Question 1

What is Korpodeko?

Accepted Answer

Korpodeko (officially Fundashon Korporashon pa Desaroyo di Kòrsou, or Curaçao Development Corporation Foundation) is the national development bank of Curaçao. As a specialized financial institution, Korpodeko plays an active role in stimulating the local economy and promoting Curaçao as a destination for business and investment. The institution focuses on financing small, medium-sized, and large enterprises while empowering entrepreneurs and supporting sustainable socio-economic development across the island.

Question 2

When was Korpodeko founded?

Accepted Answer

Korpodeko was founded on April 23, 1985, as a joint initiative by social partners with the objective of accelerating the socio-economic development of Curaçao following the closure of the Shell refinery. The founding president was politician and Deputy for Economic Development Agustin Diaz, while Clark Gomes Casseres served as the first executive director. Upon its establishment, Fundashon Empresa Chiki Kòrsou (FECK), a small business support fund founded in 1971, was organizationally integrated into Korpodeko.

Question 3

Where is Korpodeko headquartered?

Accepted Answer

Korpodeko is headquartered at Schottegatweg Oost in Willemstad, Curaçao. The institution previously operated from the former KNSM building in Punda before relocating to its current facility. The headquarters serves as the central hub for all development banking and entrepreneurial support activities across Curaçao.

Question 4

Where does Korpodeko operate?

Accepted Answer

Korpodeko operates throughout the island of Curaçao, serving communities across all regions. The institution has been particularly active in urban revitalization projects in Willemstad, including investments in areas such as Jan Thiel, Santa Barbara, Pietermaai, and various hotel developments. Korpodeko also launched initiatives specifically targeting the Band'abou region to ensure balanced economic development across the island.

Question 5

What services does Korpodeko offer?

Accepted Answer

Korpodeko provides comprehensive development financing solutions including term loans, project financing, working capital support, purchase order financing, and real estate development loans. The institution offers risk capital through preferred shares and subordinated debt, mezzanine financing, and payment guarantees.

Beyond lending, Korpodeko provides entrepreneurial guidance, business education programs, and the digital guide "Guia pa Empresa Chikí" for small business owners. The institution manages various investment funds, including six Willemstad Funds totaling NAf 4.9 million for urban revitalization. Korpodeko also offers venture capital funding for new enterprises and participates directly in strategic projects through equity stakes.

Question 6

What makes Korpodeko unique?

Accepted Answer

Korpodeko distinguishes itself as much more than a traditional lender. The institution operates under a tripartite governance structure comprising representatives from the business community, labor unions, and government. This collaborative model ensures diverse perspectives in development decision-making.

Korpodeko serves as a "lender of last resort," providing financing when commercial banks view risks as too high. The institution prioritizes projects aligned with the United Nations' 17 Sustainable Development Goals. Between 1989 and 2015, Korpodeko extended 1,010 loans totaling NAf 199 million, financing iconic businesses and transformative projects when no other capital sources were available. Notable success stories include Chogogo Resort (which transformed Jan Thiel), Curaçao Wire Products (Building Depot), and the Pietermaai Smal revitalization.

Question 7

What type of financial institution is Korpodeko?

Accepted Answer

Korpodeko operates as a Development Bank (ontwikkelingsbank) and is categorized as a credit institution under Curaçao's regulatory framework. Since 1994, following the National Ordinance for the Supervision of Bank and Credit Institutions, Korpodeko has been subject to supervision by the Central Bank of Curaçao and Sint Maarten. However, its socio-economic, cultural, and educational functions extend beyond typical credit institution operations, making it unique among Curaçao's financial institutions. The bank's mandate explicitly encompasses sustainable national development rather than purely commercial objectives.

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