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Costa Rica electric train project would secure a loan of EUR 250 million from the European Investment Bank (EIB) if it will be positively assessed.
EUR 850 million is the eligible total value of the project covering the electrification and rehabilitation of a rail corridor comprising of two lines and about 50 km across the metropolitan area of San Jose de Costa Rica to run tram-train services.
The EIB funding will support the electrification, rehabilitation, and upgrade of the railway system of the great metropolitan area of San Jose (Costa Rica) as well as the acquisition of new electric trains.
Costa Rica electric train is a flagship initiative of the Global Gateway Investment Agenda. Co-financing with the Central America Bank of Economic Integration (CABEI) and the Green Climate Fund (GCF), the project will optimise frequencies, electrify and rebuild infrastructure, improve crossings, modernise tracks, signalling, crossing areas or traffic control systems which in turn will improve the quality of life of the population of the metropolitan area with modern, accessible, and safe transport.
The cost of the entire project is estimated at around USD 800 million, of which USD 550 million will be financed by the CABEI and the Green Climate Fund, while the EIB is analysing the procedures to cover the remaining needed investment.
In July, the Ministry of Public Works and Transport announced that the feasibility study for the urban electric train project developed by the Spanish company Meta Engineering will be completed by the end of this year.
USD 1.5 billion was the initial estimation of the project and recently, a new estimation unveils an investment of USD 800 million. The costs have been changed due to updated routes while focusing on the connection from Paraíso de Cartago to San José, rather than connecting Cartago, San José, Heredia, and Alajuela as initially proposed.
Incofer, the rail company of Costa Rica has presented the project consisting of a double track railway system that connects the capital San José to the cities of Heredia, Cartago and Alajuela, travelling for 45 minutes from origin to destination. The electrified rail system is expected to transport up to 600 passengers per train and over 100,000 passengers per day.
Under the project, there will be 50 km of railway line with 46 stops including interchange stops, providing connections to the other transport modes such as buses, taxis, and non-motorised vehicles. Costa Rica electric train project would take between three and five years to be completed. |
