Fundashon Korporashon pa Desaroyo di Korsou or Korpodeko is the Sustainable Development Corporation of Curacao.
This foundation was incorporated in 1985 and aims to promote a balanced autonomous and sustainable development of the island of Curacao in the socio-economic, cultural and educational fields. Korpodeko also encourages participation in this development process by all citizens of Curacao. In doing so, Korpodeko provides financing for projects of small, medium sized and large businesses in a wide range of industries and activities.
In order to qualify for financing a new project or existing business must:
- Create or sustain employment
- Substitute imports or promote exports and as such improve the Balance of Payment of Curacao
- Be innovative and/or contribute to the expansion of the economic base of the island.
Korpodeko’s mission statement is:
Korpodeko, a tripartite commitment that offers resources for the sustainable development of Curacao.
Korpodeko’s vision statement is:
Korpodeko is the development bank of Curacao, that while empowering people, supports small, medium sized and large businesses, as such promoting sustainable socio-economic development.
The Board of Korpodeko consists of 15 members representing the government, labor unions and business community. The Board is headed by a Daily Board that at present consists of, Mr. Vernon Huerta, Mr. John Jacobs and Mr. Humphrey Mongen each representing one of the tripartite sectors. Day to day business is run by the Managing Director, Mr. Chesron Isidora and a staff of 13 employees.
The spirit of the founding of Korpodeko is embedded in all its policies, processes and governance in the broadest sense of the word.
In 1985 in the midst of an imminent and explosive economic and social crisis where thousands of jobs was set to be lost, the government of Curaçao and the private sector social partners held a social economic summit in an effort to jointly address the crisis.
The economic crisis came to be primarily as consequence of devaluation of the Venezuelan Bolivar, the Shell refinery that was closing its doors, the repeal of the tax treaty with the USA and the execution of the Berenschot report.
The summit that was held from March 16 thru18, 1985 led to several reports among them; Arthur D. little, “Ekilibrio”, Adelanto and Progreso”.
Some of the direct remedial actions to address the economic crisis that the summit produced were the introduction of the “festival market place” and the “Willemstad Remodeling Fund” to revive a then dying center of the city, and the incorporation of a national development bank by the government and social partners as the institution and vehicle to carry the socio-economic development vision that the social partnership had reached during said Summit.
The foundation KORPODEKO embodies a clear commitment with a strong foothold in the community, for its time an advanced concept of a tripartite governing board, and the funding commitment through an additional tax surcharge.
Korpodeko was founded on April 23rd, 1985 as an instrument through which it was envisioned to achieve:
A) The promotion of a balanced socio-economic, cultural and educational development of Curaçao.
B) The advancement of point A through participation in the development process by all citizens of Curaçao.
Of the several means outlined in the objectives of the foundation (9 in total) described to achieve points A & B, primarily investments/participation with risk capital would and subsequently credit extension, are only some of the instruments the organization has to achieve its socio-economic, cultural and educational purposes.
The spirit of the incorporation of Korpodeko was to create a tool to fight economic distress by among others invigorating small, medium and large businesses and organizations (thus Micro and Macroeconomic development).
With the National ordinance for the supervision of bank and credit institutions of 1994, Korpodeko was later on categorized as a credit institution and subject to the supervision of the regulatory environment of bank and credit institutions by the Central Bank of Curacao and St. Maarten.
Korpodeko therefore complies with Central Bank and international regulations as required for an institution subject to its current regulatory environment.
While Korpodeko is a credit institution and is subject to the abovementioned regulatory environment, the socio-economic, cultural and educational functions that are described in its bylaws are not. As such, Korpodeko differs from other credit institutions as its objectives require it to be broadly oriented and more in tune with specific social and educational aspects of its development. Lending then becomes more than a commercially driven instrument to do or grow business. It becomes a tool for sustainable development of a nation.