Faced with the COVID-19 emergency, CABEI authorizes US$90 million to strengthen the liquidity of Costa Rican state banks

San José, March 25, 2020.- With the aim of strengthening the liquidity of the state banks in Costa Rica so that they can support the productive sectors in the face of the national emergency caused by the COVID-19 pandemic, the Central American Bank for Economic Integration  (CABEI) authorized the disbursement of US$50 million for Banco Nacional de Costa Rica and US$40 million for Banco de Costa Rica.

Committed to supporting its member countries, CABEI prioritized the attention to state banks in order for them to provide assistance to the industrial, agricultural and service sectors that are being affected by the global emergency.

CABEI Executive President, Dr. Dante Mossi, reaffirmed the institution's commitment to the region, stating that, “These resources are just one of the actions that, together with the US$8.0 million disbursed for immediate actions, CABEI is carrying out within the framework of an integral plan to contain the negative impacts on the economy of the countries that make up the Central American Integration System.”

The bank has been present in the Costa Rican financial sector for more than 20 years, supporting State Banks, Private Banks, Mutual Banks and Cooperatives. From 2012 to 2019, disbursements made to financial institutions reached an amount of more than US$2.20 billion, an average of US$274.5 million annually.

By supporting financial institutions in Costa Rica, CABEI has made positive impacts on companies representing approximately 200,000 workers, an annual average of 25,200 people. Of the total number of workers whose companies have benefited, 68% correspond to men and 34% to women. Likewise, 82% of supported jobs are located urban areas and 18% in rural areas.