CABEI and the Bank of Costa Rica formalize new disbursement for economic reactivation of Costa Rican MSMEs
A total of US$5.2 million will be allocated to small and medium-size companies in the tourism sector and rural areas.
San Jose, December 15, 2021. The Central American Bank for Economic Integration (CABEI) and its financial ally Banco de Costa Rica formalized a new disbursement of US$5.2 million, reaffirming their commitment to support Costa Rican small and medium-size enterprises (SMEs) in their economic reactivation and personnel rehiring processes.
It is expected that all these new resources, from CABEI's MSME Financial Sector Support Facility program, will be disbursed before the end of 2021, especially to support small and medium-size companies in the tourism sector and rural areas.
"This is one of the last disbursements we have made to the region's private sector and we are very pleased to see the positive impact that has been generated throughout these almost two years of the pandemic in a productive sector as important as the MSMEs. We thank our financial allies for their commitment and hope to continue working hand in hand next year," said CABEI Executive President, Dr. Dante Mossi.
With this new disbursement to the Costa Rican financial sector, CABEI accumulates a total of US$35.2 million for the country's MSMEs, within the framework of the pandemic and in alliance with six financial institutions.
"For BCR this disbursement is very important, because by promoting the incorporation or reincorporation of people into the labor sector, a value chain is generated that in the end will only bring benefits to the population and therefore to the country in general," said Alvaro Camacho de la O, deputy manager of Corporate Banking at BCR.
The contract states that the beneficiary company must comply with the criteria applied by each intermediary financial institution, in accordance with its own credit policies; therefore, the BCR has conducted a proactive and responsible analysis of the potential MSMEs to which it is feasible to grant this type of financing.
The MSME Financial Sector Support Facility is part of CABEI's COVID-19 Emergency Support and Preparedness Program and its economic reactivation in order to contribute to the adaptation, solvency and transformation of companies for their economic reactivation in the face of the effects of the pandemic in Central America.to contribute to the adaptation, solvency and transformation of companies for their economic reactivation in the face of the effects of the pandemic in Central America.