Costa Rica: Future of Conventions Center to be Decided

©image: Nick Bastian

Some months ago Consortium “Feria Costa Rica” expressed its interest in the project, but the proposed financing scheme was not yet authorized in the country.

“The proposal comprised a $280 million securitization trust” reported Elfinancierocr.com. “Some days ago, financial supervisor Conassif ruled that any public entity developing infrastructure projects may get financing through a mechanism called ‘Issuer Trust’…”.

Ricardo Benavides, designated Tourism Ministry, stated they are now expecting a new proposal from consortium “Feria de Costa Rica”.

Source: elfinancierocr.com

More on this topic

Government Resumes Conference Center Project

August 2010

The project, which is 12 years in the making, has become a priority for the Costa Rican Ministry for Tourism.

Tourism Minister, Carlos Ricardo Benavides, indicated than in three months the feasibility study being carried out by the Innovation Group is due to be completed.

Costa Rica to Build Conventions Center

March 2010

The upcoming government has set as one of its priorities to build a conventions center to promote the country as a congress destination.

This was announced by upcoming tourism minister Carlos Ricardo Benavides, who added they are assessing a lot in Belen, Heredia.

In order to fund it, authorities are considering using the securitization mechanism.

Costa Rica: Convention Center Moving Forward

February 2011

The National Institute of Tourism announced that it has the land to build the convention center.

The Minister of Tourism, Carlos Ricardo Benavides, said that it closed negotiations with the Integral Program of Agricultural Marketing (PIMA), the owner of land, located in Barreal de Heredia.

Doubts Cast on Costa Rican Conventions Center

January 2010

The organization who will develop the Conventions Center project is unsure whether to invest in Costa Rica or Panama.

Known as "Feria Costa Rica", the $280-million project comprises an area for fairs and trade shows, two hotels, office space and a shopping mall.

"Difficulties in getting financing for buying the lots and developing the project in Costa Rica have prompted the company to explore options in Panama", reported Nacion.com. "The developers must decide where to invest in February".