Dominican Republic receives €5m in green loans

The European Investment Bank (EIB) will provide €5m to two financial institutions in the Dominican Republic to finance energy efficiency and renewable energy projects.

Banco de Ahorro y Credito Fondensa (Banfondensa) and Fondo para el Desarollo INC (Fondensa) will receive the loans to provide microfinance to small and medium businesses, and low and middle income families.

“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 who oversees financing operations in the Latin American and Caribbean regions.

“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”, added Ms. Navarro.