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Allen & Overy advises on USD50 million sustainable bond program in Panama

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Mir Sami
Sami Mir

Partner

Washington, D.C.

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25 January 2021

New York – Allen & Overy (“A&O”) has advised Inter-American Investment Corporation (“IDB Invest”) on a partial credit guarantee facility (“Guarantee Facility”) to Banco Promerica of Costa Rica S.A. (“Banco Promerica”) for the issuance of green, social and sustainable bonds in Panama – the first of its kind in Central America. The Guarantee Facility is up to USD 15 million.

Banco Promerica's USD50m bond program, partially guaranteed by IDB Invest, will improve access to financing for small and medium-sized enterprises in Costa Rica. The first issuance under the program will be a sustainable bond issued for USD10m, with up to 30% of the principal amount guaranteed by IDB Invest under the Guarantee Facility. 
 
Through the bond program, IDB Invest and Banco Promerica seek to impact both the small and medium-sized enterprises (“SME”) and green finance sectors in Costa Rica. The deal will also contribute to Banco Promerica’s sustainable development goals, as an issuer generating high social and environmental impact. 
 
Sami Mir, partner in A&O’s Projects, Energy, Natural Resources and Infrastructure Group, said

We are grateful to have advised IDB Invest and Banco Promerica on an innovative sustainable bond issuance that will support green projects across Costa Rica. Our cross-border deal team is proud to be part of the contingent moving the needle in Central American green portfolios

The A&O team that advised IDB Invest was led by Partner, Sami Mir and Senior Associate, Rebecca Stubbs

For further insights regarding Allen & Overy’s Projects, Energy, Natural Resources and Infrastructure Group, please contact Meredith Bishop at pro-a&o@prosek.com.

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