The International Finance Corporation (IFC), a World Bank Group member that aims to support private–sector development, has announced that it will assist the National Cooperative of Educators (Coopenae), a Costa Rican financial services company, to increase access to financial services for micro- and small enterprises. These enterprises reportedly represent 94 percent of formal companies and provide 33 percent of private-sector jobs in Costa Rica. IFC will loan USD 15 million to Coopenae to expand its credit, savings and insurance operations.
The Spanish Fund for Latin America and the Caribbean, which is administered by the government of Spain, will provide support to the effort in the form of advisory services. The fund will assist Coopenae in identifying areas for improvement in microenterprise operations and in strengthening Coopenae’s institutional capabilities.
For 2011, Coopenae reported total assets of CRC 355 billion (USD 694 million) and approximately 50,000 clients.
By Charlotte Newman, Research Associate
About National Cooperative of Educators
The National Cooperative of Educators (Coopenae) is a Costa Rican financial services company that is organized as a cooperative. Coopenae was established in 1966 to support teachers, but transformed into a national, regulated finance company in 1983. Coopenae now offers credit, savings and insurance products through 19 branches in Costa Rica. For 2011, Coopenae reported total assets of CRC 355 billion (USD 694 million) and approximately 50,000 clients. Coopenae does not report financial data to the US-based nonprofit Microfinance Information Exchange (MIX).
About International Finance Corporation
A member of the World Bank Group, the International Finance Corporation (IFC) offers loans, equity investments, advisory services and technical assistance to private companies with the intent of alleviating poverty and promoting open and competitive markets in developing countries. As of 2011, IFC has 182 member countries, total assets of USD 68.5 billion and total investment mobilization of USD 12.2 billion to 518 projects.
About Spanish Fund for Latin America and the Caribbean
Spanish Fund for Latin America and the Caribbean (SFLAC) is a trust fund established by the Spanish Ministry of Economy and Finance and the World Bank Group. SFLAC provides support for technical assistance projects in the region, with a major focus on “Access to Finance, Public-Private Partnerships and Sustainable Business Advisory business lines initiatives.” The amount of assets held by the fund is not available.
Sources and Additional Resources:
International Finance Corporation: Press Release: “IFC and COOPENAE Strengthen Access to Finance for Micro and Small Enterprises in Costa Rica,” http://www.ifc.org/IFCExt/pressroom/IFCPressRoom.nsf/0/FC703D14D7C6D36E852579B20055FDF5
Cooperativa Nacional de Educadores, R.L. (COOPENAE): “Información Financiera Requerida por la Superintendencia General de Entidades Financieras,” http://www.coopenae.fi.cr/images/stories/coopenae/pdf/auditados2011.pdf
MicroCapital.org story, August 3, 2011, “MICROCAPITAL BRIEF: International Finance Corporation (IFC), FMO of The Netherlands to Loan $30m to Costa Rica’s National Cooperative of Educators (Coopenae) for Housing Finance, Support to Small- and Medium-Sized Enterprise (SMEs),” https://www.microcapital.org/microcapital-brief-international-finance-corporation-ifc-fmo-of-the-netherlands-to-loan-30m-to-costa-rica%E2%80%99s-national-cooperative-of-educators-coopenae-for-housing-finance-support-to-sm/
MicroCapital Universe Profile: National Cooperative of Educators
https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=National+Cooperative+of+Educators+%28Coopenae%29
MicroCapital Universe Profile: International Finance Corporation
https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=International+Finance+Corporation+%28IFC%29
MicroCapital Universe Profile: Spanish Fund for Latin America and the Caribbean
https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Spanish+Fund+for+Latin+America+and+the+Caribbean+%28SFLAC%29
Browse the MicroCapital Universe and add your entry to the wiki at https://www.microcapital.org/microfinanceuniverse/
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