A new $8.4 billion loan from Costa Rica’s Costa Rican Electric Cooperative Bank is the first step in a new wave of energy-intensive cooperative lending to help the struggling nation get its economy moving again.
Costa Rica was hit hard by the 2011 economic meltdown, and the country is struggling to rebuild its infrastructure and economy.
The government has taken on large amounts of debt and is struggling with a long-term fiscal deficit.
Now, the bank is lending the $8 billion in new loans to the energy cooperatives to help them pay for their electricity bills.
In addition to the cooperative loans, the Costa Rican government is also getting in on the action.
It’s sending the Costa Rica Development Bank a total of $1.2 billion to help finance its $15 billion plan to build a solar farm.
The bank has committed $2.8 billion to its $20 billion energy infrastructure fund.
It will also give the cooperatives an extra $600 million to cover the construction of their new energy plants.
Costa Rican energy cooperators are already the fastest-growing electricity producers in the country.
By 2020, they are expected to be the largest electricity cooperative in the world, producing almost 50% of Costa Rica, the Associated Press reports.
But since 2014, they’ve seen their share of the pie decrease dramatically.
Since the financial crisis, Costa Rica has seen its share of electricity supply decrease from 65% to 32%.
And with the drought that has plagued the country, the number of people living without power has been increasing.
Costa Ricans are now paying an average of over $100 a month for electricity, the AP says.
With the loan, Costa Ricas government has been able to rebuild electricity infrastructure to keep up with the demand.
In an interview with NPR, Ana Carvalho, the head of the Costa Ricana’s Department of Energy and Energy Efficiency, said the new loan is the best part of the bank’s financial support to the cooperats.
“It’s a loan for a new kind of energy cooperation, which is very important,” Carvalha told NPR.
“We have to take advantage of the fact that there’s already so much electricity that we have now that we can invest in new plants, so we can take advantage [of] the power that’s already there.”
The new loan will help the cooperativies pay for its electricity and make up for the losses incurred in the economic downturn.
The loan is also a first step to getting more of the country’s power back online, the Washington Post reports.
Costa Rico, which already has some of the lowest rates in the Americas, is the world’s second-most populous nation, and has a rapidly growing population.
It is also one of the worlds fastest growing economies.
The state’s economic growth has been stagnant for years, but the drought has been hurting its economy.
As NPR’s Chris Mooney reported, “Costa Rica’s unemployment rate, at 8.5%, is almost twice the national rate of 8.1%.
And that has contributed to a decline in public spending that has led to a $1 billion budget deficit.”
With this new loan, the government hopes to help these cooperatives build a power grid that will help Costa Ricos and other nations recover from the effects of the economic crisis.
“Our goal is to use this loan to expand electricity and help the co-ops to make up the gap in electricity,” Costa Rican Economy Minister Jose Faura said in a press release.