EIB Global, the European Investment Bank development arm signed an agreement to lend Costa Rica $ 250M for the electric train project to upgrade and service lines that serve capital, San José, and provide Tram-Train services.
EIB says that its first loan to Costa Rica will take infrastructure on lines 1 and 2, which will continue from the Atlántico station in central San Jose to Parasu and Alagula, respectively, as well as acquisition of 28 LRVS. Services will work every 10 minutes seven days a week.
The total cost of the first two lines is $ 800m. The project will be delivered by National Railway Incofer, with funding from a group of development financing under the conditions of the draft law that the government will set before the Legislative Assembly.
Besides the Eib Global loan, Central America for Economic Integration (CABEI) provides $ 550 million, of which $ 178.7 million will be funded by the GCF, which also provides $ 21.3 million in a donation form.
The electric train project includes a total of five lines that have been operated for a total of 84.9 km, namely:
- 1. Atlántico – Paraíso, 27.4 km with 16 stations
- 2. Atlántico – Alajuela, 21.6KM with 15 stations
- 3. Atlántico – Ciruelas, 25.4 km with 14 stations
- 4. Treatment – Serwells, 7.8 km with five stations, and
- 5.
The project is expected to improve public transportation in the Great Capital area in San Jose, with a population of more than 3 million, which provides better access to jobs and education and providing a significant decrease in times of trips.
EIB Global says that the new network has been designed to be comprehensive, with a special focus on women who make up the majority of public transport users and have less access to automatic transportation. At the same time, the project is expected to reduce2 Emissions of 18,000 tons annually, which contributes to the obligations of climate change in Costa Rica and the use of almost 100 % renewable energy generation.
“The electric train is no longer just a dream,” says Costa Rica President, Rodrigo Chavez.
“Contrary to the previous proposals that were not sustainable, this proposal is strong and financially responsible, and it will not require state benefits.”
“We have started improving this project with a clear vision: to present a strong proposal in line with the real needs of the population, without unnecessarily saving the country,” says CEO of Incofer, CEO of Incofer.
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