The U.S. International Development Finance Corporation (DFC) announced a $42 million guaranty to Banco de Reservas de la República Dominicana (Banreservas) to support women entrepreneurs, small businesses, and green lending. DFC also revealed plans to open a regional office in Santo Domingo in October 2024.
DFC Deputy CEO Nisha Biswal, accompanied by USAID Administrator Samantha Power, Dominican Republic President Luis Abinader, and Banreservas Executive President Samuel Pereyra, made the announcements.
“DFC is committed to supporting inclusive economic growth in the Dominican Republic through partnerships like this one with Banreservas, which will increase access to financing for women and underserved populations throughout the country and help support small businesses and entrepreneurs,” said Biswal. “Today’s announcement reflects the United States’ commitment to this country and its people.”
The new loan guaranty to Banreservas aims to enhance small business lending, focusing on underrepresented entrepreneurs, including women-owned small businesses, and green loans. It is expected to support an estimated 3,500 businesses with an average loan size of up to $5,000, covering up to 70 percent of the bank’s losses for women micro-entrepreneurs in the Southwest Corridor.
Biswal also announced the opening of a new DFC office at the U.S. Embassy in Santo Domingo, following through on DFC CEO Scott Nathan’s commitment in December 2023 to explore new investment opportunities in critical sectors. This will be DFC’s second office in Latin America and the Caribbean, along with its regional office in São Paulo, Brazil.
DFC aims to grow its regional portfolio and expand its presence in Latin America, including increasing its field presence in the Andean region and Central America.
These announcements align with the goals set during recent gatherings of the Americas Partnership for Economic Prosperity, including the Leaders’ Summit in November 2023 when President Biden announced initiatives to bolster regional competitiveness and mobilize quality investment.
The U.S. International Development Finance Corporation (DFC) partners with the private sector to finance solutions to critical challenges facing the developing world today. It invests across sectors including energy, healthcare, infrastructure, agriculture, small business, and financial services, adhering to high standards and respecting the environment, human rights, and worker rights.
