The savings and loan bank ADOPEM has signed an agreement with the European Investment Bank to fund its portfolio of agricultural projects run by underprivileged entrepreneurs in the border zone of the Dominican Republic. The agreement is endowed with 495 million pesos and will provide support for 45,000 people through loans, skills transfer and training.
René Pérez, regional representative of the European Investment Bank (EIB) for the Caribbean, said this new funding would be dedicated to reinvigorating micro-enterprises in the country’s border provinces. The loan is financed by the EIB’s fund for microprojects with high developmental impact in the Caribbean region, and is endowed with a total amount of 40 million euros. Banco ADOPEM is the first bank in the region to obtain these funds.
Mercedes Canalda de Beras-Goico, executive president of Banco ADOPEM, announced that the bank would dedicate the funds from this fourth EIB loan to agricultural development in the provinces of Dajabón, Santiago Rodríguez, Montecristi, San Juan, Elías Piña, Bahoruco, Independencia and Pedernales. She also highlighted the excellent cooperation existing between the EIB and the bank, which goes back over 10 years.
Thanks to the different activities covered by the project –which includes training, skills transfer and loans, it is hoped to support around 45,000 people (30,000 through loans and 15,000 through training) in the eight provinces.
The EIB has awarded this credit from the resources in the Impact Investment Facility created by the ACP-EU Council of Ministers, and in compliance with the Partnership Agreement signed by the group of African, Caribbean and Pacific countries and by the European Union and its member states in the city of Cotonou (Benin).