Staff of Reuters 2 minutes Read this article (Adds quotes) (Reuters) – SAN JOSE, Calif., June 29 (Reuters) – The World Bank authorized a $300 million loan for Costa Rica on Tuesday to boost the Central American country’s recovery from the effects of the pandemic. The International Bank for Reconstruction and Development sponsored the loan, which has a 20-year term and a four-year grace period, according to a statement from the bank. “Since 2020, the country has suffered significant social, economic, and budgetary consequences, and it now confronts a third, and more severe, wave of COVID-19,” the bank added. Costa Rican Finance Minister Elian Villegas said the financial assistance would complement economic and fiscal reforms, particularly those related to the IMF accord. “It (the loan) supports our efforts to respond to the pandemic’s various waves while continuing to establish the foundations for a strong and sustained recovery through economic, budgetary, and climate-action reforms,” Villegas added. (Alvaro Murillo contributed reporting, and Sherry Jacob-Phillips edited the piece.) Continue reading