Law 7010: External Financing Contracts with Foreign Private Banks

It stipulates that no public institution of the decentralized sector of the State or company in which the State or its institutions own more than fifty percent of the shares may contract external or internal loans without the prior authorization of the project prepared by the Mideplan, as well as the favorable opinion of the Central Bank of Costa Rica (BCCR) and the authorization of the Budgetary Authority. The opinion rendered by the BCCR, in relation to the loan to be contracted, will be binding with the respective institution or company. The authorizations of the Budgetary Authority and the Mideplan, referred to in this numeral, shall not be required for State banks.