“The EIB loan to Banco Adopem will support 27,000 loans, of which 18,000 will be granted to women.s. ”, Was reported in a note sent to this medium
Santo Domingo, Rep. Dom.- The European Investment Bank (EIB) and the Adopem Savings and Credit Bank, the latter entity of the BBVA Microfinance Foundation, signed RD $ 480 million (7 million euros) to support microentrepreneurs.
The loan will help meet the working capital and investment needs of companies affected by the COVID-19 outbreak in the Dominican Republic, focusing on women and the country’s very low-income borrowers.
The agreement is valid for five years and was signed by Roger Stuart and Enrico Pini, division chief and head of operations at the EIB, and by Mercedes Canalda de Beras-Goico and Eva Carvajal de Toribio, executive president and executive vice president of the Bank’s business. Adopem, respectively.
The loan is part of the EIB’s contribution to Team Europe’s response to the COVID-19 crisis and will support gender equality and women entrepreneurs in the Dominican Republic, also taking part in the 2X Challenge.
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2X Challenge is a leading initiative in mobilizing capital to empower women and improve their economic participation in emerging markets. The EIB loan to Banco Adopem will support 27,000 loans, of which 18,000 will be granted to women.
The EIB Vice President, Ricardo Mourinho Félix, responsible for Latin America, pointed out that: “boosting support for small businesses helps boost private sector development, productivity and job creation.
We are delighted to partner with Banco Adopem to help micro-businesses affected by the COVID-19 pandemic while helping to promote gender equality by improving access to credit for women-led businesses in the Dominican Republic.
As part of our efforts within the framework of the Team Europe program, the EIB is committed to continue working to promote the inclusive reactivation of the economy in the Dominican Republic and throughout the Latin American and Caribbean region ”.
For her part, Mercedes Canalda de Beras-Goico, executive president of Banco Adopem, stated that: “this new agreement has a scope of execution throughout the national geography, to support the various sectors of rural and urban areas in various areas”.
The EIB has been operating in the Dominican Republic’s microfinance sector since 1992 and is currently recognized as a leading player among all the international financial institutions that support the sector. It has supported Banco Adopem since 2006 with various loans, as well as an equity investment.
General information
European Investment Bank, the Bank of the European Union
The European Investment Bank (EIB) is the long-term financing institution of the European Union and its shareholders are its Member States. The EIB provides long-term financing for sound investments in order to contribute to the achievement of EU policy objectives.
Banco Adopem, the Women’s Bank
Banco de Ahorro y Crédito Adopem, SA is a financial institution aimed at promoting Productive Finance founded by Adopem NGO in 2004. Since 2012 it is part of the Group of entities of the BBVA Microfinance Foundation; First operator by number of clients with individual methodology in Latin America.
At present it is the first private capital bank with a presence in all the country’s provinces. It has 70 branches and 200 “Adopem Express” Bank Subagents nationwide.
The FMBBVA, a benchmark in the sector
The BBVA Microfinance Foundation was created in 2007 by BBVA within the framework of its Corporate Social Responsibility, to put its banking experience at the service of vulnerable people. Currently, the Foundation serves 2.6 million low-income people in five Latin American countries.
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