President Oscar Arias this week signed a $9.2 million loan from the Inter-American Development Bank (IDB) that will be used to finance sustainable development projects in the Sixaola River Basin on the Panama border.

Costa Rica will contribute an additional $2.8 million to the effort, for a total budget of $12 million.

The project aims to preserve the river's natural patrimony, reduce local vulnerability to natural disasters, promote changes in production near the river and develop a more sustainable way to taking advantage of the river's resources.

“With a little help, like the one were bringing Sixaola, these communities can escape cruel underdevelopment," Arias said in a speech during the signing. "With a little help, Sixaola can build dikes and aqueducts, saving its inhabitants from the torment of seeing their houses flooded or destroyed. With a little help, Sixaola can take advantage of its enormous tourism potential and transform it into employment for its young and earnings for its families.”

Among other things, the project will fund initiatives to develop agriculture, environmental protection, ecotourism, and infrastructure improvement in the region.