World Bank Approves $500 Million Loan for Costa Rica

The World Bank confirmed in a statement released yesterday, Friday, that it has approved a new loan of $500 million for Costa Rica aimed at enhancing support for the government's budget. The new loan will support the Central American country's post-pandemic efforts to increase job opportunities, wages, and assist small and medium-sized enterprises. The World Bank's Regional Director, Karen Claret, stated in the announcement: "Costa Rica has made significant progress in environmental, economic, and social areas, but reducing poverty and inequality remains an ongoing challenge." The statement also indicated that "the loan has a duration of 19 and a half years, including a four-year grace period."