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- The OPEC Fund supports SMEs in Costa Rica with US$15m trade finance loan
The OPEC Fund supports SMEs in Costa Rica with US$15m trade finance loan
Vienna, Austria, April 27, 2020. The OPEC Fund for International Development (the OPEC Fund) has signed a term loan with Banco Improsa, Costa Rica for US$15 million. The finance will enable the bank to support the international trade needs of Costa Rica’s small- and medium-sized enterprise (SME) sector.
Banco Improsa is a commercial bank based in Costa Rica and a subsidiary of Grupo Financiero Improsa, which has traditionally served the SME sector. The new loan facility will enable the bank to improve SMEs’ access to funding in the Central American country, allowing them to support the whole value chain of their international trade needs. Nearly 40 percent of SMEs in Costa Rica are semi-formal and the bank will also support this segment.
OPEC Fund Director-General Dr Abdulhamid Alkhalifa said: “This loan will ultimately help secure jobs, especially in these uncertain times, and generate new opportunities, while supporting trade flows. Working capital contributes to reducing gaps at a time when demand on term financing and liquidity is high. At the same time, our involvement highlights how the private sector can play an important role in supporting the funding needs of SMEs. It will hopefully pave the way for others to make sustainable investments in Costa Rica.”
The OPEC Fund has partnered with Costa Rica for development purposes since 1977 across its public sector window and its private sector and trade finance windows. Costa Rica has also received development grants from the OPEC Fund.
About the OPEC Fund
The OPEC Fund is a development finance institution established by the member states of OPEC in 1976. The OPEC Fund works in cooperation with developing country partners and the international donor community to stimulate economic growth and alleviate poverty in all disadvantaged regions of the world. It does this by providing financing to build essential infrastructure, strengthen social services and promote productivity, competitiveness and trade. The OPEC Fund's work is people-centered, focusing on projects that meet basic needs – such as food, energy, clean water and sanitation, healthcare and education. The OPEC Fund aims to encourage self-reliance and inspire hope for the future.