BCR II

For inquiries and comments to IIC, contact:
IIC’s Communications Group
E-mail: divulgacionpublica@iadb.org

For project inquiries, including environmental and social questions related to an IIC investment, please contact the client or the IIC using the contact information provided above. In addition, project affected communities have access to the IIC Independent Consultation and Investigation Mechanism.
Tel:+1 (202) 623-3952
Fax: +1 (202) 312-4057
Address: 1300 New York Ave. NW Washington, DC. USA. 20577
E-mail: mecanismo@iadb.org or MICI@iadb.org

Project Number: 
CR3953A-02
Expected Consideration Date by the Board: 
11/04/2014
Date Posted: 
10/03/2014
Company: 
Banco de Costa Rica (“BCR”)
Sponsoring Entity: 
Not applicable
Financing Requested: 
Up to US$10,000,000
Sector: 
Financial Services
Location: 
San Jose, Costa Rica
Country: 
Scope Objective: 

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 Review: 

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.