IIC Provides Financing To Aid In The Development Of Export Activities In Costa Rica

10/05/2000

WASHINGTON, D.C. - On October 10, 2000, the Board of Directors of the Inter-American Investment Corporation (IIC)1 approved a US$6.0 million loan to Banco Improsa S.A. in Costa Rica, for on-lending to small and medium-sized Costa Rican companies involved mainly in export activities, tourism and the transportation sector.

Given the current market conditions, in the tourism sector emphasis will be placed on building and refurbishing hotels. Projects supported in the industrial sector will be in the areas of infrastructure building, industrial bays, equipment, technology re-conversion, and process automation. As to the transportation sector, loans will be granted mainly for the purchase of buses, since the country is currently in the process of revamping the commercial passenger bus fleet, which generates a very high demand for long-term loans.

It is expected that the project will help create up to 600 jobs, and generate approximately US$20 million in annual foreign exchange earnings.

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1 The Inter-American Investment Corporation is a multilateral financial institution that is part of the Inter-American Development Bank Group. It provides financing (in the form of equity investments, loans, guarantees, and other instruments) and advisory services to private enterprises in Latin America and the Caribbean. The IIC's mission is to promote the economic development of its regional borrowing member countries by stimulating the establishment, expansion, and modernization of private enterprises, particularly those that are small and medium in size. The IIC has thirty-six member countries: twenty-five in Latin America and the Caribbean and eight in Europe, plus the United States, Japan, and Israel. For further information on IIC's activities please visit our web site at www.iadb.org/iic/ or contact Mr. Jorge Roldán at 202-623-3948.

Contact: Roldan Trujillo

Telephone: (202) 623-3922

Email: sylviasz@iadb.org