CABEI signs US$30 million loan with Costa Rica’s INFOCOOP
The funds will be mainly targeted at projects focused on clean energy technologies.
San José, September 10, 2015. - The Central American Bank for Economic Integration (CABEI) and the Costa Rican National Institute for Cooperative Development (INFOCOOP) signed a US$30 million loan to support different cooperatives in the country through financial intermediation.
The resources will be allocated on a priority basis to power generation projects that use alternative energy sources, such as solar panels and biomass.
The signing ceremony took place today at the CABEI headquarters during a meeting with INFOCOOP’s Board of Directors. The agreement was signed by CABEI Country Manager for Costa Rica Mr. Alexander Garita and INFOCOOP’s Executive Director Mr. Ronald Fonseca.
Fonseca stated that the operation aims to support technological needs associated with cooperative development in the framework of the institute’s credit policies.
Meanwhile, CABEI Director for Costa Rica Mr. Alberto Cortes said that, "We hope that this financing will provide support to cooperatives in order to contribute to the economic, social and environmental development of communities in which they are located, in addition to fostering development throughout country."
INFOCOOP is a public Costa Rican institution with over 42 years’ experience extending credit to cooperatives under very favorable conditions. However, for the first time in its history it has subscribed to a loan in order to leverage its portfolio and meet the sector’s high demand.
