BANCO PROMERICA DE COSTA RICA S.A. (FMO-48294)

Countries
  • Costa Rica
Where the impacts of the investment may be experienced.
Financial Institutions
  • Netherlands Development Finance Company (FMO)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Approved
Bank Risk Rating
B
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
Aug 10, 2016
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
Banco Promerica de Costa Rica S.A.
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)
$ 15.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Project Cost (USD)
$ 25.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please see updated project documentation for more information.
Primary Source

Original disclosure @ FMO website

Updated in EWS Jun 26, 2018


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Project Description

From FMO:

This project will support Promerica CR to grow its SME portfolio, and will enable funding to green projects in line with FMO's green lending criteria, aimed at renewable energy and energy efficiency.

WHO IS OUR CLIENT: Banco Promerica de Costa Rica S.A. (Promerica CR) is a privately owned universal bank in Costa Rica. Promerica CR is part of the Promerica Group.

WHY WE FUND THIS PROJECT: Providing financing to small and medium enterprises and green projects in Costa Rica will contribute to FMO's strategic goal to create jobs and reduce GHG emissions.

Investment Description
  • Netherlands Development Finance Company (FMO)

The USD 25 million senior term facility consists of a SME tranche (USD 20 million) and a Green tranche (USD 5 million). The SME tranche will be used to support Promerica CR to grow its SME portfolio, while the Green tranche will be on-lend to green projects in line with FMO's green lending criteria, aimed at renewable energy and energy efficiency.

Contact Information

FMO
The Netherlands
+31 70 314 96 96
info@fmo.nl

Anna van Saksenlaan 71
2593 HW, The Hague
The Netherlands

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/independent-complaints-mechanism