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IDB to lend $35 million to Costa Rica for business innovation

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interamerican development bank IDB

April 3rd, 2013 (InsideCostaRica.com) Costa Rica will receive a $35 million loan from the Inter-American Development Bank (IDB) to be used for innovation in the business sector.

 

Lawmakers must now approve the loan after President Laura Chinchilla signed the agreement yesterday.

 

The IDB representative in Costa Rica, Fernando Quevedo, said the funds would be used to generate more, and better qualified employees and jobs.

 

The loan would provide for postgraduate scholarships that would benefit more than 500 people.

 

Alejandro Cruz, Minister of Science and Technology, said the loan would also allow the country to bring forty experts to the country for research projects, as well as move 300 new workers into the technology sector.

 

President Chinchilla said that she does not expect any resistance by lawmakers in approving the loan.  The Ministry of Science, Technology, and Telecommunications would be responsible for overseeing the funds’ use.

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  • georgechapogas

    this central planning is really sad stuff. payback is blood, sweat and tears.

  • http://www.facebook.com/people/Ken-Morris/100001033121747 Ken Morris

    I realize that something good may come out of this, but the business “innovation” most needed is to stop borrowing money you can’t pay back! Seems crazy to borrow another $35 million and call it a business innovation.

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