In the Dominan Republic, 1.5 million microenterprises exist, but need structural help in improving efficiency and strengthening its financial services.  For example, banking penetration as a percentage of GDP in 2008 came out to only 23%.

 IFC and Banco de Ahorro y Credito ADOPEM (of Santo Domingo, DR) signed an agreement on July 12th to begin a new advisory services program to improve financial services for low-income clients in the Dominan Republic. This new program will aim to strenghten the efficiency of credit processes and risk management. Overall, the project will amount to $382,760–part of which comes from the Spanish Fund for Consulting as well as IFC.

Ary Naim, the IFC Country head for Haiti and the Dominan Republic expressed his hopes that ADOPEM can expand its outreach to underserved populations. Mercedes Canalda, the executive Vice President of the bank, stated her target that the project branch out to women. With IFC’s strategy of improving the investment climate, infrastrucutre, promoting sustainablity, and expanding access to finance, these wishes just might come true.

Banco De Ahorro is actually a partner of Oikocredit. The bank offers credit so small-business owerners so they can expand their working capital. 65% of its borrowers are women, which shows its objective of reaching these types of entrepreneurs Oikocredit aims to help.

Oikocredit also works with seven other microfinance institutions in the Dominican Republic:

CDD

 CONACADO: Benifits 7600 members engaged in the cocoa business

 MUDE: started programs to prevent HIV

COOPFEPROCA: focus on rice production

Assocacion para Inversion y Empleo

 Credito Ademi

Fondo Ecumenico de Prestamos de la Rep. Dominicana.

You can find more information on these project partners at our global website: oikocredit.org