BANCO IMPROSA S.A.
Status: Approved investmentWhy disclosure?
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In case of questions, please contact us at disclosure@fmo.nl
Disclaimer
The information as disclosed is indicative and provided on an "as-is/as available" basis for general informational purposes only and should not be construed as financial, legal or investment advice, nor as a commitment or an offer to arrange or provide any financing. The final decision to provide financing is subject to the terms and conditions of FMO in its sole and absolute discretion. When providing links to other sites, FMO bears no responsibility for the accuracy, legality or content of the external site or for that of subsequent links. The information on proposed investment for high-risk investments is made available in the language relevant to the country or region where the bulk of operations take place. Translations of any information into languages other than English are intended as a convenience for local stakeholders. In case of any discrepancy, the information provided in English will prevail.
Who is our customer
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.
What is our 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 do we fund this investment?
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).
What is the Environmental and Social categorization 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
- Publication date
- 9/2/2019
- Effective date
- 2/14/2020
- Total FMO financing
- USD 20.00 MLN
- Funding
- FMO NV
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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