San José, Costa Rica, April 30, 2020 — IFC, a member of the World Bank Group, is providing the Municipality of San José, Costa Rica with $12 million in financing to support the renovation of key infrastructure in the Costa Rican capital. The project is part of the city’s efforts to improve the quality of life of its inhabitants, attract new residents and businesses, as well as optimize access to urban services.
IFC’s investment will help revitalize three main road corridors in the city and rehabilitate storm water drainage systems in flood-prone areas, supporting San José’s efforts to become a more sustainable and resilient city. IFC will also provide advisory services to San José, helping the municipality improve urban mobility, encourage the construction of green buildings, and strengthen its capacity to deliver services.
"This investment is an important part of San José’s transformation plan, which will also contribute to the economic recovery of the municipality and the country,” said Johnny Araya, the Mayor of San José. “By improving our infrastructure, we can continue to attract innovative companies, boost commercial and housing real estate development, and increase the city's income, allowing it to invest in the well-being of Josefinos."
The financing from IFC is part of the institution’s Cities Program in Latin America and the Caribbean. Gabriel Goldschmidt, IFC director for Latin America and the Caribbean, said the partnership demonstrated IFC’s commitment to continue to support the private sector and municipalities in the region.
"Our strategic alliance with the city of San José includes a combination of financing and advice that seeks to make San José a sustainable city. For IFC, San José is just the first step in our strategy of working with Central American cities. We hope to replicate this successful experience soon in other cities in the region," Goldschmidt added.
Eighty percent of the world's GDP is concentrated in cities, and in Latin America, cities are home to 80 percent of people. Through its Cities Program, IFC helps municipal leaders build inclusive, safe, and sustainable cities that open new markets and create opportunities for all.
About IFC
IFC—a sister organization of the World Bank and member of the World Bank Group—is the largest global development institution focused on the private sector in emerging markets. We work with more than 2,000 businesses worldwide, using our capital, expertise, and influence to create markets and opportunities where they are needed most. In fiscal year 2019, we delivered more than $19 billion in long-term financing for developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity. For more information, visit www.ifc.org .
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