CABEI promotes entrepreneurship and innovation in Costa Rica

06/12/2016

The initiative will foster the creation of Business Development Centers, promote employment, accelerate innovation and strengthen the economic system.

San José, December 06, 2016. – Today, the Central American Bank for Economic Integration (CABEI), Germany’s KfW Development Bank and the European Union, through its Latin American Investment Facility (LAIF), presented the Initiative "Development of Business Ideas and Acceleration of Central American MSMEs (DINAMICA),” in Costa Rica; the initiative is targeted at promoting entrepreneurship, innovation and responsible financing.

The initiative seeks to strengthen the organizational and commercial aspects of the Business Development Centers and provide innovative solutions for MSMEs at the regional level, especially for young and innovative MSMEs. It will also provide support to the financial sector in order to promote improved access to financial services for MSMEs.

Entrepreneurs


While presiding over the initiative’s launch, CABEI Director for Costa Rica, Mr. Alberto Cortés, stated that, "CABEI has become a benchmark with regard to financing for Micro, Small and Medium Enterprises (MSMEs) in the region. Cumulatively through 2015 and by means of financial intermediation, CABEI has allocated more than 2.82 billion to programs aimed at promoting the MSME sector through its network of strategic allies, with whom it has managed to maintain and generate employment sources in the region (more than 1,112,000 jobs) through the financing of 710,000 productive units (MSMEs). In addition, the Bank has provided opportunities for low-income households (base of the pyramid) to increase their quality of life."

The DINAMICA Initiative has EUR40 million in available resources from the German KfW Development Bank and its own resources, which amount to EUR10 million, totaling EUR50 million.  The financing will be channeled through CABEI’s network of regional intermediary financial institutions. In addition, the DINAMICA Initiative has technical assistance resources from the European Union through its Latin America Investment Facility (LAIF) amounting to EUR3.8 million, which will be used to strengthen the entrepreneurial ecosystem and to streamline innovative ideas in MSMEs.


CABEI Country Manager for Costa Rica, Mr. Mauricio Chacón, stated that, "This support for entrepreneurship and innovation falls under the framework of the SICA 2012-2017 “EMPRENDE” STRATEGY, which seeks to foster an entrepreneurial culture based on a regional, integral and inter-institutional scope that is in line with the focus area of Financial Intermediation and Development Finance of CABEI’s 2015-2019 Institutional Strategy "Integrating Sustainable Development and Competitiveness."

The initiative’s launch was carried out jointly with the Ministry of Culture and Youth (MCJ) and the Ministry of Economy, Industry and Commerce (MEIC) and with the support from Parque la Libertad. The DINAMICA initiative is part of the significant efforts and programs implemented by CABEI to improve the MSME sector’s conditions and access to financing and to streamline the region’s economy.

 

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