After a Chinese bank agreed to offer $395 million in finance, the rehabilitation and expansion of a critical 107-kilometer route connecting Costa Rica's capital to the Caribbean coast might begin as soon as next month. Freelancers
Route 32 will be renovated and expanded, improving the connection between San Jose and Limón, the essential link to the Caribbean coast.
China's Harbour Engineering Company LTD will serve as the main construction company as part of the arrangement, which is a common format for Chinese finance projects. For the Baha Mar project in the Bahamas, the Export-Import Bank of China worked out a similar agreement that linked funding and construction.
Money from China is pouring into projects all across the world. China has confirmed its support for the Manchester Airport City development in the United Kingdom.
The agreement with Costa Rica was first announced in June, when Chinese President Xi Jinping paid a visit to the country. According to the Tico Times, President Laura Chinchilla signed the agreement last week. According to the article, the financing contract was for 20 years at a 3.5 percent interest rate with a four-year grace period.
The loan will be used to assist fund the $485 million expansion of Route 32, which connects San Jose to the Caribbean coast, which is less developed than the popular western coast. The route will also help to speed up the movement of cargo from Limón's port.
According to the Tico Times, the majority of the road will be enlarged from two to four lanes, with 26 kilometers of bike paths. There will be 36 new bridges and 23 pedestrian crossings as part of the project.
If the Costa Rican senate approves the deal, construction may begin as soon as next month.
Marriott is planning a 'explosive' expansion in Asia.
Through 2016, Marriott International expects to open one hotel every eight days in Asia.
In the next three years, the hotel chain intends to treble its presence in the region, with 330 hotels and more than 96,000 rooms spread over 16 countries, according to a statement.
In a statement, Marriott International CEO Arne Sorenson stated, "Our explosive expansion across the area shows the popularity of our brands in Asia with owners and consumers alike, and with a hotel opening virtually every week throughout the continent, we will be positioned to welcome travelers from around the world."
Marriott presently has 186 hotels in its signed pipeline (hotels that have officially agreed to open), with more than 135 expected to launch in the next three years. This month alone, the business will open six Ritz-Carlton and JW Marriott hotels across Asia.
"We're also breaking into new markets in Asia, having just signed hotels in Nepal, Sri Lanka, and Bangladesh," said Simon Cooper, Marriott International's managing director for Asia Pacific. "China is our largest market in the area, with 64 open hotels and 89 signed contracts, bringing our total number of hotels in the nation to more than 150 in the next three years or so."
By 2016, they want to expand from 16 cities in China to more than 50.
Bulgari Hotels & Resorts, The Ritz-Carlton, JW Marriott, Renaissance, Autograph Collection, Marriott Hotels, Courtyard, and Marriott Executive Apartments will all benefit from the expansion.
In the next few years, the business plans to add 50 properties under its Marriott Hotels brand. The Ritz-Carlton brand's expansion into Asia is part of the company's aggressive worldwide growth strategy, which was announced last month.
To match the increase in Asia, Marriott intends to quadruple its staff to more than 80,000 personnel, with half of them in China alone.