ICE Group, a telecom collective of major service providers in Costa Rica announced it will be receiving a line of credit worth $150 million from the Central American Bank (CABEI) to rollout telecom services in that country. Made up of four companies that offer solutions in electricity and telecommunications to the inhabitants of Costa Rica, the group is comprised of the Costa Rican Electricity Institute (ICE), which operates as the parent company, the National Power and Light Company, Radiográfica Costarricense and, more recently, Gestión Cobro.
The objective of this line is to meet working capital needs, such as payments to suppliers, 5G equipment, counterparts for investment projects, periodic or routine maintenance of the Institute’s infrastructure and other operating expenses.
The approval by the Bank’s Board of Directors was given on February 28, with terms of up to five years, with the possibility of a grace period of up to two more years.
For his part, Álvaro Alfaro, CABEI Country Chief in Costa Rica, said that “the operation is of great relevance for CABEI, since it constitutes the first line of credit for a decentralized public entity in Costa Rica. We are pleased that it has been approved for ICE, with whom we maintain a historical relationship to develop various projects of electricity generation, fiber optics and 3G platform, among others, which today improve the quality of life of Costa Ricans.”
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