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Costa Rica: Proparco reaffirms its commitment to SMEs to support them during the Covid-19 crisis

Project

Signature date
Location
Costa Rica
Financing tool
Loan, Technical assistance
Financing amount (Euro)
38395904
Financing details
USD 45m loan
Customer
BANCO PROMERICA DE COSTA RICA S.A.
Type of customer
Financial institution
Country of headquarters
Costa Rica
Project number
PCR1014
Environmental and social ranking
IF-B
Climate co-benefits
Project with climate co-benefits
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This information is given at the time of signature, without prejudice to any developments in the operation/project.

To support the bank Promerica in the current crisis, Proparco has renewed its partnership by allocating it a new credit line to finance SMEs. They account for the bulk of the economic fabric in Costa Rica and are facing new difficulties

Client presentation

Banco Promerica is a universal bank offering financial services to companies and individuals. It is the fourth largest private bank in Costa Rica and a member of the regional group Promerica Financial Corporation (PFC), which operates in nine Latin American countries and has been a strategic partner of Proparco since 2013.

The bank is increasingly participating in the SME segment and offers innovative products tailored to the needs of its SME clients, which have been facing new difficulties since the onset of the crisis.

Project description

Proparco’s new USD 45m credit line follows on from two previous loans allocated to Banco Promerica by Proparco in 2013 and 2017. This new operation will provide Banco Promerica with part of the resources required for its recovery plan for its SME clients.

Project impact

The main expected economic and social impacts are as follows:

  • Support for the country’s economic activity by financing and refinancing some 100 SMEs, mainly in the trade, construction, service and real estate sectors
  • The mobilization of some EUR 65m of private finance
  • Some 2,800 direct and indirect jobs maintained over the next 5 years, mainly in the SMEs that could be financed or refinanced through Proparco’s credit line. Women account for 51% of permanent employment at Banco Promerica.