IIC Reaffirms its Support of the Financial Services Sector in Costa Rica at the Signing Ceremony of a Loan Agreement with Coopealianza

09/25/2011

The loan of up to US$1 million will be used to finance the development of micro, small, and medium-sized enterprises throughout the country

San José, Costa Rica – On September 23, 2011, the Inter-American Investment Corporation (IIC) held a ceremony for the signing of a loan agreement with Cooperativa de Ahorro y Crédito y Servicios Múltiples Alianza Pérez Zeledón de R.L. ("Coopealianza") in Costa Rica.

"This agreement marks the beginning of what we expect to be an excellent business relationship with the Inter-American Development Bank (IDB) Group and, specifically, with one of its most important members, the Inter-American Investment Corporation (IIC). For us, these funds mean that we will be able to continue promoting the entrepreneurial advancement of our associates by according them the swift and flexible access to credit they need in order to implement, expand, develop, and promote their projects, for their own benefit, that of their families and communities, and for the country in general. As a cooperative committed to the social and financial development of its members, Coopealianza welcomes the resources it will receive thanks to this agreement," noted Francisco Montoya Mora, general manager of Coopealianza.

According to Juan Fonseca, the IIC investment officer in charge of the operation, "This operation is part of an effort by the IIC to foster the growth of Costa Rica’s financial sector through one of the foremost savings and loan cooperatives in the country. Through Coopealianza, it will benefit micro and small enterprises, especially in rural areas, where the cooperative provides broad coverage throughout Costa Rica. The proceeds from this loan will help promote more small-scale investment and at the same time stimulate job growth, while bringing more foreign exchange into the country."

The signing ceremony took place at the Children’s Museum, in San José. Francisco Montoya signed on behalf of Coopealianza and Fernando Quevedo, the Inter-American Development Bank Representative in Costa Rica, signed on behalf of the IIC.

About Coopealianza

Coopealianza was established in 1971 in Pérez Zeledón and has become one of Costa Rica’s leading savings and loan cooperatives. Its main business lines are deposit-taking and personal, housing, and business development loans for micro, small, and medium-sized enterprises. It is supervised by Costa Rica’s financial market regulatory authorities. It is a leader in service thanks to its network of some 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) 2588-8748

Email: juanf@iadb.org