This Green Line loan project will enable financing of projects including i.e. installation of solar panels at households or businesses, construction of 'green' buildings (EDGE certified) and replacement of inefficient agricultural equipment.
Banco BAC San Jose S.A. (BAC SJ) is the largest privately owned bank in Costa Rica and is part of the Central American BAC Credomatic Group, owned by the Colombian Grupo Aval conglomerate. BAC SJ is a long-standing client of FMO and considered as a strategic partner for innovation in the Central American region.
This Green Line supports the development of green financial products in Costa Rica which contributes to FMO's strategic goal to halve its footprint by reducing GHG emissions.
The USD 5 million senior term facility is a Green Line which BAC SJ will use to on-lend to green projects in line with FMO's green lending criteria, focused on renewable energy and energy efficiency.
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ACCOUNTABILITY MECHANISM OF FMO
Communities who believe they will be negatively affected by a project funded by the Dutch Development Bank (FMO) may be able to file a complaint with the Independent Complaints Mechanism, which is the joint independent accountability mechanism of the Dutch Development Bank (FMO) and the German Investment Corporation (KfW) . A complaint can be filed in writing, by email, post, or online. The complaint can be filed in English or any other language of the complainant. The Independent Complaints Mechanism is comprised of a three-member Independent Expert Panel and it can provide either problem-solving, compliance review or both, in either order. Additional information about this accountability mechanism, including a guide and template for filing a complaint, can be found at: https://www.fmo.nl/