eco.business Fund and Scotiabank de Costa Rica promote businesses with environmental best practices

USD 10 million senior loan from eco.business will support environmentally certified businesses in Costa Rica

Frankfurt and San José, 05 May 2015 - The eco.business Fund and Scotiabank de Costa Rica S.A. (Scotiabank) have signed a loan agreement in support of companies that help to ensure Costa Rica preserves its rich level of biodiversity for years to come. These Costa Rican companies hold certificates from international labels such as Global G.A.P. and Marine Stewardship Council among others. The USD 10 million senior loan to Scotiabank de Costa Rica is one of the first loans disbursed by the eco.business Fund, which was launched in December 2014.

Scotiabank, which has an established portfolio of agricultural and fishery clients, will use the funds to strengthen relationships with existing partners as well as identify additional strong candidates that fit the eco.business Fund’s mission profile of promoting biodiversity through private enterprises.

 

“We are very pleased to launch our business in Costa Rica with such a renowned and committed bank as Scotiabank.”

— Dr. Jens Mackensen, Chairperson of the Board of the eco.business Fund.

“We are convinced that this loan, which is combined with a tailored workshop organized by the eco.business Fund for key bank staff, will serve as a showcase and raise awareness of the positive impact of certifications on the conservation of biodiversity.”

— Dr. Jens Mackensen, Chairperson of the Board of the eco.business Fund.

“It is an honor for Scotia to establish a partnership with eco.business Fund and transfer that benefit to our customers through lines of financing that focus on the environment – with the added value of company loan policies that consider sustainability and mitigation and their social programs. Scotiabank is a transnational company with offices in 55 countries and a strong commitment to initiatives that entail sustainability to achieve healthy co-existence between the environment and business. We firmly believe that the combination of Scotiabank’s well-balanced strategy with its diversified business model creates long term value for our public.”

—  Jean-Luc Rich, General Manager of Scotiabank.

 

About the eco.business Fund

The eco.business Fund is spearheading the preservation and promotion of biodiversity through private enterprises. In providing financing to the Fund’s target group for investing in activities that conserve nature and foster biodiversity, the eco.business Fund seeks investments that yield both financial and environmental returns. The eco.business Fund provides financing mainly through local financial institutions for onlending to eligible final borrowers. Eligible final borrowers include those holding an eligible certification or those making improvements that are in line with conservation and biodiversity goals. The Fund supports sustainable operations in the sectors of agriculture, fishery, forestry and eco-tourism.

The eco.business Fund leverages contributions from donors, multilateral organizations and development finance institutions with funding from private investors to maximize reach and impact. Seed capital has been provided by the German Federal Ministry for Economic Cooperation and Development (BMZ), with KfW being the project leader. Finance in Motion is also an investor.

Hand-in-hand with the eco.business Fund goes the eco.business Development Facility, which can provide high impact technical assistance at the sector level, to local lending institutions and final borrowers.

For more information please visit www.ecobusiness.fund and follow us on Twitter @ecobusinessfund.

 

About Scotiabank

Scotiabank is Canada's international bank and a leading financial services provider in North America, Latin America, the Caribbean and Central America, and parts of Asia. We are dedicated to helping our 21 million customers become better off through a broad range of advice, products and services, including personal and commercial banking, wealth management and private banking, corporate and investment banking. With a team of more than 86,000 employees and assets of CAD 852 billion (as at 31 January 2015), Scotiabank trades on the Toronto (TSX: BNS) and New York Exchanges (NYSE: BNS). Scotiabank distributes the Bank's media releases using Marketwired. For more information, please visit www.scotiabank.com and follow us on Twitter @ScotiabankNews.

 

Media contact eco.business

Merle Römer
Manager Communications and Events
e-mail: press@ecobusiness.fund 
Tel: +49 (0)69 9778 7650-171

Media contact Scotiabank

Rocío Zamora
Manager of Public Relations and CSR
e-mail: Rocio.zamora@scotiabank.com 
Tel: (506) 2210-4396

 

 

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