The guarantee fund was made possible with a disbursement from CABEI

San José, April 22, 2022. As of this Friday, the Government of the Republic of Costa Rica has US$270 million thanks to a disbursement made by the Central American Bank for Economic Integration (CABEI) to capitalize the National Fund for Endorsements and Guarantees, with which it will provide credit support to more of 25,000 entrepreneurs affected by the COVID-19 pandemic.

The funds will be placed with domestic financial institutions to offer new loans or debt rescheduling to MSMEs, covering guarantees of up to 75% of the principal amount requested by the companies in the event that they are unable to repay the debt.

"Since the beginning of the pandemic, CABEI has extended its hand to its founding member Costa Rica, with a comprehensive approach: from the health sector with donations and financing for the purchase and application of vaccines against COVID-19; and now also in the economic sector, with modern financing schemes such as this one, a Development Policy Operations Program (DPO) approved for Costa Rica so that one of the sectors of the economy most affected by the pandemic can recover, maintain its activity and hundreds of jobs," said CABEI's Executive President, Dr. Dante Mossi. Dante Mossi.

The funds will be administered by the Fund for the Development of MSMEs (Fodemipyme for its Spanish abbreviation) and will be available to financial institutions supervised by the General Superintendence of Financial Institutions (Sugef for its Spanish abbreviation).