By allocating a credit line to BICSA, Proparco is supporting renewable energy and energy efficiency projects in Panama, which will allow the country to scale up its power generation by diversifying its energy mix.
BICSA was set up in 1976 and is 51% and 49% owned by the Costa Rican State-owned banks Banco de Costa Rica and Banco Nactional de Costa Rica, respectively. From its beginning, BICSA's activity focused on financing companies in the Central American region. For ten years now, the bank has also been developing significant expertise in the syndication of financing for renewable energy and transport projects.
The credit line will be earmarked to finance renewable energy and/or energy efficiency projects in Panama. BICSA will consequently be able to meet the increasing medium and long-term financing needs of the renewable energies and energy efficiency sectors.
This operation will contribute to financing renewable energy infrastructure projects. It will raise Panama's power generation capacity and increase the share of renewable energies in the energy mix. Positive and significant impacts are consequently expected both at the economic level and environmental and social level.