Expected Development Impact
- Increasing access to financing for Costa Rican microentrepreneurs: MSMEs play a major role in Costa Rica’s economy, as they represent approximately 98% of the country’s businesses and 31% of national employment. As a result, and in the context of the economic crisis induced by COVID‑19, increasing access to financing for men and women microentrepreneurs is key for the economic recovery of Costa Rica.
- Catalyzing the growth of Costa Rica’s MSME ecosystem: as the largest commercial bank in the country and with approximately 36,000 MSME clients in 2020 (just over half of the 68,000 registered MSMEs in the country), BNCR is well positioned to reach this segment: it is estimated that approximately 5,500 MSMEs and WMSME will be able to access financing derived from the social bond’s proceeds. Supporting the MSME ecosystem in Costa Rica will, in turn, fuel local value chains, incomes, and jobs.