Emerging Markets Global Advisory LLP (EMGA), working with Banco Improsa, secures a $20 million facility from the Spanish Agency for International Development Cooperation (AECID).

EMGA is based in London and helps emerging market-based financial institutions and corporates with seeking new debt or equity capital.

Banco Improsa is a Costa Rican bank which provides financial solutions and services to micro-, small-, and medium-sized enterprises (MSMEs).

Felix Alpizar, general manager of Banco Improsa, said, “With this credit we will continue our contribution to the economic and social development of the country.”

EMGA’s Head of Investment Banking, Sajeev Chakkalakal, said, “A pleasure again to facilitate Banco Improsa’s continued vision of supporting SMEs within Costa Rica and complete this funding solution with AECID.”

José Luis Curbelo, chairman and CEO of COFIDES, added, “The transaction will be used to finance small- and medium-sized enterprises (SMEs) in Costa Rica, which will contribute to the creation and maintenance of quality jobs and reducing inequalities. 

“We look forward to continuing these strategic partnerships, which enhance economic growth in developing countries by strengthening the private sector through sound financial support.”

Carlos Jiménez Aguirre, general manager of FONPRODE and Head of AECID’s financial cooperation department, said, “Our intention is to expand this kind of support to other Central American countries in providing access to finance to MSMEs, with a special focus on mainstreaming gender and climate change strategies in private sector activities.”