee for
services."
The World Bank also said
it will also help Costa
Rica prepare for
participation in a new
forest carbon fund that
could help developing
countries earn millions
of dollars for
protecting and
replanting tropical
forests.
Costa Rica is one of the
first 14 countries to
participate in the
Forest Carbon
Partnership Facility, or
FCPC), launched by the
World Bank last year as
part of global efforts
to address climate
change caused by
deforestation.
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