Allen & Overy advises on USD50 million sustainable bond program in Panama
25 January 2021
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