The Dominican Republic expects to receive financing from the European Investment Bank for the establishment of new power transmission networks across the nation and improved access to microfinance services for small and medium-sized enterprises in the country’s rural regions.
EIB agreed to provide USD37 million for an energy improvement project, which aims to set up high-voltage electricity transmission networks in the country’s central and southern regions. The project is expected to improve the Dominican Republic’s electricity supply through the delivery of power sourced from new wind and water power plants.
The regional bank is also lending euro7 million (USD9.98 million) to Banco de Ahorro y Credito ADEMI to boost the latter’s capacity to support micro, small and medium-sized enterprises operating in rural areas across the Dominican Republic. This EIB’s sixth loan to Banco de Ahorro y Credito ADEMI, which specializes in providing financial solutions to SMEs.