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Home » Costa Rica News » Costa Rica Official Chose Canadian Bank to Handle State Funds

Costa Rica Official Chose Canadian Bank to Handle State Funds

In Costa Rica, funds destined to finance projects of the Ministry of Transportation and Public Works (MOPT) are usually managed by national banks where deposits are unconditionally guaranteed by the government. For this reason, the MOPT Minister is now being questioned as to why he chose a private, international bank to handle more than $450 million. Minister Carlos Villalta has explained that he chose Scotiabank to manage funds loaned by the Inter-American Development Bank (Spanish initials: BID) because its management fees are far more reasonable than state-sponsored banks. Specifically, Minister Villalta mentioned that the fees charged by Scotiabank were $500K,…

The post Costa Rica Official Chose Canadian Bank to Handle State Funds appeared first on Costa Rica Star News.

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