Costa Rica: Ensuring Participation and Compliance

The Mer-link system will guarantee the necessary participation and compliance in public bidding.

Wednesday, January 19, 2011

The new method will come into operation on January 24 with Banco Nacional , BCT, Lafise, Cathay, Promérica and Improsa as well as the National Insurance Institute.

Alicia Avendaño, Director of the Technical Department of the Digital Government, told La Nacion: "... any financial institution can access this platform, if it meets the conditions of service. The doors are open to all, this helps reduce costs.

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Trusts and Extrajudicial Auctions

February 2015

The Costa Rican Banking Association notes that the fiduciary is authorized to perform extrajudicial property auctions of security trusts.

From a statement issued by the Costa Rican Banking Association (ABC):

ABC asserts that security trusts are a legal instruments

• Fiduciaries are authorized to carry out extrajudicial auctions; there is case law on its validity and legality.

Panama: Changes to Rules on Collateral

November 2013

In order to facilitate access to inventory credit for SMEs plans are underway to reform the Law flexibilizing on chattel mortgages.

From a press release by the Ministry of Economic Affairs and Competitiveness:

"The Cabinet Council has approved a bill that promotes access to credit and modernizes the system of mortgage deposits and has authorized the Minister of Trade and Industry, by Resolution of Cabinet, to present the initiative before the National Assembly.

Banco Internacional Joins IDB Lending Program

December 2010

Banco Internacional de Guatemala joined the Trade Finance Facilitation Program (TFFP) of the Inter-American Development Bank.

Through this program, the IDB provides guarantees and loans to cover the various types of guarantees required by international trade transactions.

Credit Guarantees for Costa Rican SMEs

April 2009

SMEs in Costa Rica can receive guarantee backed funds for viable projects.

The Development Fund for Micro, Small and Medium Sized Enterprises (Fodemipyme) gave guarantees and assurances to six cooperatives and one bank for $8.5 million. These guarantees will be used by the institutions to cover up to 75% of each loan request after having evaluated the feasibility of the project for which the funds are requested.

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