Banco Nacional de Costa Rica (BNCR) said Monday it issued the country’s first blue bond, in a $50 million deal arranged by IDB Invest.
IDB Invest acquired $25 million worth of the bonds, while Montreal-based development finance institution FinDev Canada bought $20 million, and Luxembourg-based green bond fund LAGreen purchased $5 million, BNCR said in a press release. The bank said it will use the proceeds to provide financing for companies that support marine-coastal areas, sustainable water and wastewater management, as well as plastic waste management.
The deal will also strengthen lender’s capital base and support development of a blue portfolio, the lender added.
BNCR asked IDB Invest to arrange the deal in May.
The private sector financing arm of the IDB Group previously arranged a $75 million social bond sale for BNCR in March 2022, acquiring $45 million while FinDev Canada bought the The proceeds were earmarked for lending to women-owned micro, small and medium-sized enterprises.