Coopealianza and DINAMICA Initiative make efforts to strengthen financial inclusion in innovative MSMEs

Pérez Zeledón, Costa Rica, - November 08, 2018.- The Central American Bank for Economic Integration (CABEI) within the framework of the Initiative for the Development of Business Ideas and Acceleration of Central American MSMEs (DINAMICA) approved a Non-reimbursable Technical Cooperation Agreement for an amount of up to US$60,000.00 to the Savings and Credit Cooperative denominated "Alianza de Pérez Zeledón R.L." (Coopealianza R.L.).

The objective of this collaboration is to promote the implementation of the "Coopealianza Credit Strengthening Program" in order to improve management, financial education and access to innovative Micro, Small and Medium Enterprises (MSMEs). The program involves the strengthening of the portfolio of Coopealianza services and the creation of a Financial Education Program for this segment.

At the agreement presentation ceremony, CABEI Director for Costa Rica, Ottón Solís Fallas stated that, "By strengthening the knowledge regarding attention to the segment of young and innovative MSMEs, we promote the creation of financial solutions pursuant to the reality of emerging markets, which is consistent with the balanced economic development of the region's urban and rural areas, inclusion and poverty reduction."

For his part, the General Manager of Coopealianza RL, Francisco Montoya Mora commented that, "With the support provided through the DINAMICA Initiative, we intend to promote internal training of employees who attend the processes with the enterprises, which foster new employment options, especially in areas with few job opportunities, directly enabling the strengthening of the economy in the areas where this institution maintains a presence. These actions reinforce the cooperative essence and strengthen the socially and financially responsible nature of Coopealianza."

Interinstitutional work and the articulation of credit services comprehensively addressed to the benefit of MSMEs is a fundamental pillar for national economic growth. It prioritizes access to markets through business banking, the creation of efficient productive linkages and the joint support between the cooperative sector and multilateral organizations. 

Regarding CABEI approvals in Costa Rica

In recent years, CABEI has approved investments in infrastructure projects and programs that have boosted the country's economic development, generating social welfare, employment and improvement of basic services, such as electricity, health and potable water access, as well as rehabilitation of highways, hospitals, bridges and credit access for MSMEs. The main projects financed include the following:  Water Supply System Project for the Tempisque River Basin (US$425.00 million); Reventazón Hydroelectric Project (US$225.00 million); Electricity Development Program of the Costa Rican Electricity Institute -ICE (US$180.00 million); CONAVI Strategic Road Infrastructure Works Program (US$340.00 million); Infrastructure and Hospital Equipment Renewal Program (US$270.00 million); AyA Potable Water, Aqueducts, Sewage and Sanitation Program (US$552.10 million).