Press Release: DFC CEO in Dominican Republic Announces $200 Million Loan, Intention to Open New Caribbean Office
The U.S. International Development Finance Corporation (DFC) Chief Executive Officer (CEO) Scott Nathan traveled to Santo Domingo, Dominican Republic, where he announced a new $200 million loan, as well as a plan for DFC to open a regional office in the capital city.
Joined by President of the Dominican Republic Luis Abinader and USAID Deputy Administrator Isobel Coleman, CEO Nathan announced that the $200 million direct loan to Banco Popular Dominicano will support the institution’s lending to small businesses and women entrepreneurs – groups that are often underserved by traditional financial institutions. The new loan is DFC’s largest investment in the Caribbean in 2023. CEO Nathan expressed his admiration for Banco Popular Dominicano’s goal of using 50 percent of the proceeds to support women’s economic empowerment through lending. He noted that the institution has many products and services tailored to meet the needs of small businesses.
CEO Nathan also announced that DFC is working to open a regional office at the U.S. Embassy in Santo Domingo to support private-sector development in the Dominican Republic and across the Caribbean.
The announcements demonstrate DFC’s view of the broad potential for new business in the Dominican Republic and other Caribbean partner countries – as well as DFC’s intent to strengthen existing partnerships and foster new ones in the service of spurring economic growth.
CEO Nathan and Deputy Administrator Coleman met with President Abinader and members of his cabinet to convey DFC’s interest in exploring new private-sector-led opportunities in the country. CEO Nathan also met with a range of potential private sector partners to discuss how DFC financing can help advance economic growth in the Dominican Republic and foster prosperity among its people.
DFC sees strong market opportunities in the Dominican Republic across several critical sectors, including financing large infrastructure and renewable energy projects, and supporting small business through on-lending. DFC’s commitment to advancing investments in the Dominican Republic is in line with U.S. Government initiatives such as the U.S.-Caribbean Partnership to Address the Climate Crisis 2030 (PACC 2030). CEO Nathan’s visit also builds on the Americas Partnership for Economic Prosperity Leaders’ Summit on November 3, where President Biden and President Abinader committed to deepening regional economic cooperation.
Photo courtesy of Quangpraha.