Law 7010: External Financing Contracts with Foreign Private Banks of Costa Rica (Spanish)

Law 7010 on External Financing Contracts with Foreign Private Banks establishes in its Article 7: No public institution of the decentralized state sector nor companies in which the State or its institutions own over fifty percent of shares can contract external or internal credits without prior authorization of the project prepared by the Ministry of Planning, as well as the favorable opinion of the Central Bank of Costa Rica (BCCR) and authorization of the Budget Authority. The opinion by the BCCR regarding the credit intended to contract, will be binding to the relevant institution or company. The authorizations of the Budget Authority and the Ministry of Planning which this number refers to will not be enforceable for State banks.