The financial operation has the goal of expanding the loan portfolio to finance green projects in Costa Rica and promote the development
of new loans to offer to small and medium-sized companies. - CRUSA photo -
Published Tuesday, February 2, 2021
CRUSA will invest half a million dollars in bonds
By the A.M. Costa Rica staff
Costa Rica-United States Foundation for Cooperation, CRUSA, approved the investment of $500,000 of its assets in sustainable bonds.
According to the foundation, the financial operation has the goal of expanding the loan portfolio to finance green projects in Costa Rica and promote the development of new loans to offer to small and medium-sized companies.
This is the first issue of sustainable bonds by Banco Promérica de Costa Rica SA, which becomes the first Central American bank to issue bonds of this type on the Panama Stock Exchange, which have the support of IDB Invest, through a partial guarantee, according to the foundation.
"Entering into sustainable funds is a very important step to promote impact investments and contribute to economic reactivation by financing the portfolio of SMEs, women-led companies and green loans in the country, which are aligned with the Principles of Green Bonds," according to the foundation.
With the money raised through the bonds, the foundation would finance short-term working capital projects. In the case of green investments, the use of the funds is projected to focus on renewable energy and energy efficiency.
According to CRUSA, this so-called impact investment is like the equity investment of an organization.
Investing in sustainable bonds is something new for CRUSA, with this the foundation reaffirms its commitment to promote Costa Rica's transition towards a greener, more inclusive and innovative economy, according to Flora Montealegre, Executive Delegate of the Foundation.
“We hope that through this investment, more favorable conditions will be provided for access to credit for SMEs that develop green businesses and that we will advance along the path of decarbonization of our economy,” Montealegre said.
Through Resolution No. SMV 552-20 of December 22, 2020, the Superintendency of the Securities Market of Panama authorized the registration of the public offering of Rotating Sustainable Corporate Bonds (“Sustainable Bonds”), to be issued by Banco Promérica of Costa Rica, SA (the issuing bank) up to an amount of $50 million.
The first issue of these Sustainable bonds is through series "A" for an amount of $10 million with a two-year term.
From this first issue, the CRUSA Foundation will invest $500,000, becoming the first investment operation carried out in this type of financial instrument in the local market.
Entrepreneurs interested in obtaining more information about the bonds or the types of loans offered by the foundation can visit the CRUSA website.
What have you heard of foundations that invest part of their assets in the bonds? We would like to know your thoughts on this story. Send your comments to firstname.lastname@example.org
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