Santo Domingo, Dominican Republic, July 12, 2010—
IFC, a member of the World Bank Group, has signed an agreement with Banco de Ahorro y Crédito ADOPEM to implement an advisory services project for the institutional strengthening of the bank to enhance the financial services provided to low-income clients in the Dominican Republic.
This project will focus on implementing measures to improve the efficiency of the bank’s credit processes, strengthen its risk management, and increase savings mobilized. The overall amount of the project will be $382,760, including an important contribution from the Spanish Fund for Latin America and the Caribbean.
The number of microenterprises in the Dominican Republic is estimated to be around 1.5 million, yet access to financial services is limited: banking penetration as a percentage of GDP was only 23 percent in 2008.
IFC and Banco ADOPEM are long-term partners, IFC is supporting its growth with a capital investment of $1 million. Banco ADOPEM is one of the most important and recognized microfinance institutions in the country.
“To maintain the highest indicators in the microfinance industry and to offer high-quality services everyday to the less fortunate population, and especially to women, it is important to have the support of international partners like IFC, which has designed a timely advisory services program for us using very specialized international consultants,” said Mercedes Canalda, Executive Vice President of the Bank.
Ary Naim, IFC Country Head for Haiti and the Dominican Republic, said, “With this advisory program provided by IFC with support from the Spanish Government, ADOPEM will expand its outreach to under-served populations, providing them with much needed savings and loan products while improving risks and efficiency."
IFC’s strategy in the Dominican Republic focuses on improving the investment climate, improving infrastructure, increasing access to finance, and promoting sustainability.
About IFC
IFC, a member of the World Bank Group, creates opportunity for people to escape poverty and improve their lives. We foster sustainable economic growth in developing countries by supporting private sector development, mobilizing capital for private enterprise, and providing advisory and risk mitigation services to businesses and governments. Our new investments totaled $14.5 billion in fiscal year 2009, helping channel capital into developing countries during the financial crisis. For more information, visit
www.ifc.org
.
