Coopenae II (IFC-39060)

Countries
  • Costa Rica
Where the impacts of the investment may be experienced.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Proposed
Bank Risk Rating
U
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
May 8, 2017
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower
Cooperativa Nacional de Educadores RL
The holder of the loan, grant, or other investment.
Sectors
  • Finance
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 20.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Primary Source

Original disclosure @ IFC website

Updated in EWS May 9, 2017

Disclosed by Bank Apr 5, 2017


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Project Description
The project consists of a 7 year loan up to US$20 million to Cooperativa Nacional de Educadores (“COOPENAE”) to fund the growth of lending to low and middle income home owners in Costa Rica. The Project is expected to contribute to the WBG goals by supporting economic growth in Costa Rica by providing long term access to finance to mortgages through a leading cooperative in a market faced with poverty and a significant housing deficit, which was identified in Costa Rica as challenges to be tackled
People Affected By This Project
Contribution to Economic Growth. The Project is expected to contribute to the WBG goals by supporting economic growth in Costa Rica by providing long term access to finance to mortgages through a leading cooperative in a market faced with poverty and a significant housing deficit, which was identified in Costa Rica as challenges to be tackled. \rDemonstration Effect: By providing renewed long term funding to Coopenae, IFC hopes to show its continued support to the cooperative sector that finances the mid to lower end of the pyramid, to create a more competitive environment in the banking sector and encourage further finance from development institutions to the segment. IFC's loan hopes to increase availability of longer tenor lending instruments to provide low and middle income mortgages.\rCorporate Governance Enhancement: By providing funding to Coopenae for a second time IFC will monitor and follow up on Corporate Governance recommendations from 2011 investment to reach best global practices
Investment Description
  • International Finance Corporation (IFC)
The project sponsor is Coopenae, which is the leading regulated, deposit-taking cooperative Costa Rica with a 24% market share amongst the cooperatives. Coopenae is the third largest cooperative in Latin America, and the sixth financial institution in the country measured by assets. It is owned by its 103,361 members. Coopenae was founded in 1966 to provide services to teachers but from 2006 opened up its memberships to all types of clients.
Contact Information
ACCOUNTABILITY MECHANISM OF IFC The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org. You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org/ CONTACTS Company: Cooperativa Nacional de Educadores R.L. Point of Contact: Juan Pablo Zuñiga Chaves Title: Jefe de Análisis Financiero Telephone number: 2257-9060 Email: jzuniga@coopenae.fi.cr