IIC Continues to Support Costa Rica’s Financial Services Sector

12/05/2014

Subordinated loan of up to US$10 million will strengthen Banco de Costa Rica’s capital and
improve access to financing for Costa Rican SMEs

Washington, D.C., December 5, 2014 — The Inter-American Investment Corporation (IIC) approved a subordinated loan of up to US$10 million to Banco de Costa Rica (“BCR”) that will strengthen BCR’s capital and support small and medium-sized Costa Rican enterprises (SMEs) with subloans of up to US$250,000.

This is the IIC’s second subordinated loan to BCR.  The first operation funded more than 1,200 eligible loans.

“With this subordinated loan, we are looking to continue strengthening the relationship between the IIC and BCR and support SMEs in Costa Rica, as the loan is expected to fund close to 2,000 eligible loans, some of them in rural areas,” said Rodrigo Navas, the lead IIC investment officer in charge of the operation.

BCR is an entity duly organized under Costa Rican law and established in 1877. Since its founding, BCR has engaged in activities in which it has a clear competitive advantage, which enables it to develop excellent quality products and services, generate the necessary profit to remain sound, enhance its reliability, and help drive the country’s sustainable development. BCR is currently the second largest bank by assets in the Costa Rican financial market. In recent years, BCR has taken steps to streamline and innovate its services and customer care operations, with a view to achieving greater levels of responsiveness and convenience through the use and implementation of modern technology.
 

About the IIC

The IIC, a member of the Inter-American Development Bank (IDB) Group, promotes private-sector development in Latin America and the Caribbean with a focus on SMEs. We help companies streamline management processes and provide them with financing in the form of equity investments, loans, and guarantees, as well as innovative technical assistance, advisory services, and knowledge products. In 2013, the IIC approved 71 operations totaling US$415.4 million. Since its inception in 1989, the IIC has approved more than 800 direct loans to SMEs and financial intermediaries, for a total of US$5.21 billion. An additional US$3.01 billion has been mobilized through cofinancing and syndication agreements. For more information on the IIC’s activities, visit www.iic.org.

Contact: Rodrigo Navas

Telephone: + 1 (202) 623-3926 en Washington, D.C.

Email: rodrigon@iadb.org