World Bank puts up $72 million for Puerto Limon

World Bank puts up $72 million for Puerto Limon The Washington, D.C.-based World Bank has approved a $72.5 million loan to Costa Rica to help modernize the port at Puerto Limon and help revitalize the City of Limon.
   'This loan will help the city of Limon to diversify its economy and to develop both tourism and trade in a sustainable manner, while creating a more livable environment for the city's poorest inhabitants,' said Laura Frigenti, the World Bank director for Central America.
   The money will be used to improve transport access to the Limon and Moin terminals, and to provide technical assistance to the Transport Ministry to support the concessions process and the overall transport infrastructure for the port facilities, a statement from the World Bank said.
   Some of the money will also be used for economic revitalization within the city, the statement added.
   The loan comes from the World Bank's International Bank for Reconstruction and Development. The $72.5 million is payable in 15 years, including a five-year grace period, the World Bank said.