IIC loan of up to US$1 million to one of Costa Rica’s foremost savings and loan cooperatives will benefit more than 60 SMEs

08/01/2011

Washington, D.C. - On August 1, 2011, the Inter-American Investment Corporation (IIC) approved a loan of up to US$1 million to Cooperativa de Ahorro y Crédito y Servicios Múltiples Alianza Pérez Zeledón de R.L. ("Coopealianza") in Costa Rica. The loan will enable Coopealianza to provide financing in the form of business development loans of up to US$50,000 each for eligible projects and companies in the micro, small, and medium-sized enterprise segment throughout Costa Rica.

With this operation, the IIC will be supporting and strengthening Costa Rica’s financial sector. Coopealianza will directly use the proceeds to fund the growth of its short- and medium-term business development portfolio in rural areas where private commercial bank penetration is lower than in Costa Rica’s main cities," said Juan Fonseca, IIC investment officer in charge of the operation.

About Coopealianza

Coopealianza, established in 1971 in Pérez Zeledón, has become one of Costa Rica’s leading savings and loan cooperatives. Its main lines of business are deposit-taking, personal, housing, and business development loans, and financial services. A substantial portion of its portfolio goes to providing financing to micro, small, and medium-sized enterprises in rural areas of Costa Rica via what it refers to as business development operations.

Coopealianza, which has more members than any other cooperative in the country, is supervised by Costa Rica’s financial market regulatory authorities. It is a leader in service thanks to its fifty branches throughout the country’s seven provinces, and it is one of the largest employers in the savings and loan co-op sector. For more information on Coopealianza, visit www.coopealianza.fi.cr

About the IIC

The IIC is a multilateral financial institution that is a member of the Inter-American Development Bank (IDB) Group. The IIC’s mission is to promote the economic development of its regional member countries by encouraging the establishment, expansion, and modernization of private enterprises, particularly those that are small and medium in size. It does so by providing financing (in the form of equity investments, loans, guarantees, and other instruments) and advisory services to private enterprises in Latin America and the Caribbean. In 2010, the IIC reached US$1.4 billion in assets and approved forty-nine operations channeling US$374.8 million to SMEs in the region. For more information on the IIC’s activities, please visit www.iic.int

Contact: Juan Fonseca (in Costa Rica)

Telephone: + (506) 2588-8717

Email: juanf@iadb.org