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In Costa Rica, PROPARCO has reaffirmed its commitment to SMEs to support them during the Covid-19 crisis
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To support Banco Promerica during this crisis, PROPARCO has renewed its partnership by granting it a new credit line to finance SMEs, which account for the bulk of the economic fabric in Costa Rica and are facing new difficulties
Banco Promerica is a universal bank that offers financial services to companies and private clients. The bank is the fourth largest private bank in Costa Rica and a member of the regional group Promerica Financial Corporation (PFC), which operates in nine Latin American countries and has been a strategic partner of PROPARCO since 2013.
The bank is increasingly participating in the SME segment and offers innovative products tailored to the needs of its SME clients, which have been facing new difficulties since the onset of the crisis.
This new USD 45m credit line from PROPARCO follows on from two previous loans allocated to Banco Promerica by PROPARCO in 2013 and 2017. This new operation will provide Banco Promerica with part of the resources required for its recovery plan for its SME clients.
This support for the country’s economic activity will help finance local SMEs, mainly in the trade, construction, service and real estate sectors. This operation will thereby contribute to maintaining direct and indirect jobs in the country’s SMEs.
Finally, this operation will strengthen the partnership with Banco Promerica, beyond the financial sphere, by supporting the bank’s sustainability strategy.
PROPARCO’s operation will support Sustainable Development Goal n° 8 (Decent work and economic growth)