Emerging Markets Global Advisory (EMGA), in partnership with Banco Improsa, has secured a $15m line of credit to support SMEs in Costa Rica.

EMGA’s Head of Investment Banking and Managing Director of EMGA, Sajeev Chakkalakal, said: “In spite of a challenging global macroeconomic environment, we are pleased to once again facilitate Banco Improsa’s continued vision to supporting SMEs in Costa Rica and complete this financing solution.”

Felix Alpizar Lobo, General Manager of Banco Improsa, added: “This financing reaffirms our commitment to strengthening the SME segment in Costa Rica. Banco Improsa is proud to share JICA’s objective of contributing to the economic and social growth of developing countries.”

EMGA’s Managing Director Jeremy Dobson said: “Banco Improsa’s strong management and healthy financial position were key factors in helping the EMGA Investment Banking team secure this funding. This JICA facility will further strengthen Banco Improsa’s ability to grow its core SME lending book.”

The Japan International Cooperation Agency is a governmental agency. It provides most of the Official Development Assistance for the Government of Japan. It is chartered with assisting the economic and social growth of developing countries, and the promotion international cooperation.

EMGA assists financial institutions and corporations seeking new debt or equity capital. EMGA’s team combines decades of experience to complete transactions on behalf of their clients within the world’s emerging markets.

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Banco Improsa is a commercial bank with more than 37 years of experience. Its relational business model and focus is on niche markets and specialises in providing financing solutions and services to SMEs. Banco Improsa was one of the first private banks in Costa Rica to offer non-financial services to its clients.