eco.business Fund and Banco Davivienda (Costa Rica) S.A. are expanding their partnership through a USD 5 million loan provided by the Fund to the bank to further support companies in Costa Rica, which have been certified through labels such as Fairtrade and UTZ.
This is the eco.business Fund’s second loan to Davivienda. The first loan, disbursed in May 2015, had gained much attention in the media and led to a significant increase in credit demand from eligible companies.
“The strong interest shown by agricultural companies so far proves that there is a great demand for loans to support biodiversity and the sustainable use of natural resources,” says Dr. Jens Mackensen, Chairperson of the Board of Directors of the eco.business Fund. “In Davivienda we have found an excellent partner to raise awareness of this new funding source for sustainable companies active in Costa Rica.”
“At Davivienda we continue to strengthen our credit supply so that the efforts of sustainable business keep growing. We are proud to contribute to Costa Rica´s country strategy”, said Arturo Giacomin, Davivienda CEO of Costa Rica.
About the eco.business Fund The eco.business Fund is spearheading the preservation and promotion of biodiversity through private enterprises. In providing finance 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 funding mainly through local financial institutions for onlending to eligible final borrowers. Eligible final borrowers include those holding a recognized 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 outreach and impact. Seed capital has been provided by the German Federal Ministry for Economic Cooperation and Development (BMZ), with KfW being the main sponsor. Finance in Motion is also an investor.
Operating hand‐in‐hand with the eco.business Fund, the eco.business Development Facility provides 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 Davivienda Costa Rica
Banco Davivienda Costa Rica is a financial institution with over 40 years of experience in both retail and corporate banking. It is a wholly owned subsidiary of Bolivar Group, a conglomerate of private, solid and profitable companies active in various sectors which, for more than 70 years, has accompanied the needs of individuals, families and businesses in the fulfilment of their objectives. Banco Davivienda’s sustainability strategy is based on the generation of value for stakeholders through actions that allow it to be economically viable, environmentally correct and socially fair.