IFC grants $40 million to Davivienda Costa Rica to mitigate impact of COVID-19 in the private sector

Press release from IFC

San José, June 30, 2021.- IFC, a member of the World Bank Group, has partnered with Banco Davivienda in Costa Rica so that it can continue to support Costa Rican companies affected by the COVID-19 pandemic.

IFC is providing a $40 million financing from its Working Capital Solutions Program aimed at helping the private sector mitigate the effects of the pandemic and protect jobs. It is the first loan that Davivienda receives for this purpose.

Sanaa Abouzaid, IFC Regional Manager for Central America, explained that "supporting the private sector is key to shortening the time of economic recovery." With this funding from IFC, Davivienda will be able to expand working capital financing, providing greater liquidity to companies struggling with supply chain disruptions."

The CEO of Banco Davivienda Costa Rica, Arturo Giacomin, said that "for the bank, it is essential to offer solutions that foster prosperity, and even more so in the current context faced by companies in the wake of the crisis caused by the pandemic. This funding will allow many of them to continue operating and, above everything else, will protect the jobs of Costa Ricans, which has been Davivienda's primary intention from the beginning of the pandemic."

The alliance between Davivienda Costa Rica and IFC dates back to 2014, when IFC supported the regional expansion of Grupo Financiero Davivienda in Central America.  More recently, IFC provided funding to this entity to increase climate finance, including green buildings, energy efficiency and smaller-scale renewable projects. With the partnership and advice provided by IFC, Banco Davivienda Costa Rica seeks to promote greater competitiveness and sustainability of Costa Rican financial markets through greater competition, demonstration and definition of standards.

About IFC

The International Finance Corporation (IFC), a member organization of the World Bank Group, is the leading international development institution dedicated to the private sector in emerging markets. It works in more than 100 countries and uses its capital, expertise and influence to create markets and opportunities in developing countries. In fiscal year 2020, it invested USD 22 billion in private companies and financial institutions in this group of countries, leveraging the capacity of the private sector to help end extreme poverty and boost shared prosperity. For more information, visit www.ifc.org.

About Davivienda Costa Rica.

Davivienda Costa Rica has an accumulated experience of more than 40 years, since its origin as Corporación Banex. It has been a pioneer in innovation and value offerings and is the first bank in Costa Rica to implement electronic banking. In 2012, it became part of Grupo Bolívar, one of the most important groups in Colombia in the sectors of banking, insurance and construction.

The brand Davivienda has presence in several Latin American countries, with its headquarters in Colombia, has more than 48 years of experience, and is the benchmark of the financial sector in that country. Today, it also has a presence in Costa Rica, Panama, El Salvador, Honduras and the United States (Miami), with 17,300 employees who work every day to enrich, with integrity, the lives of more than 18 million customers.

Through its innovative products and constant digital transformation, Davivienda provides easy, secure and efficient solutions to families, businesses and the countries in which it operates, through its digital channels, mobile applications and a network of 675 offices and 2,700 ATMs.

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