The dispute between Alterra Partners and the Costa Rican government over the financing of renovations at the country's main airport is heading for a showdown, as the body responsible for financing the modernization of Juan Santamaría International Airport, west of San José, has rejected the government's latest conditions.
The International Finance Corporation (IFC) has notified the Technical Council of the Civil Aviation Authority (CETAC) that it remains “committed to a resolution that is satisfactory to all parties; however, the IFC does not consider the conditions proposed by CETAC to be acceptable,” according to IFC Spokeswoman Adriana Gómez. IFC notified CETAC of its decision yesterday via a letter.
The dispute goes back to 2001, when airport operator Alterra negotiated higher airport fees to help pay for renovations it would carry out. A report from the Comptroller General's Office in 2003 raised questions about the higher fees, and the conflict has been ongoing ever since.
Without greater financial stability, Alterra's creditors lack confidence in the renovation project's future, so the matter is in the hands of the IFC and its partners who granted – and then froze – the financing.
CETAC plans to hold a press conference on the matter today. |
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