Davivienda Costa Rica receives loan to issue green bond

Costa Rica has received a loan from an international body to finance green projects through the issuance of green bonds.

Costa Rica received a USD 35 million loan from the International Finance Corporation (IFC), a World Bank Group member. The loan was made to Davivienda, a subsidiary of the Colombian bank.

Luc Grillet, Senior Manager for Central America and the Caribbean at IFC said: “Our loan to Davivienda goes directly to the strategic objective of increasing capacity for environmentally sustainable and intelligent development, and helping the Government to achieve its objectives”.

This loan will finance a series of green projects in the country, including in sustainable real estate, energy efficiency, and small-scale renewable energy generation. The projects financed by these green bonds follow the Green Bond Principles  published by the International Capital Market Association.

“In Davivienda Costa Rica we want to be leaders in green financing for the private sector”, said Financing Director of Davivienda Costa Rica Federico Chaves. “We will continue working and innovating to be leaders among private banks in green financing in Costa Rica.”

The Central American country aims to be carbon neutral by 2021.