Costa Rica: $20 million for SME's

IFC granted a $20 million loan to Banco Improsa, and auhtorized its incorporation to the Global Trade Finance Program.

Monday, July 13, 2009


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IFC, a member of the World Bank Group, will provide a $20 million long-term financing to Banco Improsa in Costa Rica, to expand access to finance for local small and medium enterprises and $5 million in guarantees to expand bank’s capacity to provide trade finance.

Under the terms of the transaction, half of IFC’s $20 million financing to Banco Improsa could be convertible into common shares of Grupo Financiero Improsa, the bank’s holding company.

In addition to the financing, Banco Improsa strengthened its relationship with IFC by joining the Corporation’s Global Trade Finance Program, which supports trade with emerging markets by providing risk mitigation through guarantees and expanding banks’ capacity to provide trade finance. By joining the program, Banco Improsa becomes a new issuing bank with access to a global network of international bank relationships.

Franco Naranjo Jimenez, Banco Improsa’s General Manager, said, “IFC’s financing and our incorporation to its Global Trade Finance Program will help us further support SME operations in Costa Rica, which are an essential engine from economic growth and job creation in the country. We welcome this partnership with IFC and look forward to strengthening it in the future.”

Atul Mehta, IFC Director for Latin America and the Caribbean region, said: “IFC support to Banco Improsa is part of our strategy to expand access to finance for key productive sectors in Costa Rica and Central America. We also share Banco Improsa’s vision about the importance of strengthening the capacity and operations of SMEs through the services it provides with the Centers of Support and Advisory Services. We look forward to a long-term relationship with Banco Improsa.”



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Xpand Group

Xpand Group offers to its clients global support in exports. With its network, the company gives access to small and medium enterprises to new markets such as: North America, Central America & Europe
Operates in El Salvador, Costa Rica, Guatemala, Honduras, Nicaragua and Panama
Phone: (506) 2225-0435 - (506) 2524 2800

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