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Costa Rica expands access to housing finance
Published on August 16, 2017 Email To Friend    Print Version

WASHINGTON, USA -- The Inter-American Investment Corporation (IIC), on behalf of the Inter-American Development Bank (IDB) Group, has established a strategic partnership with Cooperativa Nacional de Educadores, RL (“COOPENAE”), a leading savings and credit cooperative in Costa Rica, to increase access to housing finance in that country.

The financing package consists of a $30 million loan in local currency with a term of five years and a $5 million loan in US dollars with a term of six years. Both loans will support COOPENAE’s efforts in providing affordable housing while contributing to the reduction of Costa Rica’s housing finance gap.

The loans will address the housing deficit by providing medium-term financing to COOPENAE, in order to support its mortgage portfolio intended to offer affordable housing solutions to its members. By partnering with COOPENAE, IIC’s loan capitalizes on the cooperative’s market leadership, supporting its ongoing efforts to increase its mortgage portfolio targeting the traditionally under-served affordable housing segment of the population.

The Inter-American Investment Corporation (IIC) is a member of the Inter-American Development Bank Group (IDB Group), a multilateral development bank committed to supporting the private sector in Latin America and the Caribbean.
 
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