IDB Invest, Green Park Promote a Sustainable Industrial Park, Gender Diversity in Costa Rica
IDB Invest is providing a loan of up to $20 million to the Industrial Park Development Group (“G.D.P.I.”), known as the Green Park Free Zone, a dedicated industrial park and free-trade zone for international companies in Costa Rica.
The funds from this deal will be used for the construction and operation of several industrial warehouses, which will increase the availability of space for industrial use for companies with sustainable practices and climate change mitigation.
The project will contribute to expanding the available space in the industrial park by almost 30,000 m2 over the next three years with the aim of attracting international companies with operations that fit into the global supply chain and, in particular, exporters.
The expansion will be conducted with a sustainable approach, by ensuring that Green Park Free Zone's operations and those of its customers in the park have zero carbon emissions. This will be achieved through the reduction of water use, recycling programs and the efficient use of energy, as well as the use of natural lights.
In addition, the Green Park Free Zone will promote increased gender diversity both during construction and during operation. The number of women trained and employed is expected to increase from 8% to 35%. The company has also committed to reaching a percentage of women employed in middle and senior management and in technical roles of at least 15%.
Additionally, IDB Invest will offer advisory services to develop a corporate sustainability strategy and define sustainability criteria to link small and medium-sized companies in the supply chain.
The financial package consists of a $17 million loan with IDB Invest's own funds, and the mobilization of $3 million of blended finance resources, with capital from the Canadian Climate Fund for the Private Sector of the Americas Phase II (C2F).
C2F’s participation promotes the achievement of the Excellence in Design for Greater Efficiencies (EDGE) Advanced certification for new buildings financed. Additionally, the C2F loan includes incentives to achieve the EDGE Zero Carbon certification of the buildings constructed, thus demonstrating the carbon neutrality of the buildings that obtain it.
The C2F tranche also includes financial incentives to encourage the participation of women in supervisory and operational jobs during the construction and operation phase of Green Park.
This transaction is expected to contribute to five of the United Nations Sustainable Development Goals (SDGs): Gender Equality (SDG 5), Industry, Innovation and Infrastructure (SDG 9), Reduced Inequalities (SDG 10), Responsible production and consumption (SDG 12) and Alliances to achieve the goals (SDG 17).
About IDB Invest
IDB Invest is a multilateral development bank committed to promoting the economic development of its member countries in Latin America and the Caribbean through the private sector. IDB Invest finances sustainable companies and projects to achieve financial results and maximize economic, social, and environmental development in the region. With a portfolio of $14.8 billion in asset management and 376 clients in 25 countries, IDB Invest provides innovative financial solutions and advisory services that meet the needs of its clients in a variety of industries.
About The Green Park Free Zone
The Green Park Free Zone is an industrial park and free zone located in the province of Alajuela in the Coyol area, on the Inter-American highway. This park is administered by G.D.P.I., which is part of the Guerrero Group originally from El Salvador, which is made up of several companies in the free zones, logistics parks, storage, engineering and construction sectors, among others. Grupo Guerrero has more than 40 years of experience in that country. The Green Park contains a unique concept based on sustainability and friendly to the environment. It enjoys several national and international certifications and is a world-class benchmark due to its designs, amenities and especially its innovative concept of service, technology and community.
About the Canadian Climate Fund for the Private Sector of the Americas (C2F)
The purpose of the Canadian Climate Fund is to catalyze greater private investment in climate change mitigation and adaptation projects in Latin America and the Caribbean, offering concessional financing to projects that do not benefit from sovereign guarantees, paying special attention to developing countries, the poorest and most vulnerable. The main areas of investment are generation technologies with renewable energy and storage, energy efficiency, sustainable transport and greenhouse gas reduction projects, including reforestation, sustainable agriculture and improvement of land use, as well as supporting adaptation to vulnerability to climate change. The resources have a transversal investment mandate when it comes to the promotion of gender equality.