The European Investment Bank, the long-term lending institution of the European Union, has agreed to provide EUR 7m for rural microfinance projects in the Dominican Republic. The sixth European Investment Bank loan to Banco de Ahorro y Credito ADEMI demonstrates the Bank’s continued engagement to supporting economic growth in the Caribbean. The European Investment Bank’s support represents the maximum 50% of the overall EUR14m project to enable ADEMI to extend credit to micro, small and medium sized enterprises in rural areas of the Dominican Republic. The agreement was signed earlier today at ADEMI Head Office in Santo Domingo by Plutarchos Sakellaris, European Investment Bank Vice President responsible for the Caribbean and Manuel Arsenio Ureña, CEO of ADEMI Bank.
“The European Investment Bank’s enhanced support for rural microfinance in the Caribbean reflects our commitment to improving access to financial services by poor communities around the world. We note the continued expansion of access to formal finance even during challenging economic times. Microfinance plays a crucial role in enabling economic growth in rural areas and we are pleased to support ADEMI’s continued contribution to achieving this.” said Plutarchos Sakellaris, European Investment Bank Vice President responsible for the Caribbean
“We welcome the continued support of the European Investment Bank and valuable exchange of experience and expertise between the two institutions.” said Manuel Arsenio Ureña, CEO of ADEMI Bank.
ADEMI Bank started operations in 1983 in the shanty towns around Santo Domingo, capital of the Dominican Republic.
The European Investment Bank has provided more than USD 800m to more than 30 microfinance institutions around the world, supported by USD 33m in technical assistance grants in Sub-Saharan African, Caribbean and Pacific, around the Mediterranean and in Europe.
The European Investment Bank Vice President is currently visiting the Caribbean on an official visit. The high-level delegation will discuss greater engagement of the European Investment Bank in the region with local ministers and members of the business and finance community, as well as visiting projects financed by the Bank.
Over the last five years the European Investment Bank has provided USD 383 m for projects in the Caribbean. This has been coordinated through a regional office in Martinique.
Notes for Editors:
The European Investment Bank, the long-term lending institution of the European Union, whose shareholders are the 27 European Union member states, has been active in the Caribbean for over 40 years. EIB activities follow policies and objectives set down by European Union member states and whose Finance Ministers are the EIB’s Governors.