ICO-CABEI Business Financing Line presented in Costa Rica
CABEI presented the ICO-BCIE Business Financing Line (denominated the International Business Support Channel Program) in Costa Rica; the line includes US$25 million to strengthen Spanish companies.
San José, June 30, 2017. -The Central American Bank for Economic Integration (CABEI) and the Official Credit Institute (ICO) presented the guidelines and characteristics of the ICO-CABEI business financing line, which provides US$25 million in credit resources.
The line aims to finance investment projects, working capital and export and import operations through companies with Spanish interest, which must have at least 30% of Spanish capital and carry out commercial activities in the CABEI member countries.
In addition, this new financial tool includes the possibility of financing long-term investments and operations for exports of companies with registered offices outside of Spain that procure goods or services from companies with registered offices in Spain. It also includes financing for companies with registered offices in Spain that sell goods or services to companies with registered offices outside of Spain.
CABEI Country Manager for Costa Rica, Mr. Mauricion Chacon, stated that, “The channeling of funds in benefit of the business sector confirms the commitment of CABEI and ICO to contribute to the development of the Bank’s member countries and ratifies the importance of these entities as leading providers of financial solutions for the region’s development, promoters of national and foreign investment and executors of investments that improve the competitiveness of MSMEs."
The event was attended by more than 25 Spanish companies based in Costa Rica; Spanish Ambassador to Costa Rica, Jesús María Rodríguez-Andía y Parada; a representative from the Credit Mediation Office of Spain’s Official Credit Institute; and representatives from CABEI.
CABEI, which is the region’s multilateral financial institution, and ICO share similar objectives; this has led to a joining of efforts in order to improve the interventions of both entities towards the establishment of economic and social development. The CABEI/ICO relationship of mutual institutional cooperation started in 1991 and has produced many noteworthy contributions throughout the years, including the channeling of an accumulated US$194.3 million through different CABEI interventions and programs that provide support resources to micro, small and medium enterprises (MSMEs).
