CABEI, European Union and German government promote the creation of a regional center for electronic waste processing

[Translate to English:]

The Green MSMEs II Initiative is expected to scale up the business model of the Costa Rican company FORTECH in the transformation of electronic waste into raw material for other industries.

San José, October 23rd, 2023.-In order to design an operating strategy for a regional electronic waste processing center at the regional level that will reduce the environmental footprint and generate long-term economic and social benefits, the Central American Bank for Economic Integration (CABEI), through the Green MSMEs II Initiative, with the financial support of the European Union (EU) and the Government of Germany, through the KfW, signed a non-reimbursable technical cooperation agreement with the company FORTECH for US$18,000.

This initiative is expected to scale the business model of the Costa Rican company FORTECH, which specializes in transforming electronic waste by recovering, recycling, or reusing it as raw material for other industries (circular economy), thereby reducing the amount of waste that commonly ends up in landfills and causes greenhouse gases.

In addition, this innovative proposal seeks to reduce poverty by generating employment in the business chain, with positions ranging from basic collectors to administrative personnel, prioritizing the female labor force through gender equity policies.

Through the Green MSMEs II Initiative, more than US$37 million in loans and more than US$3 million in guarantees have been granted at the regional level, protecting more than 10,000 jobs and serving more than 600 MSMEs. In Costa Rica, more than US$157,000 has been invested in technical assistance in areas such as strengthening technical capacities for financing electric mobility initiatives and projects and investments in fleet renewal with electric vehicles.

In addition, through the Global Gateway strategy, the European Union is committed to supporting Costa Rica in its transition to electric mobility and the creation of a sustainable and inclusive ecosystem.