BLP advised IDB Invest on the granting a loan of up to $115,000,000 to Banco Davivienda (Costa Rica) S.A. to increase climate financing in Costa Rica

March, 2023 - Costa Rica

BLP has advised IDB Invest on the grant of a loan of up to $115,000,000 to Banco Davivienda (Costa Rica) S.A. financed by IDB Invest and several external lenders.

The loan will be used to expand Davivienda’s portfolio of green products and favor the reduction of greenhouse gas emissions through support and financing of the environmental and social agenda of banks in Costa Rica to enable the offering of customized green financial resources.

IDB Invest has contributed $30 million and managed to attract other investors, including Banco Santander, Banco Aliado, Banco BHD, and Global Bank, all of whom have contributed to the remaining $85 million for this transaction, which is 100% focused on climate-related financing.

In addition, IDB Invest will advise Davivienda Costa Rica on the design of green financing lines to suit sustainable construction, green mobility, and renewable energy segments. Moreover, the initiative will include an environmental and social action plan to help Davivienda Costa Rica strengthen its ecological policies and practices.

The BLP team in this transaction was led by partners Julio Castellanos and Pablo Umaña, with the support of associate Luis Herrera.