OPEC Fund supports Dominican Republic economy through SME financing

WAM
08 Apr 2025, 19:46 GMT+10

VIENNA, 8th April, 2025 (WAM) -- The OPEC Fund for International Development has signed a financing agreement with Banesco, a financial institution in the Dominican Republic, to provide a US$10 million loan and a US$35,000 technical assistance grant.

The funding aims to expand the bank's capacity to support micro, small and medium-sized enterprises (MSMEs), enhance financial inclusion, and boost the country's economy.

Dr. Abdulhamid Alkhalifa, Director-General of the OPEC Fund, said in a statement from the organisation's headquarters in Vienna that the Fund is committed to supporting inclusive growth and strengthening the Dominican Republic's economy. He described the loan as a significant step in improving access to finance for small businesses.

The statement explained that the OPEC Fund's strategy focuses on increasing financial access for MSMEs, which often face major challenges in securing financing despite representing the vast majority of businesses in the Dominican Republic and contributing around 40 percent of its GDP.

The OPEC Fund has been a key development partner to the Dominican Republic for decades, having financed over 85 projects across vital sectors including energy, transport, agriculture, finance and education.

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