IFC supports clean energy in Central America

The International Finance Corporation (IFC) said on Monday it has provided financing to certain banks in Central America that are part of Grupo Promerica so they could extend clean energy and energy efficiency loans.

In particular, IFC has provided USD 92.5 million (EUR 86.3m) in long-term financing to four lenders, including USD 30 million to Banco de la Produccion SA in Nicaragua, USD 32.5 million to Banco Promerica SA in Costa Rica, USD 20 million to Banco Promerica SA in El Salvador and USD 10 million to Banco Promerica SA in Guatemala.

The purpose of the investment is to boost access to finance for small and medium enterprises. IFC, though, noted that the lenders in Nicaragua and Costa Rica in particular will use the funding to extend loans to businesses that seek to adopt more energy efficient practices and use cleaner energy sources.

“Some financial institutions in the region are reluctant to provide credits to implement new technologies that they may not be familiar with. IFC’s support allows us to make funds available that are targeted to energy efficiency,” said Ramiro Ortiz Mayorga, president of the board of directors and CEO of Grupo Promerica.

(USD 1.0 = EUR 0.933)

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