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World Bank approves $350 million loan for Costa Rica

FILE PHOTO: 2023 Spring Meetings of the World Bank Group and the International Monetary Fund

SAN JOSE (Reuters) - The World Bank approved a $350 million loan for Costa Rica to fund infrastructure and climate and disaster resilience projects, the lender said on Friday.

The program is to fund investments in critical infrastructure for flood control and slope stabilization, as well as the reconstruction of bridges and roads damaged by weather-related disasters.

Costa Rica "remains highly exposed to extreme weather events and natural hazards, which increase the impact of these risks," the country's finance minister, Nogui Acosta, said in a statement from the World Bank.

"This project is aligned with the country's strategy for mitigating and adapting to climate change and will support our priority of investing in resilient infrastructure and services to protect people living in the most vulnerable areas," Acosta added.

(Reporting by Alvaro Murillo; Writing by Brendan O'Boyle; Editing by Valentine Hilaire and Leslie Adler)