Banco Promerica leads the way in sustainable banking
Bank practices yield positive ecological, social and financial returns using Praxis funding
Banco Promerica is the second largest private bank in Costa Rica financing primary agricultural production of pineapples, bananas, sugarcane, fruits and other crops. They support borrowers in undertaking their green transformation to move towards sustainability and serve higher value-added export markets.
The bank is not only a pioneer and leader in green loans but has also developed products for other sectors, such as construction, with special conditions aimed at improving the borrower business practices and leading to certification under the banks sustainability criteria. This certification is based on identified opportunities for borrowers to adopt the best productive practices that yield positive ecological, social and financial returns for its clients.
A notable success has been the development of a framework to capture and measure the positive impacts of their borrower operations. The bank tracks impact indicators from its clients’ operations related to water consumption, gender equality and clean energy, among others, and expects to measure more complex variables such as carbon emissions reduction in the medium term.
Banco Promerica is known as one of the most advanced financial institutions in the Costa Rica, aligning its lending strategy with the Sustainable Development Goals (SDGs). By mobilizing capital towards environmentally and socially responsible projects, they add to the efforts of the country in becoming a low-carbon and climate-resilient economy with a high value-added agribusiness sector.
Learn more about Banco Promerica here.
The Praxis commitment
Praxis Mutual Funds® supports organizations such as Banco Promerica through investments in Calvert Impact Capital, an impact-investing institution that helps people around the world through community development financing. It’s part of the Praxis commitment to place approximately 1% of each of its funds to benefit neighborhoods and individuals through community development investments.
Learn more about the Praxis family of funds.