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Costa Rica: New opportunities in uncertain times
A new term loan will support the international trade needs of Costa Rica’s SMEs, including those in the semi-formal sector
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.