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Costa Rica Expands Access To Housing Finance

The Inter-American Investment Corporation (IIC) has established a strategic partnership with Cooperativa Nacional de Educadores (Coopenae), a leading savings and credit cooperative in Costa Rica, to increase access to housing finance in that country.

The financing package consists of a ¢30 billion colones loan with a term of five years and a US$5 million loan in US dollars with a term of six years. Both loans will support COOPENAE’s efforts in providing affordable housing while contributing to the reduction of Costa Rica’s housing finance gap.

“By partnering with Coopenae, the IIC seeks to capitalize on the leadership of the cooperative in the market by supporting its ongoing efforts to increase the mortgage loan portfolio targeting a segment of the traditionally neglected population seeking affordable housing solutions,” said Coopenae in a statement.

The loans will address the housing deficit by providing medium-term financing to Coopenae targeting the traditionally under-served affordable housing segment of the population.

The Inter-American Investment Corporation (IIC) is a member of the  Banco Interamericano de Desarrollo (BID) –  Inter-American Development Bank – group, a multilateral development bank committed to supporting the private sector in Latin America and the Caribbean.