Cooperativa de Ahorro y Crédito de la Comunidad de Ciudad Quesada, R.L. (COOCIQUE)
The proceeds from this loan will facilitate the continued expansion of COOCIQUE’s funding base, which includes domestic, international, and multilateral banks, and at the same time provide COOCIQUE with additional medium-term resources to offer its customers. The loan is also intended to help COOCIQUE achieve its objective of meeting the credit needs of its members in a sustainable and socially responsible manner to improve living conditions in the San Carlos region.
COOCIQUE is one of the country’s oldest savings and loan cooperatives, with more than 47 years of experience. Its credit portfolio consists of over 17,000 loans for productive sectors (42% of the portfolio), consumers (38%) and housing (20%), most of the credit consisting of small loans.
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, or design criteria. To enable the Borrower to better understand the IIC’s requirements, COOCIQUE 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 domestic environmental and labor laws, regulations, and standards, as well as IIC environmental guidelines.