The European Investment Bank's (EIB) €5 million loan to the Dominican Republic falls under the bank’s plans to support climate related investments. While Banfondesa will target SMEs and medium/low income families, Fondesa will back climate friendly initiatives over the next 2 years. Pictured is Higüey-Punta Cana in Dominican Republic. (Photo Credit: Inmouchar/www.goodfreephotos.com)
- A loan of €5 million has been approved by the EIB to support renewable energy and energy efficiency projects in the Dominican Republic
- Banfondesa will use €1.4 million ($1.56 million) of the proceeds to further lend to some 1,600 families and more than 200 SMEs and agro producers
- Fondesa will use €3.6 million to support such initiatives of private schools and universities
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The European Investment Bank (EIB) has approved a €5 million ($5.56 million) green loan for 2 Dominican Republic entities, Banco de Ahorro Credito Fondesa (Banfondesa) and Fondo para el Desarollo INC (Fondesa). These will further lend the proceeds to micro-borrowers for renewable energy and energy efficiency activities.
A microfinance bank, Banfondesa will use a €1.4 million ($1.56 million) loan to finance investments made by micro, small and medium-sized companies (SME) and medium/low income families. It targets around 1,600 families and more than 200 SMEs and agro producers in the country.
The other €3.6 million ($4.01 million) will be used by educational credit providing NGO Fondesa to finance the same solutions for private schools and universities over the next 2 years.
“As the EU’s climate bank, we aim to mobilise financial resources across the planet for climate-related investments,” said EIB Vice President Emma Navarro looking after Latin America. “We are pleased to join forces with Banfondesa and Fondesa to support the development of microfinance solutions for energy efficiency and renewable energy investments in the Dominican Republic.”
In April 2017, Dominican Corporation of State Electric Companies said it will develop 361.2 MW of new renewables capacity in the country with 132.96 MW of solar in the form of 3 PV parks out of which 57.95 MW Monte Cristi Solar Power Plant has been operationalized (see 361 MW Renewables For Dominican Republic).