Major Developments

Significant Growth in Limon Economy

JP Morgan projects that Costa Rica's GDP will grow by 5% in 2011. While the overall economy is doing very well, Limon, in particular, is poised to experience dramatic growth in the coming years due to the unprecedented amount of foreign investment taking place in the small economy. A total of $3.2 billion is being invested over the next five to ten years, which amounts to $60,000 per Limon resident. The projects are expected to create thousands of direct jobs, which will have exponential effects for the overall economy.

APM Terminals won a 33-year concession on March 1, 2011 to finance, build, and operate a $1 billion new port facility. During Phase 1 construction it will directly employ 1,000 workers and ultimately create 450 permanent jobs. In Phase 2, which is expected to begin in 2017, another 1,000 construction workers will be employed, resulting in over 1,000 permanent high-paying jobs. This is the largest infrastructure project ever to take place in the country.

SORESCO: a joint venture between RECOPE, Costa Rica's oil refinery, and China The National Petroleum Company will invest $1.2 billion to expand the capacity of Costa Rica's primary oil refinery that currently processes 18,000 barrels per day to 60,000 barrels per day. Four hundred and fifty workers will be working on construction of the project.

RECOPE has begun their $92 million project to expand their petroleum port. Plans include a 200m breakwater, dredging, 4 dolphin moorings, 2 caisson docking areas on land, a loading jetty, an access bridge, pedestrian bridges, and 2 piled dolphin moorings.

AMEGA: Americas Gateway Development Corporation recently began the second phase of studies on a new transfer terminal near the Moin port with a completion date of May 2012. The transfer terminal, which will require an investment of $900 million, will have capacity to deal with 2 million TEUs with a 1km dock, a 19-meter deep access channel to the Moin port and docking space for 3 container ships carrying approximately 15,000 TEUs.

Infastructure project: The Limon We All Want (Limon Ciudad Puerto) has been funded with $72.5 million by the World Bank for a multi-faceted infrastructure improvement plan including urban revitalization, local economic development, institutional strengthening of the municipality, and modernizing infrastructure to support the port for cruise ships and tourism.