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Facilitating access to credit for SMEs in the Dominican Republic
Project
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Signature date
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Location
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Dominican Republic
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Financing tool
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Financing amount (Euro)
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12647554
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Financing details
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USD 15m loan
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Customer
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BANESCO BANCO MULTIPLE, S.A.
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Type of customer
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Financial institution
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Country of headquarters
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Dominican Republic
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Project number
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PDO1057
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Environmental and social ranking
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IF-C
This information is given at the time of signature, without prejudice to any developments in the operation/project.
Proparco is supporting the growth strategy of Banesco Dominican Republic, a bank committed to SMEs.
Client presentation
Banesco Dominican Republic is a financial institution set up in 2011. It is specialized in SME financing and focuses on the smallest businesses that suffer from limited access to financing and have major difficulties developing. The bank also offers its clients non-financial support, in particular to help them cope with the consequences of the Covid-19 crisis.
Project description
The USD 15m loan allocated by Proparco will allow the bank to increase its SME financing activity in the Dominican Republic. It is the second operation between Proparco and Banesco Group, following a first loan allocated to Banesco in Panama in 2019.
Project impact
This operation should support 185 SMEs and over 4,500 indirect jobs in the coming years. The project will thereby contribute to Sustainable Development Goal n° 8 (“Decent work and economic growth”).