Banco de Costa Rica ("BCR")
The proceeds from the IIC Loan would be used to enhance BCR's capital as well as to finance Costa Rican SMEs with subloans of up to US$500,000.
In 1948, the Founding Junta of the Second Republic of Costa Rica decreed the nationalization of the country's banking system, which included BCR. That year, in accordance with Articles 188 and 189 of the Costa Rican Constitution, BCR, along with all other state-owned banks, was declared an autonomous public law institution and a legal person in its own right with administrative autonomy.
From its inception, BCR has engaged in activities in which it has a clear competitive advantage, allowing the Bank to develop excellent services and products, generate the profits necessary to keep it strong, reassert its reliability, and contribute to the country's development.
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.
This is a category III project according to the IIC's environmental and labor review procedure because it could produce certain effects that may be avoided or mitigated by following generally recognized performance standards, guidelines, and design criteria. To enable the Borrower to better understand the IIC's requirements, Banco de Costa Rica shall be required to attend the IIC financial intermediary environmental training workshop. 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.