Identifier
Created
Classification
Origin
09SANJOSE543
2009-06-28 20:10:00
UNCLASSIFIED
Embassy San Jose
Cable title:
COSTA RICA: OPIC LOAN TO CSI LATINA FINANCIAL
how-toVZCZCXYZ0003 PP RUEHWEB DE RUEHSJ #0543 1792010 ZNR UUUUU ZZH P 282010Z JUN 09 FM AMEMBASSY SAN JOSE TO RUEHC/SECSTATE WASHDC PRIORITY 0989 INFO RUEHZA/WHA CENTRAL AMERICAN COLLECTIVE PRIORITY
UNCLAS SAN JOSE 000543
SIPDIS
DEPT FOR EEB/IFD/ODF; STATE PLEASE PASS TO
OPIC:LTABERNACKI; STATE PLEASE PASS TO COMMERCE/FCS
E.O. 12958: N/A
TAGS: CS ECON EFIN PGOV PREL EINV
SUBJECT: COSTA RICA: OPIC LOAN TO CSI LATINA FINANCIAL
REF: STATE 61411
UNCLAS SAN JOSE 000543
SIPDIS
DEPT FOR EEB/IFD/ODF; STATE PLEASE PASS TO
OPIC:LTABERNACKI; STATE PLEASE PASS TO COMMERCE/FCS
E.O. 12958: N/A
TAGS: CS ECON EFIN PGOV PREL EINV
SUBJECT: COSTA RICA: OPIC LOAN TO CSI LATINA FINANCIAL
REF: STATE 61411
1. SUMMARY: Embassy San Jose supports the Overseas Private
Investment Corporation's (OPIC) proposal for a USD 20 million
credit facility to CSI Latina Financial, Inc. (CSI). The
Econ
and FCS Sections reviewed the proposal and concluded that
there were no reasons that the loan should not proceed
(reftel A). END SUMMARY.
--------------
RECENT COUNTRY EVENTS
--------------
2. The hand of the global economic crisis has touched
Costa Rica primarily in the form of decreased economic
activity and unemployment in select sectors of the economy,
notably tourism, construction (particularly activity
devoted to resort development, both residential and
hospitality),and manufacturing. In contrast to this
trend, economic activity and employment in the areas of
professional services and medical devices (development and
assembly) continues apace. Overall, the global crisis has
dragged down the Costa Rican economy as demand in export
markets contracted. Predictions on gross domestic product
growth for the year currently vary between 0 percent and
downward to -1 or, at worst, -2 percent.
--------------
INFORMATION ON CSI
--------------
3. CSI Leasing Centroamerica S.R.L. maintains operations in
Costa Rica and is a member of the Costa Rican-American
Chamber of Commerce (AmCham). Embassy review of the company
or its affiliate (CSI Leasing Polska sp. Zo.o.) did not
produce any information linking
the company and / or principals to terrorism, money
laundering, corruption, or violations of law. Though we do
not have a relationship with this company, our research
yielded no negative information regarding CSI Leasing
Centroamerica S.R.L.
--------------
COMMENT
--------------
4. Similar to other ecnomices with strong links to the U.S.
marker, credit markets
did significantly tighten in Costa Rica since mid-2008.
Thus, we support
any assistance provided by OPIC that eases commercial and
consumer credit in Cost Rica.
BRENNAN
SIPDIS
DEPT FOR EEB/IFD/ODF; STATE PLEASE PASS TO
OPIC:LTABERNACKI; STATE PLEASE PASS TO COMMERCE/FCS
E.O. 12958: N/A
TAGS: CS ECON EFIN PGOV PREL EINV
SUBJECT: COSTA RICA: OPIC LOAN TO CSI LATINA FINANCIAL
REF: STATE 61411
1. SUMMARY: Embassy San Jose supports the Overseas Private
Investment Corporation's (OPIC) proposal for a USD 20 million
credit facility to CSI Latina Financial, Inc. (CSI). The
Econ
and FCS Sections reviewed the proposal and concluded that
there were no reasons that the loan should not proceed
(reftel A). END SUMMARY.
--------------
RECENT COUNTRY EVENTS
--------------
2. The hand of the global economic crisis has touched
Costa Rica primarily in the form of decreased economic
activity and unemployment in select sectors of the economy,
notably tourism, construction (particularly activity
devoted to resort development, both residential and
hospitality),and manufacturing. In contrast to this
trend, economic activity and employment in the areas of
professional services and medical devices (development and
assembly) continues apace. Overall, the global crisis has
dragged down the Costa Rican economy as demand in export
markets contracted. Predictions on gross domestic product
growth for the year currently vary between 0 percent and
downward to -1 or, at worst, -2 percent.
--------------
INFORMATION ON CSI
--------------
3. CSI Leasing Centroamerica S.R.L. maintains operations in
Costa Rica and is a member of the Costa Rican-American
Chamber of Commerce (AmCham). Embassy review of the company
or its affiliate (CSI Leasing Polska sp. Zo.o.) did not
produce any information linking
the company and / or principals to terrorism, money
laundering, corruption, or violations of law. Though we do
not have a relationship with this company, our research
yielded no negative information regarding CSI Leasing
Centroamerica S.R.L.
--------------
COMMENT
--------------
4. Similar to other ecnomices with strong links to the U.S.
marker, credit markets
did significantly tighten in Costa Rica since mid-2008.
Thus, we support
any assistance provided by OPIC that eases commercial and
consumer credit in Cost Rica.
BRENNAN