The Banco Promerica Group, a Norfund investee with banks in Nicaragua, Costa Rica and Ecuador, is among the first signatories of The Principles for Responsible Banking.
Banks can be agents of change and support the UN Sustainable Development Goals (SDGs) through their daily banking activities. To do so, the banks must be clear about how their products and services create value for their customers, clients, investors, as well as society.
Banks shall have a positive influence in the communities we serve. This is one of the key components in Grupo Promerica’s strategy.Ramiro Ortiz, Chairman of Banco Promerica Group
The Principles for Responsible Banking provides a framework for sustainable banking, and helps banks to align its business strategy with SDGs.
The world is at a crossroads and each of us needs to play an active role in shaping the future. At Banco Promerica Costa Rica, we understand our responsibility to all our stakeholders and to the world. We are proud to endorse the Principles for Responsible Banking.John Keith, CEO, Banco Promerica Costa Rica
As part of Banco Promerica Costa Rica’s eagerness to contribute to the SDGs, Norfund will, through a 15MUSD sub-debt instrument, support their green lines initiative. The term is 10 years.
This is the first time in Central America that sub debt is provided to support green lines of which a majority is in clean energy. Focus is on providing funding for smaller PV clean energy projects in Costa Rica. In addition, the quasi-equity instrument will provide a strong value add as it unlocks additional funding.
We would like to thank Norfund sincerely for showing us the way and supporting us with financial resources, technical assistance, motivation and advice. Without this it would not have been possible to be the first Costa Rican bank signatory of “The Principles of Responsible Banking” at the United Nations.John Keith, CEO, Banco Promerica Costa Rica