IFC Provides $35 Million to Davivienda Costa Rica for Green Energy Projects

The International Finance Corporation (IFC) has announced it has contracted a loan of $35 million to support and incentivize the issuance of a green bond by Davivienda Costa Rica, the third-largest private bank in Costa Rica.

The loan will donate to fund a channel of green projects in Costa Rica including sustainable buildings, energy efficiency and small-scale renewable energy generation under the standards for green lending described in the Green Bond Principles, published by the International Capital Markets Association in 2017.

IFC is providing longer-term funding beyond what is presently available in the local financial markets and hopes to play ultimately the role of an anchor investor and mustering resources upon the green bond issuance on commercial terms from institutional and private investors.

Davivienda Costa Rica is owned by Corporacion Davivienda (Costa Rica), property of Grupo del Istmo, a wholly-owned subsidiary of Banco Davivienda, the third largest bank in Colombia. Banco Davivienda is owned by Grupo Bolivar.