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The loan is part of a government agenda to improve education at four national universities.
"We want to promote areas like IT, advanced manufacturing, biotechnology and life sciences. One of our goals is to incorporate more students and have more graduates [in these areas]," said science and technology minister Alejandro Cruz.
President Laura Chinchilla met with World Bank managing director Sri Mulyani Indrawati to talk about the loan and to discuss cooperation that the bank will offer Costa Rica for citizen security and regulatory improvements.