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 - Published: Tuesday, February 4, 2020 U.S.
government agency invests $1.5 million in a
Costa Rican loan firm
By the A.M. Costa Rica staff An independent U.S. government agency is investing $1.5 million with a Costa Rican lender to benefit small companies. The agency is the Inter-American Foundation, and its president and CEO, Paloma Adams-Allen, said the investment would be in Empresa para el Desarrollo. Empresa para el Desarrollo is a local financial firm that provides loans to other credit companies to offer microfinance in their communities in order to promote local economic development. The Inter-American Foundation is a U.S. government agency that invests in community-led development across Latin America and the Caribbean. The foundation's active portfolio includes more than 300 projects in 24 countries. The $1.5 million investment will allow Empresa para el Desarrollo, a microfinance lender owned by approximately 70 community credit associations, to extend access to credit to an additional 3,500 small and micro enterprises in Costa Rica and Panamá, said the foundation. According to the foundation, the lack of affordable credit in Central America has long been an obstacle to increasing revenue for small community businesses. “This initiative builds on more than a decade of partnership between the two organizations, during which the IAF supported EDESA in developing its Panamanian affiliate and will allow the microcredit lender to leverage significant additional loan funds from financial institutions in Costa Rica and Panamá.” He used the acronymns for both firms. This innovative impact investment supports the Inter-American Foundation's commitment to expanding economic opportunities for resource-poor communities in Central America by leveraging community and private resources through matching funds and public-private partnerships, said the firm. Over the course of the next eight years, the Inter-American Foundation expects to recoup its investment, which can be re-invested in future community-led programs. --------------- Have you heard on agricultural entrepreneur seeking for a economic support in your community? We would like to know your thoughts on this story. Send your comments to news@amcostarica.com |
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