Financing for "Green" Projects

The Costa Rican Stock Exchange is preparing a bond plan for companies that seek to finance renewable energy, agriculture, and waste management projects, among others.

Monday, January 8, 2018

The aim of the authorities at the National Securities Exchange (BNV), is to have the first issue of bonds of this type ready in the last quarter of 2018. The plan is to provide financing alternatives through the stock market for projects   "... new or existing ones that qualify as green projects, that is to say, that contribute to mitigating the effects of climate change or adapting to them."

José Rafael Brenes, general director of the BNV, explained to that  "...Projects related to renewable energy, energy efficiency, clean transport, water resources management, waste management, agriculture, IT and broadband are some of those that can be financed using these instruments."

In the view of Victor Chacón, director of the Chamber of Investment Funds, "... despite being an interesting proposal as an instrument, it will only be attractive if the rate offered by them is profitable for the terms that are issued and if the issuer has a good rating and backing."

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Stock Market at a Disadvantage

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The new tax reform proposal being discussed in Costa Rica raises capital gains tax from 8% to 15%, and also excludes recognising as a debt deposits made by issuers in the securities market.

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Venture Capital Funds in Costa Rica

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The Securities Commission (Sugeval), is preparing regulation to enable venture capital funds to conduct public offerings.

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