Banco Popular Dominicano joins IDB Invest's Trade Finance Facilitation Program (TFFP) by opening a credit line for up to $50 million. This line will allow Banco Popular to boost the Dominican import and export business sectors. Through this incorporation, IDB Invest strengthens the network of correspondent banks in the Dominican Republic, and reinforces its objective of promoting economic growth in Latin America and the Caribbean.
Both institutions also agreed to work together to promote the development of green finance in the Dominican Republic, which will help improve and expand the already existing Banco Popular sustainable financial portfolio.
Given the current context of high volatility in international markets and the macroeconomic pressures derived from the health crisis of COVID-19, the credit line for foreign trade will also support existing industries, as well as new and emerging companies to maintain productivity and job creation.
“We are very proud to have Banco Popular in our TFFP Program. The opening of this credit line shows our commitment to increasing productivity and integrating markets throughout the region, particularly in the Caribbean. The increase in financing makes it possible to improve the competitiveness of companies and customer service, generating employment and economic growth for the country,” said James Scriven, IDB Invest’s Chief Executive.
Regarding the development of financial products and services that promote green financing in the Dominican Republic, IDB Invest and Banco Popular signed a letter of intent, with the objective of supporting the growth of sustainable projects and the fight against climate change in the country. To do this, IDB Invest offers financing and an adapted offer of financial products and advisory services.
Regarding these agreements with the multilateral bank, the executive president of Banco Popular, Christopher Paniagua, stated that this agreement will allow the financial institution to “increase its commitment to the country and fulfill our role in responsible banking, as a catalyst for economic, social and environmental development for 57 years, thus encouraging the activity of the productive sectors in a sustainable environment and guiding the Dominican Republic towards an economic model of low emissions."
About IDB Invest
IDB Invest, a member of the IDB Group, 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 $13.1 billion in asset management and 385 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
About Banco Popular Dominicano
Banco Popular Dominicano, S.A. - Banco Múltiple is the main private financial organization in the Dominican Republic, with 57 years of institutional life. Leader in all businesses and customer segments, it was born with the mission of democratizing financial services in the country and its vision has been maintained since its inception, joining forces, promoting initiatives and involving Dominican society in social, economic and environmental development. Its leadership in the digital transformation of banking services has facilitated the financial inclusion of thousands of Dominicans. Its service vocation for more than five decades was reinforced in 2019, by becoming a signatory member of the Principles of Responsible Banking of the United Nations, promoting opportunities for the development of sustainable businesses in the country.