Project detail - BANCO IMPROSA S.A.

BANCO IMPROSA S.A.

Back to map

Who is our client

Banco Improsa is a medium size bank in Costa Rica that focusses mainly on financing the SME segment. It is the 5th largest private bank in Costa Rica with a total asset size of USD 692mln. Its main customers are small and medium sized enterprises in the construction, commerce, services, trade, transport, housing and tourism sector.

Funding objective

FMO will provide a USD 20mln senior loan under a syndicated facility that will be dedicated towards (i) the financing of women owned enterprises (USD 10mln), (ii) green financing (USD 5mln), and (iii) the financing of SMEs (remainder of the syndicated facility).

Why we fund this project

In May 2019, with FMO's support, a capacity development project on gender finance was started at Banco Improsa with the aim to improve the bank's capacity to better serve women owned enterprises. This transaction will align with the capacity development project as part of the syndicated facility, that will be targeting WSMEs, contributing to SDG 5 (gender equality), SDG 8 (decent work and economic growth) and SDG 10 (reducing inequalities). In addition, this facility contributes to SDG 13 (climate action) as this will be Improsa’s first loan facility targeting green projects which will be mainly used to finance solar panels of SMEs. The remainder of the funds will be targeting SMEs which will also contribute to SDG 8 (decent work and economic growth).

Environmental and social rationale

The project has been categorized as Category B in accordance with FMO’s Sustainability Policy. The Project’s activities are deemed to have minimal or no adverse environmental and social risks and/or impacts. As part of the Project, Banco Improsa will be required to apply the EDFI Exclusion List and (Country) E&S laws and regulations.

More investments

Date Total FMO financing
5/29/2019 EUR 0.04 MLN
12/12/2018 USD 20.00 MLN
Region
Latin America & The Caribbean
Country
Costa Rica
Sector
Financial Institutions
Signing date
2/14/2020
Total FMO financing
USD 20.00 MLN
Fund
FMO
Risk categorization on environmental and social impacts, A = high risk, B+ = medium high risk, B = medium risk, C = low risk Environmental & Social Category
(A, B+, B or C)
B