CABEI, the European Union and the Government of Germany contribute to promoting sustainable real estate development in Costa Rica

San José, November 1^st, 2023.- Promoting innovation in the construction industry and the adoption of sustainable practices in the sector, the Central American Bank for Economic Integration (CABEI), the European Union (EU) and the Government of Germany, through KfW, sponsored, through the Green MSMEs II Initiative, the Sustainable Construction Summit 2023, organized by the Costa Rican Chamber of Construction (CCC).

The congress was held on October 30-31 in the city of San José with the objective of raising awareness of the importance of sustainable construction and the adoption of environmentally friendly practices through the exchange of knowledge and experiences on issues such as cities, mobility, incentives, carbon neutrality, circular economy, equity and productivity among professionals, small and medium-sized enterprises (SMEs) and entrepreneurs in the sector.

The event was attended by CABEI Director for Costa Rica, Erwen Masís, who emphasized that "with the implementation of the Green MSMEs II Initiative, CABEI reaffirms its commitment to the sustainable development of Costa Rica and the rest of the Central American countries by supporting the construction sector in its transition towards more sustainable and environmentally friendly models".

During the event, Mr. Massimo De Luca, Head of the Economic and Commercial Section for Central America at the Delegation of the European Union in Costa Rica, presented the most innovative elements of the European Union's policies on construction and sustainability, such as the Construction Products Regulation, proposed in March 2022, which introduces more standardized reporting formats for product performance and mandatory reporting of carbon emissions throughout the lifetime of products.

The Green MSME II Initiative seeks to protect the climate and the environment by creating and offering appropriate, efficient and sustainable financial products for the sector with investments in renewable energy, energy efficiency and cleaner production. At the regional level, the initiative has provided more than US$500,000 in technical assistance, more than US$37 million in loans, and more than US$3 million in guarantees.

In Costa Rica, more than US$157,000 has been invested in technical assistance in areas such as technical capacity building for financing electric mobility initiatives and projects and investments in fleet renewal with electric vehicles.