The International Finance Corporation (IFC) has given a loan of US$20mn to support Costa Rican SMEs.

The recipient is Banco General, who will on-lend the money to SMEs in Costa Rica’s agribusiness sector. GTR can confirm that the tenor is five years, but the IFC is unable to comment on pricing or security.

Currently, 40% of Costa Rican SMEs cited a lack of access to credit as the main barrier to growth. The IFC hopes that this will help them capitalise on export opportunities.

An IFC spokesperson tells GTR: “It is expected the loan will allow such businesses to improve their operations and expand, thus leading to employment generation. Currently, these segments [agri and SME] are underserved in Costa Rica due to short tenors and limited technical expertise and experience in the local banking sector. The IFC’s longer tenor and expertise with lending to the SME and agribusiness sectors is expected to unlock significant potential.”