Development Bank Grants ICE Line of Credit
The Inter-American Development Bank (IDB) has granted the Costa Rican Electricity Institute (ICE) a $500 million line of credit to develop its power grid and increase electricity production.
ICE, a state company that controls most of the country’s electricity distribution, will be able to use the money to research new hydroelectric and geothermic power sources, as well as to upgrade its Río Macho hydroelectric power plant and carry out other maintenance, according to a statement from the bank.
The statement said ICE will also invest in a laboratory for testing equipment for efficiency.
According to the bank’s numbers, energy demand is increasing 5.4% annually, and in the next eight years Costa Rica will have to invest $8 billion to upgrade its infrastructure and keep up with demand.
You may be interested
The Tico Times Weekly Digest: Oct. 22, 2018Alexander Villegas - October 22, 2018
It's Monday everyone. That means it's time for another dose of The Tico Times Weekly Digest. Here's the full list…
This week in the Peace Corps: Lessons from indigenous communities in Limón provinceCrystal / Regional Peace Corps Leader - October 22, 2018
After four years with Peace Corps Costa Rica, I am reflective about living and working in indigenous communities throughout Limón…