In the Dominican Republic, Proparco and Banco Ademi support the financial inclusion of micro-entrepreneurs
published on 13 November 2023
Proparco has just granted a senior loan equivalent in Dominican Pesos (DOP) of $15 million dollars to Banco Multiple Ademi, S.A. (Banco Ademi), the leading Dominican microfinance institution. This new financing, announced on the occasion of FELABAN's 57th Annual Meeting, aims to support access to financial services for micro-entrepreneurs.
Banco Ademi, which began operations in 1983 in Santo Domingo's marginalized neighborhoods as an NGO, has become one of the largest providers of financial services for micro, small and medium-sized enterprises (MSMEs) in the country. Banco Ademi was the first NGO in the country to become a commercial bank in 1997. Since 10 years, the Bank has been authorized to offer all the products and services typical of multi-service banks in the Dominican Republic. It serves nearly 171 950 clients, provides saving products and has a network of 74 branches covering the whole of the Dominican Republic.
Proparco's financing will support the growth of the portfolio of the institution which plays a major role in providing access to financing for low-income and vulnerable populations, enabling them to develop their microenterprises and thus meet their own needs and those of their households.
"Banco Ademi has been a key local player in the microfinance sector for 40 years. Its mission, to provide access to financial services for the country's micro-entrepreneurs, fits perfectly with one of the objectives of Proparco's 2023-2027 strategy, which aims to reduce inequalities. We are delighted to contribute to this objective with a committed partner like Banco Ademi," said Emmanuelle Riedel Drouin, Director of Financing at Proparco.
The project will support employment, the granting of micro-credits and the support of MSMEs in the country, thus contributing to Sustainable Development Goals no. 1 "No poverty" and no. 8 "Decent work and economic growth".
