The IIC Loan will be used to bolster BCR capital and to finance Costa Rican SMEs through subloans for up to US$500,000.
In 1948, the Founding Junta of Costa Rica’s Second Republic nationalized the entire banking system, including BCR, which became an autonomous institution under Articles 188 and 189 of the country’s Constitution, according to which state-owned banks are independent public-law agencies with separate legal status and administrative autonomy.
Since its founding, BCR has engaged in activities in which it has a clear competitive advantage, which has enabled 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.
In recent years, BCR has also taken steps to modernize 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.
Environmental and Labor Issues:
This is a category FI-2 project according to the IIC’s Environmental and Social Sustainability Policy because the subprojects in the financial intermediary’s current or future portfolio are considered medium risk. Banco de Costa Rica understands the IIC’s requirements because it attended the IIC financial intermediary environmental training workshop in October 2012. Each subproject will be subject to an environmental review and must comply with national environmental and labor laws, regulations, and standards as well as IIC environmental guidelines. Banco de Costa Rica must also keep submitting annual environmental reports to the IIC indicating the progress made and problems encountered in the implementation of these practices.