The U.S. International Development Finance Corporation (DFC) has opened a new regional office in Santo Domingo, Dominican Republic. This move, in collaboration with the U.S. Embassy in Santo Domingo, is aimed at expanding DFC’s presence in the Caribbean and supporting private sector development across key sectors including energy, healthcare, infrastructure, technology, and financial services.
The new office will be led by Michael McNulty, DFC’s Regional Managing Director. With 17 years of experience in development finance, McNulty is tasked with identifying investment opportunities that can drive economic growth, job creation, and innovation in the region. His previous work includes overseeing direct loan programs, guaranty facilities, and securitizations in Latin America.
“The Dominican Republic’s private sector is one of the largest and fastest-growing in the Caribbean,” McNulty stated. “The stability of this country is crucial for the prosperity and security of the broader region. We are eager to deepen our collaboration with Caribbean partners to further support economic development.”
Investment and Economic Priorities
The DFC’s focus will include promoting investments that address challenges in critical sectors. This aligns with the agency’s broader goal of stimulating economic development in the Dominican Republic and neighboring countries. The office will build on existing DFC projects, such as a $200 million loan to Banco Popular Dominicano aimed at expanding financing for small businesses, and a $42 million loan portfolio guarantee to Banco de Reservas de la República Dominicana (Banreservas), supporting women entrepreneurs and clean energy projects.
U.S. Embassy Chargé d’Affaires Patricia Aguilera emphasized the significance of DFC’s expanded presence: “The DFC’s involvement reflects a continued commitment to sustainable development and economic growth in the Dominican Republic. Their strategic investments will contribute to strengthening key sectors and creating economic opportunities.”
DFC’s Broader Regional Role
DFC’s investment in the Caribbean already exceeds $9 billion. By establishing a permanent presence in the Dominican Republic, the agency aims to support ongoing projects and explore new initiatives that align with the economic priorities of the region. This step is part of a broader U.S. effort to contribute to stability and prosperity in the Western Hemisphere.
The Santo Domingo office is expected to serve as a hub for DFC’s regional operations, helping to streamline collaboration with local businesses and governments while fostering greater private sector involvement in development initiatives.
Photo: Santo Domingo, Dominican Republic (Loren Moss)