KOTEC Supports Technology Finance in Costa Rica... "Paving the Way for Expansion into Latin America"

Held Local Seminar and Signed Business Agreement with IDB and SBD

The Korea Technology Finance Corporation (KOTEC) announced on September 11 that it held a "local policy dissemination seminar" from September 8 to 10 in San José, Costa Rica, in collaboration with the Inter-American Development Bank (IDB) and the Development Bank of Costa Rica (SBD), to introduce a technology finance system.

This seminar was organized to share the main achievements of the "technical assistance consulting for Korea-style technology assessment and technology guarantees for Costa Rica," a project that KOTEC has been promoting with the IDB since February last year, and to lay the groundwork for the local adoption of K-Technology Finance and its expansion into Latin America. Over 200 participants attended, including officials from the Costa Rican government, financial institutions, academia, and research organizations.

Key officials from the Korea Technology Finance Corporation and the Development Bank of Costa Rica are posing for a commemorative photo at the memorandum of understanding signing ceremony. Photo by Korea Technology Finance Corporation

Through this project, KOTEC developed the "Costa Rica-type Technology Rating System (CTRS)," which applies its own technology assessment system to the industrial and financial environment of Costa Rica. The organization also designed the "Costa Rica-type Technology Guarantee System (CRTG)" to improve innovative SMEs' access to finance. In addition, pilot evaluations for local SMEs, the preparation of a technology evaluation manual and work processes, as well as training for practitioners, were conducted.

At the seminar's opening ceremony, KOTEC and SBD signed a financial business agreement to strengthen technology finance. Under this agreement, the two institutions plan to: share experience and know-how for the stable establishment and operation of CTRS and CRTG; promote exchanges of experts and staff for joint research; and discover new cooperation projects, thereby continuing a long-term partnership in technology finance.

A KOTEC official stated, "We will continue to strengthen close cooperation with overseas relevant organizations to ensure that K-Technology Finance is stably established as an innovative financial model suited to each country's circumstances, and to further expand the global collaboration foundation so that innovative companies in Korea and Latin America can grow together."

This content was produced with the assistance of AI translation services.