Company name
Banco de Costa Rica ("BCR")
Project number
CR3953A-01
FI-2 operations are those where the risk potential is considered medium: the FI’s current or future portfolio consists of or is expected to consist of, business activities that have potential limited adverse environmental or social risks or impacts that are few in number, generally site-specific, largely reversible, and readily addressed through mitigation measures; or includes a very limited number of business activities with potential adverse environmental or social risks or impacts that are diverse, irreversible, or unprecedented.
E&S category
FI-2
Country
Costa Rica
Sector
Financial Institutions
Status
Completed
Disclosed date
12/16/2011
Projected date at which a project will be put forward for the Board of Executive Directors’ approval.
Projected board date
01/17/2012
Approval date
02/15/2012
Signed date
03/13/2012
Sponsoring entity
N/A
Investment Operations Department Contact
N/A
Investment type
Syndicated amount
USD $ 7,500,000
Financing amount
USD $ 22,500,000
Currency
USD
Project scope and objective
The proceeds from the IIC Loan would be used to enhance BCR's capital as well as to finance Costa Rican SMEs with subloans of up to US$500,000.
In 1948, the Founding Junta of the Second Republic of Costa Rica decreed the nationalization of the country's banking system, which included BCR. That year, in accordance with Articles 188 and 189 of the Costa Rican Constitution, BCR, along with all other state-owned banks, was declared an autonomous public law institution and a legal person in its own right with administrative autonomy.
From its inception, BCR has engaged in activities in which it has a clear competitive advantage, allowing the Bank to develop excellent services and products, generate the profits necessary to keep it strong, reassert its reliability, and contribute to the country's development.
In recent years, BCR has taken steps to streamline and innovate its services and customer care operations, with a view to achieving greater levels of responsiveness and convenience through the use and implementation of modern technology.
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Contact information
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Client Contact
N/A
PHONE NUMBER
N/A
POST OFFICE ADDRESS
N/A
IDB Invest Contact
requestinformation@idbinvest.org
PHONE
+1(202)-566-4566
ADDRESS
1350 New York Ave NW, Washington, DC 20005
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Environmental and social review
IDB Invest conducts an environmental and social due diligence (ESDD) commensurate with the nature, scale, and stage of the project, and with its level of environmental and social risks and impacts. The ESDD will confirm the project E&S categorization and assess the project with respect to the client requirements in IDB Invest Environmental and Social Sustainability Policy. The results of the ESDD, including any identified gaps are described in the Environmental and Social Review Summary (ESRS) provided below. For projects approved as of 2016, any gaps with respect to IDB Invest's Environmental and Social Sustainability Policy at the time of the ESDD are addressed in the Environmental and Social Action Plan (ESAP) presented below, to comply with the date mentioned above.
ENVIRONMENTAL AND SOCIAL REVIEW
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