EIB Backs Dominican Republic Energy, SME Development

The headquarters of the European Investment Bank in Luxembourg. The bank will finance the establishment of new power transmission networks and improved access to microfinance services for small and medium-sized enterprises in the Dominican Republic. Photo by: Zinneke

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.

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    Ivy Mungcal

    As former senior staff writer, Ivy Mungcal contributed to several Devex publications. Her focus is on breaking news, and in particular on global aid reform and trends in the United States, Europe, the Caribbean, and the Americas. Before joining Devex in 2009, Ivy produced specialized content for U.S. and U.K.-based business websites.