MICROCAPITAL BRIEF: Financiera Desyfin of Costa Rica Borrowing $22m from FMO, Partly for Green Lending

Financiera Desyfin, a non-bank financial institution (NBFI) that provides “credit, factoring, and leasing products” in Costa Rica, recently agreed to borrow USD 22.5 million from Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden (FMO), a Dutch public-private partnership. A portion of the funds is for “green” projects, such as increasing “energy efficiency, recycling and clean transportation activities.” Desyfin serves 3,000 individuals and small and medium-sized enterprises (SMEs) via six branches. As of July 2021, it had CRC 199 billion in total assets (USD 319 million).

Established in 1970, FMO is 51-percent held by the Dutch government and 49-percent by private investors. The institution works towards the UN’s Sustainable Development Goals by funding capacity development and placing debt and equity investments in sectors such as agribusiness, financial institutions and energy. For the first half of 2021, FMO reported a net profit of EUR 200 million (USD 230 million) on a portfolio valued at EUR 12 billion (USD 14 billion).

By Adhya Singh, Research Associate

Sources and Additional Resources

FMO-Financiera Desyfin project description
https://www.fmo.nl/project-detail/59827

FMO press release
https://www.fmo.nl/news-detail/7fc95ef7-543f-448f-9df2-835bca25c461/monthly-transaction-overview-august

Desyfin homepage
https://www.desyfin.fi.cr/

Desyfin financials, June 2021
https://www.desyfin.fi.cr/wp-content/uploads/2021/07/Estados-Financieros-Intermedios-Junio-2021.pdf

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