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World Bank approves new Costa Rican loan for natural disasters

World Bank approves new Costa Rican loan for natural disasters
© Reuters. FILE PHOTO: A participant stands near a logo of World Bank at the International Monetary Fund – World Bank Annual Meeting 2018 in Nusa Dua, Bali, Indonesia, October 12, 2018. REUTERS/Johannes P. Christo/File Photo

SAN JOSE (Reuters) – The World Bank approved a $160 million loan for Costa Rica on Thursday aimed at strengthening its ability to manage risks linked to natural and pandemic-related hazards, the lender said in a statement.

The loan will ensure the Central American country’s government has sufficient cash to handle future natural disasters, and includes a three-year drawdown period, the statement said.

The new credit marks the World Bank’s second loan to Costa Rica tied to tackling the impact of natural disasters such as hurricanes, with the first one approved in 2008 for $65 million.

Elected last year, Costa Rican President Rodrigo Chaves is a former World Bank economist.

Source: Investing.com

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