$70 million to Build Legislative Assembly

The approval of a trust agreement with Banco de Costa Rica will allow the Legislature to advance construction of its new facilities.

Wednesday, January 25, 2012

The referendum on the trust by the Controller General of the Republic has enabled construction of a new home for the Legislative Assembly and the restoration of existing buildings.

According to an article on the web site of La Prensa Libre, "In addition, the Legislative Assembly has been granted permission to lease facilities for the term defined in the relevant contracts which will be signed once the agreements between the institution and the Bank of Costa Rica in a fiduciary capacity, have been made.

However, the Controller noted that the endorsement is conditional as it must ensure that the voluntary agreement does not involve the contribution of public capital by the Legislative Assembly so as not to violate Article 14 of the Financial Administration Act. "

More on this topic

Costa Rican Congress to Have New Home

August 2011

The Board of the Legislative Assembly has signed a new trust for $30 million with the BCR for the construction of a parliament building.

The Board members Patricia Perez and Gloria Bejarano, told Prensa Libre that the new headquarters will be built on lots, to be expropriated, on the north side of the Plaza de la Democracia in the capital.

CABEI To Build Seat of Costa Rican Congress

June 2010

CABEI confirmed that the works to build the new seat of the Costa Rican Legislative Assembly, valued at $96 million, will start on April 2011.

According to the contract signed with the Inter-American Development Bank on 2008, works were scheduled to start on 2010, but were delayed due to problems securing the lots.

Trusts as Business Generators

November 2011

Although it is still awaiting regulation, Act 741 of the trust agreement will enable new ways of doing business in Nicaragua.

Act 741, which concerns trust agreements was approved by the Assembly on November 4, 2010, and published in the Official Gazette on January 19, 2011.

Costa Rica: Trust for Hydroelectric Project

November 2010

The BCR, ICE and Electrical Service Administrative Board of Cartago (JASEC) signed a trust agreement to build hydroelectric project Toro 3.

With capacity of 46 thousand kilowatts, the project involves a $ 160 million investment. It is expected to be operational in 2013.

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