Press Releases

November 20, 2013

Signing of Cooperation Agreement for a Sector Loan with the Republic of Costa Rica
—For ODA Loan Projects at Guanacaste Geothermal Site—

photoFrom the right to the left: Edgar Ayales Esna, Minister of Finance; Laura Chinchilla, President of Costa Rica; Yoshikazu Tachihara, Chief Representative of JICA El Salvador Office and Teofilo de la Torre Arguello, President of ICE.

Today, the Japan International Cooperation Agency (JICA) signed the Cooperation Agreement (C/A) with the Government of the Republic of Costa Rica and the Instituto Costarricense de Electricidad (ICE) in San José, the capital of Costa Rica, for the Guanacaste Geothermal Development Sector Loan on the basis of the Exchange of Notes (ODA loan of up to 56,086 million yen) between the Governments of Japan and the Republic of Costa Rica.

The Republic of Costa Rica, known for its advanced environmental conservation efforts, has committed itself to the introduction of renewable energy, setting a goal of providing 95% of its electricity from renewable energy sources by 2014, and greatly emphasizes geothermal development as a stable source of energy. In this connection, JICA extended an ODA Loan to Costa Rica in 1985 to provide an ODA loan for the Miravalles Geothermal Power Project, the country’s first geothermal project.

In response to the increasing demand for electricity and with the objective of assisting Costa Rica in achieving its goal of “Carbon Neutrality,” JICA and the ICE signed a Memorandum of Understanding on December 7, 2012 for cooperation in promoting geothermal development.

The object of this sector loan is to increase the amount of electricity supplied by renewable energy and to respond to the effects of climate change by constructing geothermal power plants in Guanacaste Province, thereby contributing to the sustainable economic development of Costa Rica.

JICA will proceed by performing the steps necessary for the eventual signing of Loan Agreements (L/As) under the C/A.

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