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Banco Improsa 2017: A loan to support SMEs and employment in Costa Rica
Project
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Signature date
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Location
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Costa Rica
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Financing tool
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Financing amount (Euro)
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11839323
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Financing details
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Loan of USD 14m
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Customer
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BANCO IMPROSA SA
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Type of customer
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Financial institution
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Country of headquarters
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Costa Rica
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Project number
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PCR1010
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Environmental and social ranking
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IF-B
In Costa Rica, the bank Banco Improsa mainly finances SMEs, which account for the bulk of the local economic base. This project, by supporting SME development in Costa Rica, will boost economic activity and employment in the country.
Client presentation
Banco Improsa was set up in 1986 and is a niche bank specialized in credit and services for SMEs, which account for over 60% of its portfolio. It was one of the first banks in the country to offer its clients non-financial services and has a real strategy and expertise in terms of SMEs. Banco Improsa is the main entity of the Grupo Financiero Improsa (GFI) conglomerate, which is majority-owned by the Costa Rican Ortuño family.
Project description
PROPARCO's credit line will be earmarked to finance Banco Improsa's small and medium-sized enterprise clients. This is PROPARCO's third operation with the bank.
Project impact
This operation will contribute to strengthening the financing activity for Banco Improsa's entrepreneur and SME clients in Costa Rica. More generally, it will help support employment in the country: PROPARCO's credit line will finance some 50 companies, i.e. a total of over 3,700 indirect jobs created or maintained in the SME sector.