WASHINGTON – The Inter-American Development Bank (IDB) approved a $250 million loan to improve quality of life for people in Costa Rica who need care, such as the elderly and people with disabilities, and to increase the well-being of caregivers.
Costa Rica is experiencing one of the fastest population aging processes in Latin America and the Caribbean. Currently, 11 out of every 100 people are 65 years or older, and by 2050 this figure is projected to increase to 25 out of every 100 inhabitants. This demographic change significantly increases the demand for care services. This loan will help expand coverage and improve the quality of these services, as well as strengthen support for caregivers.
This is the first operation under IDB Cares, the Bank's initiative to expand care services and infrastructure to improve the lives of children, the elderly, and people with disabilities who require care, while also creating jobs and accelerating economic growth in Latin America and the Caribbean.
The loan will strengthen Costa Rica's National System of Care and Support for Dependent Adults and Elderly People (SINCA, its acronym in Spanish). The initiative includes reforms to improve the management of the official budget, the accountability of service providers, and information for decision-making, integrating it into the social household registry.
The project will benefit approximately 160,000 adults with functional dependency in the country. Additionally, it will reach about 170,000 caregivers, including 140,000 unpaid and 30,000 paid caregivers.
The operation includes the implementation of the CUIDAR.CR platform, a digital tool that will facilitate the connection between caregivers and those who require care services. This platform will enable the registration of formal and informal caregivers, make their credentials visible, and improve their employability, contributing to the professionalization of care work and generating new economic opportunities.
In turn, the project will provide benefits to unpaid caregivers and improve the quality of services with better instruments and supervision mechanisms.
The IDB loan has a disbursement period of one year, a grace period of 5.5 years, and an interest rate based on SOFR.
About the IDB
The Inter-American Development Bank (IDB) is devoted to improving lives across Latin America and the Caribbean. Founded in 1959, the IDB works with the region’s public sector to design and enable impactful, innovative solutions for sustainable and inclusive development. Leveraging financing, technical expertise and knowledge, it promotes growth and well-being in 26 countries.
Planes,Maria Soledad
Malespin Bendana,Shirley
The IDB and Costa Rica
The Country Office of Costa Rica supports the government’s efforts to move forward on its social welfare, low-carbon economic development, and environmental resilience goals in alignment with the Bicentennial National Development and Public Investment Plan.
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