More than 300 Costa Rican MSMEs to benefit from new CABEI disbursements to the financial sector
Resources may be requested for work capital and payment of obligations, consolidation or readjustment of debts, new investments, among others.
San Jose, April 19, 2022.- Nearly 2,000 micro, small, and medium-size enterprise (MSME) jobs will be created and safeguarded in Costa Rica with financial support from the Central American Bank for Economic Integration (CABEI), which disbursed more than US$20 million to its intermediary financial institutions Coopeservidores, Promerica, BCT, Financiera CAFSA, and Davivienda.
The funds, which are expected to benefit more than 200 micro, 100 small and 10 medium-sized Costa Rican companies, mainly in rural areas, are part of the Financial Sector Support Facility for Financing MSMEs developed by the multilateral institution as one of the components of its Emergency COVID-19 Support and Preparedness and Economic Reactivation Program, launched in 2020.
"We are very pleased with the expected results of the strategic alliances with the private sector. With these new disbursements to our intermediary financial institutions, hundreds of MSMEs will benefit from very competitive financial conditions and this will have a multiplying effect on economic reactivation through job creation," said CABEI Executive President, Dr. Dante Mossi.
Davivienda, Coopeservidores, Banco BCT, Promerica and Financiera CAFSA are financial intermediaries of CABEI resources, which they use to offer loans to meet different MSME objectives, such as working capital and payment of obligations, debt consolidation or restructuring and new investments, among others.
By the end of 2021, the Financial Sector Support Facility for Financing MSMEs had protected more than 60,000 jobs at the regional level, of which 2,067 were Costa Rican.