Cost Rica's Chaves to present bill to sell banks

SAN JOSE Reuters - Costa Rica's President Rodrigo Chaves said on Tuesday he plans to present a bill that will 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.

The bank sale is expected to raise $1.8 billion, equivalent to 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.

We're going to present the bill to Congress soon, they're ready for it, and I'm looking over it, Chaves said.

The Central American Bank for Economic Integration CABEI approved a $290 million credit line for Costa Rica to be used for the country's fiscal consolidation and low-emission economic recovery earlier on Tuesday, the development bank said.