39060 - Coopenae II

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Summary of Investment Information

Project Number

39060

Company Name

Cooperativa Nacional de Educadores RL

Date SPI Disclosed

Apr 5, 2017

Country

Costa Rica

Region

Latin America and the Caribbean

Projected Board Date

May 8, 2017

Environmental Category

FI-3 - No Impact

Status

Completed

Last Updated Date

May 3, 2025

Department

Regional Industry FIG LAC & EUR

Industry

Financial Markets

Previous Events

Approved : Jun 1, 2017
Signed : Nov 11, 2017
Invested : Jun 12, 2018

Sector

Commercial Banking - Housing Finance

Project Description

The project consists of a 7 year loan up to US$20 million to Cooperativa Nacional de Educadores (“COOPENAE”) to fund the growth of lending to low and middle income home owners in Costa Rica.

Sponsor / Cost / Location

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan	19.76
Equity

IFC's loan to the financial institution described in this SII is targeted for on-lending to the following sector(s):

Product Type	Use of Proceeds
Straight Senior Loan	Housing Finance
Straight Senior Loan	Housing Finance

IFC's Definitions of Targeted Sectors can be found here.

Development Impact

Contribution to Economic Growth. The Project is expected to contribute to the WBG goals by supporting economic growth in Costa Rica by providing long term access to finance to mortgages through a leading cooperative in a market faced with poverty and a significant housing deficit, which was identified in Costa Rica as challenges to be tackled. \rDemonstration Effect: By providing renewed long term funding to Coopenae, IFC hopes to show its continued support to the cooperative sector that finances the mid to lower end of the pyramid, to create a more competitive environment in the banking sector and encourage further finance from development institutions to the segment. IFC's loan hopes to increase availability of longer tenor lending instruments to provide low and middle income mortgages.\rCorporate Governance Enhancement: By providing funding to Coopenae for a second time IFC will monitor and follow up on Corporate Governance recommendations from 2011 investment to reach best global practices

Funding diversification and long-term tenor: The proposed loan will help the Bank to diversify its funding sources and provide a long-term tenor aligned with the tenor of Housing loans. \rLocal Currency funding: The funding will be partially disbursed in local currency allowing Coopenae to better manage its currency mismatch risks. The local currency loan will be financed through a cross-currency swap or through a local currency bond issued by the IFC under its CRC bond program. This bond issue will allow to further expand the local capital markets and provide investment opportunities for local institutional investors.\rLong Term Partnership: IFC will consolidate its long-term partnership with Coopenae and finance its growth and promote sustainable behavior in its business and practices across multiple projects. Moreover, IFC provides a positive branding to the company through its partnership.

E&S Category Rationale / Risks and Mitigation

The Project consists of a USD $ 20 million package loan to an existing client, Cooperativa Nacional de Educadores (Coopenae) to support on-lending to low and middle income homeowners in Costa Rica. As of December 2016, Coopenae's loan portfolio was comprised of 76% consumer loans, 20% housing and 4% SME's. Coopenae's portfolio activities are considered to have low environmental and social risks and as such, the project has been classified as Category FI-3 in accordance with IFC's Sustainability Policy. Coopenae will be required to: (i) demonstrate commitment to applying the labor standards established by the IFC Performance Standard 2: Labor and Working Conditions.

Contacts

For Inquiries About the Project, Contact

company	Cooperativa Nacional de Educadores R.L.
point_of_contact	Juan Pablo Zuñiga Chaves
title	Jefe de Análisis Financiero
telephone_number	2257-9060
email	jzuniga@coopenae.fi.cr
mailing_address
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