The International Finance Corporation (IFC), the private-investment arm of the World Bank Group, and the Netherlands Development Finance Company (FMO in Dutch), a public-private partnership, will each provide local currency loans of CRC 7.8 billion (USD 15 million) to Costa Rica’s National Cooperative of Educators (Coopenae), a finance company that provides credit, savings and insurance products in the country. Coopenae will reportedly use the financing to expand its housing finance program for low-income families, as well as its loan portfolio to small and medium-sized enterprises (SMEs). IFC also plans to support Coopenae with advisory services, with a focus on improving marketing strategies, credit methodologies and risk management.
As of December 2010, Coopenae reported the equivalent of USD 600 million in total assets and 320 employees, with 19 branches and approximately 50,000 clients. Coopenae does not report financial data to the US-based nonprofit Microfinance Information Exchange (MIX).
By Rohan Trivedi, Research Associate
About International Finance Corporation (IFC):
A member of the World Bank Group, the International Finance Corporation (IFC) offers loans, equity investments, advisory services and technical assistance to private companies with the intent of alleviating poverty and promoting open and competitive markets in developing countries. As of 2011, IFC has 182 member countries that drive its policies and approve disbursements. As of June 30, 2010, IFC reports net income of USD 1.75 billion, total assets of USD 61 billion, return on assets of 3.1 percent and total investment mobilization of USD 18.4 billion to 528 projects.
About The Netherlands Development Finance Company (FMO):
The Netherlands Development Finance Company (FMO) is a Dutch public-private partnership that aims to promote the economies of developing countries. Founded in 1970, FMO aims to encourage development by promoting entrepreneurship. As of December 31, 2010, FMO reports total assets of EUR 4.3 billion (USD 5.5 billion), with investments in Africa, Asia, Eastern Europe, and Latin America
About The National Cooperative of Educators (Coopenae):
The National Cooperative of Educators (Coopenae) is a Costa Rican financial services company that is organized as a cooperative. Coopenae was established in 1966 to support teachers, but transformed into a national, regulated finance company in 1983. Coopenae now offers credit, savings and insurance products through 19 branches in Costa Rica. As of December 2010, Coopenae reports the equivalent of USD 600 million in total assets and approximately 50,000 clients. Coopenae does not report financial data to the US-based nonprofit Microfinance Information Exchange (MIX).
Sources and Additional Resources:
[1] IFC Press Release: “IFC, FMO Provide $30 Million to Support Housing Finance and Enterprises in Costa Rica”, http://www.ifc.org/ifcext/media.nsf/content/SelectedPressRelease?OpenDocument&UNID=19C292D386A5F290852578DA0068320F
MicroCapital.org story, July 4, 2011: “MICROCAPITAL BRIEF: IDB Provides Partial Credit Guarantee to Patrimonio Hoy Microfinance Program of Mexico’s CEMEX to Boost Lending in Mexico, Colombia, Costa Rica, Nicaragua, Dominican Republic”, https://www.microcapital.org/microcapital-brief-idb-provides-partial-credit-guarantee-to-patrimonio-hoy-microfinance-program-of-mexico’s-cemex-to-boost-lending-in-mexico-colombia-costa-rica-nicaragua-dominican-republ/
MicroCapital Universe Profile: International Finance Corporation (IFC), https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=International+Finance+Corporation+%28IFC%29
MicroCapital Universe Profile: Netherlands Development Finance Company (FMO), https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Netherlands+Development+Finance+Company+%28FMO%29
MicroCapital Universe Profile: National Cooperative of Educators (Coopenae), https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=National+Cooperative+of+Educators+%28Coopenae%29
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