Costa Rica Expands Access to Housing Finance through COOPENAE with support from the IIC
The Inter-American Investment Corporation (IIC), acting on behalf of the Inter-American Development Bank (IDB) Group, has established a strategic partnership with Cooperativa Nacional de Educadores, R.L. (“COOPENAE”), a leading savings and credit cooperative in Costa Rica, to increase access to housing finance in that country.
The financing package consists of a $30 million loan in local currency with a tenor of five years and a $5 million loan in US dollars with a tenor of six years. Both loans will support COOPENAE’s efforts in providing affordable housing while contributing to the reduction of Costa Rica’s housing finance gap.
The loans will address the housing deficit by providing medium-term financing to COOPENAE, in order to support its mortgage portfolio intended to offer affordable housing solutions to its members. By partnering with COOPENAE, IIC’s loan capitalizes on the cooperative’s market leadership, supporting its ongoing efforts to increase its mortgage portfolio targeting the traditionally under-served affordable housing segment of the population.
About the Inter-American Investment Corporation (IIC)
The Inter-American Investment Corporation (IIC), a member of the Inter-American Development Bank Group (IDB Group), is a multilateral development bank committed to supporting the private sector in Latin America and the Caribbean. The IIC finances sustainable enterprises and projects to achieve financial results that maximize social and environmental development for the region. With a current portfolio of $11 billion under management and 350 clients in 21 countries, the IIC works across sectors to provide innovative financial solutions and advisory services that meet the evolving demands of its clients.
COOPENAE is one of the largest financial cooperatives in Costa Rica and Central America. With more than 50 years of experience, Coopenae provides consumer and housing lending to Costa Rican workers, as well as loans to SMEs. As of June 2017, COOPENAE has more than 90,000 members and $1.2 billion in assets.