BLP advised PROPARCO on the structuring of a USD 50 million senior international loan granted to Banco Promerica, aimed at supporting sustainable and socially impactful projects in Costa Rica.
The loan, divided into two tranches — Tranche A (USD 20 million) and Tranche B (USD 30 million) — has maturities of up to ten years. In addition to strengthening Banco Promerica’s credit capacity, the transaction incorporates international Environmental, Social, and Governance (ESG) standards, consolidating Costa Rica’s position as an attractive destination for investment and development financing.
BLP assisted PROPARCO with the review and validation of the transactional documentation under Costa Rican law, including the Credit Facility Agreement, local promissory notes, compliance certificates, and conditions precedent required for disbursements. The firm also verified the validity and enforceability of the obligations under Costa Rican legislation, compliance with local banking and financial regulations, and the correct implementation of clauses relating to financial covenants, environmental and social reporting, and other applicable regulatory requirements for the borrower in Costa Rica.
This transaction reinforces Costa Rica’s commitment to sustainable development and positions the country as a regional benchmark for responsible investment. The transaction was led by our partners Luis Hernández and Vivian Liberman, with the support of senior associate Alejandro Fallas.
Our Team in This Transaction
- Luis Hernández – Partner, Costa Rica – E-mail
- Vivian Liberman – Partner, Costa Rica – E-mail
- Alejandro Fallas – Senior Associate, Costa Rica – E-mail