FinDev Canada partners with Banco Promerica Costa Rica to support small and medium-sized businesses, and drive green growth and women’s economic empowerment
Summary
Promerica supports climate action and gender equality as demonstrated by its commitment to achieving Net-Zero status in 2050 and to the UN Women Empowerment Principles (WEPs).SMEs in Costa Rica generate almost one-third of all jobs, yet many of them struggle to obtain financing for growth. By offering innovative financial products and services, Promerica is supporting SMEs, as they look to overcome the impact of the COVID-19 pandemic.Promerica also offers Cr\xe9ditos Verdes (Green Loans) that provide specialized financing for energy efficiency, renewable energy, and environmental protection projects.This loan to Banco Promerica Costa Rica is another great example of how we can partner with financial intermediaries who themselves are striving to better support their clients, said Paulo Martelli, VP and Chief Investment Officer of FinDev Canada. "The signing of this new partnership fills us with pride and satisfaction, since it allows us to open one more door to SMEs in our country, it\xb4s the checkered flag for our program to give more access to women led companies and allows us to continue expand our green portfolio. PROMERICA has incorporated into its strategy to support the UN Sustainable Development Goals (SDGs), through the financing of SMEs, green loans, agribusiness and middle-class mortgages. The Group consists of nine banks, located across Guatemala, El Salvador, Honduras, Nicaragua, Costa Rica, Panama, Dominican Republic, Ecuador, and Cayman Islands.