Alterra Accepts MOPT's US$15 Million Offer
Juan Santamaría airport infrastructure services provider Alterra Partners has accepted a US$15 million dollar offer from Costa Rica's public works ministry (MOPT) to recover lost revenue..

The agreement between both parties will allow the re-start of improvement works at San José international airport - which have been on hold for two years - once Costa Rica's Contraloria (comptroller general) approves the addendum to Alterra's concessions contract.

Upgrade works may start in October this year, MOPT minister Randall Quirós was quoted as saying.

The agreement came after MOPT gave Alterra a 48-hour deadline to decide over its proposal.

Alterra agreed to go to arbitration with Costa Rica's government on the former's US$18.7million claim for lost revenue. The concessionaire says the shortfall in projected income occurred when the country's comptroller general interpreted differently a contract governing Alterra's tariff model.

Due to the impasse between Alterra and the government, 10 international financing banks have held up since March 2003 some US$30mn in funding of the total US$120mn for the airport's modernization.