Overview

China Development Bank provides $50 million loan to Banco Nacional de Costa Rica for unspecified purposes

Commitments (Constant USD, 2023)$51,586,691

Commitment Year•2020Country of Activity•Costa RicaDirect Recipient Country of Incorporation•Costa RicaSector•Banking And Financial ServicesFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: Jul 1, 2020

Stakeholders

Organizations involved in projects and activities supported by financial and in-kind transfers from Chinese government and state-owned entities

Ultimate beneficial owners

At least 25% host country ownership

Funding agencies

State-owned Policy Banks

China Development Bank (CDB)

Receiving agencies

State-owned Banks

Banco Nacional de Costa Rica (BNCR)

Loan description

China Development Bank provides $50 million loan to Banco Nacional de Costa Rica for unspecified purposes

Interest type•Unknown

Narrative

Full Description

Project narrative

In July 2020, China Development Bank (CDB) and Banco Nacional de Costa Rica (BNCR) signed a $50 million loan agreement. The specific purposes of the loan are unknown. The borrowing terms of the loan are also unknown.

Staff comments

1. Information is available on page 33 of the Ministry of Commerce's Costa Rica investment guide for 2021. 2. Banco Nacional de Costa Rica or BNCR is a state-owned bank. It is the largest commercial bank in Costa Rica and the second largest in Central America by assets. It has a 49% stake in Banco de Costa Rica International Limited (BICSA), incorporated with the Republic of Panama entity, and 100% of the shares of BN-Securities (Stock Exchange Market), BN-Vital (Operator owner pension fund), BN-SAFI (Mutual Funds) and BN insurance broker. in January 2013, the Fitch Ratings classified Banco Nacional de Costa Rica as an 'AA + (cri)' class bank.