Costa Rica: Development Banking Lent $2.45 Million

These credits have been distributed among 243 projects of micro and small entrepreneurs.

Thursday, June 25, 2009

By the end of May, 51% of the loan has gone to the agriculture sector, 19% to commerce, 14% to cattle raising, 6% to services, 6% to dairy production, 3% to industry y 1% to tourism.

El Financiero published on its website: “Mayi Antillón, Minister of Communication and Interchange, recognized that, if it is true that the government has executed everything stipulated in the Law, the implementation has suffered some setbacks, which is currently operated only by the National Trust for Development (Finade).”

More on this topic

Costa Rica: Development Banking Remains Paralyzed

August 2012

After having missed the deadline for renewing the period for the committee to analyze changes in order to make the System for Banking Development more diligent, the project remains stalled in Congress.

The work of the committee dates from May 2010 and the aim was to decide how to use the $320 million. This fund is made of 17% of bank’s current accounts.

Costa Rica: $320 million Still Unused

May 2012

Changes to the law on development banking have suffered a delay of 5 months, which has prevented the use of $320 million.

Delays to the expected legislative changes to the Law of the System for Banking Development (SBD) now add up to 5 months.

The opposition blames the government for not having pushed a review of the reforms to a special commission.

Costa Rica: Development Banking Still Stuck

September 2011

The reform proposal submitted by the Government does not have the full backing of the Legislative Assembly.

The way that resources obtained from the banking system are to be used is the main point that could further delay the implementation of the system of development banking (SBD in Spanish), which aims to provide financing to small and medium enterprises who do not have access today to traditional bank loans.

Costa Rica: Development Bank to start in December

November 2008

Farmers, entrepreneurs and professionals will be able to present their proposals to compete for part of the $84 million that the Government made available to start the fund.

In December the interested parties will be able to go to the National and Agricultural Credit banks, the minister of Agriculture and Livestock, Javier Flores, said.