Despite China’s faltering growth, Costa Rica is looking to Beijing to help it plug a growing hole in its public accounts, as it starts talks on the sale of a $1bn bond.
Commodities producers in Latin America have long seen China as a deep-pocketed ally, and Costa Rica will be hoping it can emulate Venezuela and Ecuador, which have both secured Chinese funding this year as they battle the oil price crash.
“We’re in the initial stages of negotiations,” Costa Rican president Luis Guillermo Solís told the Financial Times in New York. He acknowledged, however, it was “not the best time for China”.
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