• This funding will help address the need for long-term financing, promote sustainable economic growth, and expand access to capital for women entrepreneurs in the country.

IDB Invest announced an up to $45 million financing package for Banesco Banco Múltiple, S.A. to enhance its support for micro, small, and medium enterprises (MSMEs), women-led or owned MSMEs, and sustainable investments in the Dominican Republic. This funding will help address the need for long-term financing, promote sustainable economic growth, and expand access to capital for women entrepreneurs in the country.

The financing includes a $25 million loan from IDB Invest, along with $10 million mobilized from eco.business Fund (advised by Finance in Motion). Additionally, the project received a $10 million co-loan from the OPEC Fund for International Development. The structure strengthens Banesco DR’s funding sources and expands long-term financing, enabling the bank to grow its sustainable portfolios.

MSMEs drive the Dominican Republic’s economy, making up 99% of businesses and over half of the workforce. At the same time, they face limited access to credit. Women-led MSMEs face added barriers like lack of guarantees and cultural norms. Climate change also poses risks, with natural disasters impacting key sectors like tourism and agriculture, making sustainable financing essential. Banks and organizations like IDB Invest and eco.business Fund play a key role in expanding sustainable investments and building resilience. 

Beyond financing, IDB Invest will provide advisory services to Banesco DR, n supported by the Women Entrepreneurs Finance Initiative (We-Fi) and the OPEC Fund. These services aim to help Banesco DR fulfill its commitments as a signatory of the WE Finance Code, a private-sector initiative to improve financial data segmentation and analysis. 

Additionally, the advisory will focus on developing a tailored strategy to enhance SME financing, particularly for women-led businesses, and enhancing Banesco DR’s capacity to grow its sustainable portfolio— further strengthening its position in sustainable finance and innovative business practices.

About IDB Invest

IDB Invest is a multilateral development bank committed to promoting the economic development of its member countries in Latin America and the Caribbean through the private sector. IDB Invest finances sustainable companies and projects to achieve financial results and maximize economic, social, and environmental development in the region. With a portfolio of $21 billion in assets under management and over 394 clients in 25 countries, IDB Invest provides innovative financial solutions and advisory services that meet the needs of its clients in a variety of industries. Visit our website www.idbinvest.org/en. 

About Banesco DR

Banesco Banco Múltiple S. A., established in 2011 in the Dominican Republic, is a financial institution that offers a range of banking services, with a focus to provide innovative financial solutions, customer experience and technological advancement. The bank emphasizes social responsibility and community involvement, aligning with Banesco Internacional, a financial services brand with an international presence and more than 35 years of experience in banking, insurance and payment methods. With operations in the United States, Europe and Latin America. For further information and details, visit www.banesco.com.do.

About OPEC Fund for International Development

The OPEC Fund for International Development (the OPEC Fund) is the only globally mandated development institution that provides financing from member countries to non-member countries exclusively. The organization works in cooperation with developing country partners and the international development community to stimulate economic growth and social progress in low- and middle-income countries around the world. The OPEC Fund was established in 1976 and focuses on financing projects that meet essential needs, such as food, energy, infrastructure, employment (particularly relating to MSMEs), clean water and sanitation, healthcare and education. To date, the OPEC Fund has committed more than US$27 billion to development projects in over 125 countries with an estimated total project cost of more than US$200 billion. The OPEC Fund is rated AA+/Outlook Stable by Fitch and AA+, Outlook Stable by S&P. Our vision is a world where sustainable development is a reality for all.

About eco.business Fund

The eco.business Fund aims to promote business and consumption practices that contribute to biodiversity conservation, to the sustainable use of natural resources, and to mitigate climate change and adapt to its impacts in Latin America, the Caribbean, and sub-Saharan Africa. By providing financing for business practices that conserve nature and foster biodiversity, the fund seeks investments with both environmental and financial returns. An impact investment fund advised by Finance in Motion, the eco.business Fund was initiated by Germany’s KfW Development Bank and Conservation International with financial support from the German Federal Ministry for Economic Cooperation and Development (BMZ). For more information please visit www.ecobusiness.fund and www.finance-in-motion.com.

About Women Entrepreneurs Finance Initiative

The Women Entrepreneurs Finance Initiative (“We-Fi”) is a collaborative partnership among 14 governments, eight multilateral development banks (MDBs), and other public and private sector stakeholders, hosted by the World Bank Group.  They seek to address financial and non-financial constraints faced by women-owned/led small and medium enterprises in developing countries.