Banks Ask to Move Forward With Airport Renovation

December 9, 2005

REPRESENTATIVES of 10 international banks financing the expansion of Juan Santamaría International Airport gave their thumbs-up this week to continue the more than $100 million renovation project.

 

The project has been stalled for nearly three years because of a contract dispute between airport operator Alterra Partners and the government. A settlement was reached earlier this year that both parties agreed would bring financial equilibrium to the controversial contract.

 

The bankers were in town reviewing and approving that agreement, known as the contract addendum. With their approval, and approval given last weekend by key Alterra associates in Miami, the addendum will now be finalized and turned over to the Comptroller General for final approval before it can go into effect.

 

Construction of the airport has been frozen since 2003, when the comptrolle issued a report questioning the project’s financing. In response, bankers announced they would suspend the final $30 million of Alterra’s $120 million loan until the dispute was resolved.

 

However, the comptroller announced last week that Alterra had no right to stop construction, regardless of their financing issues (TT, Dec. 2). The Minister of Public Works and Transport (MOPT) Randall Quirós responded by giving Alterra 30 days to restart construction, but this week the comptroller sent a second statement saying construction must restart immediately.

 

Quirós therefore notified Alterra they must restart works by today.

 

Alterra Executive Director Mónica Nagel told the daily La República that this is logistically impossible. A representative of the bankers told the daily it is up to Alterra investors when works restart, not them.

Facebook Comments

You may be interested

Nicaragua calls Carlos Alvarado’s statements “disrespectful” and “intruding”
News
826 views
News
826 views

Nicaragua calls Carlos Alvarado’s statements “disrespectful” and “intruding”

AFP / The Tico Times - October 16, 2018

The Nicaraguan government described statements by Costa Rican president Carlos Alvarado about Nicaragua's “internal affairs” as “disrespectful” and “intruding.” The…

Transformational travel in Costa Rica: Turning the flat world round
Costa Rica
687 views
Costa Rica
687 views

Transformational travel in Costa Rica: Turning the flat world round

Alissa Grosskopf - October 16, 2018

The sound of roaring water and the fear in my body drown out the encouraging shouts of my group behind…

Children: the future of shark protection
Changemakers
573 views
Changemakers
573 views

Children: the future of shark protection

Alissa Grosskopf - October 16, 2018

The nonprofit organization Misión Tiburón is strongly engaged in the protection of hammerhead sharks in Costa Rica. They hope to…