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Costa Rica Weighs Raising $2.7 Billion via Sale of State-Owned Insurer, Banks’ Assets

Costa Rica’s President Rodrigo Chaves said on Tuesday he plans to present a bill to sell state-owned banks Banco de Costa Rica and Banco Internacional de Costa Rica, as well as 49% of the state-owned INS insurance company to reduce public debt.

If approved, the sale of the banks is expected to raise $1.8 billion, equivalent to some 2.8% of Costa Rica’s gross domestic product, while the stake in the insurance company should fetch around $890 million, Chaves said in a speech marking his first 100 days in office.

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