September 11 (SeeNews) - The Central American Bank for Economic Integration (CABEI) signed a loan of USD 30 million (EUR 26.6m) on Thursday to support cooperatives in Costa Rica with a focus on clean power projects, such as solar panels and biomass.
The funds will be channeled through the National Institute for Cooperative Development, INFOCOOP.
The loan is to support technology needs associated with cooperative development as part of the institute's credit policies, Luis Felipe Arauz, president of the institution and agriculture minister, said. He mentioned that the institute has been financing cooperatives under favourable terms for over 42 years, but for the first time it is contracting a loan to leverage its portfolio and meet the high demand of the sector.
(USD 1 = EUR 0.887)