Between 11 and 14 November, Proparco took part in FELABAN, the Latin American banking sector’s standout annual event. Proparco marked the occasion by renewing its partnership with the Promerica bank via a $US 20 million line of credit to support the development of Costa Rican SMEs. These are the country’s economic lifeblood (i.e., SMEs represent 90% of all of businesses).
Proparco has been partnering the Central American Promerica Financial Corporation since 2013 via two credit facilities dedicated to the Costa Rican agriculture sector ($US 20 million) and to Nicaragua ($US 20 million), as well as a Tier 2 financing arrangement for Banpro (Nicaragua).
This new line of credit continues Proparco’s strategy in support of Central American SMEs and it will boost Promerica’s capacity to grant fresh loans to small- and medium-sized Costa Rican businesses.
By partnering small business and the private sector in Costa Rica, this project will drive national development and generate positive economic and social impacts. In particular, it will support job creation and help with training employees of Promerica and the SMEs being financed – in all, the project should help to create or maintain over 7,800 jobs.
In addition to Promerica, Proparco works closely with two other Costa Rican private banks, Banco Improsa and Banco BCT.