DFC Announces $42 Million Guaranty to the Dominican Republic’s Banreservas, Plans to Open New Regional Office in Santo Domingo in October

SANTO DOMINGO, DOMINICAN REPUBLIC - The U.S. International Development Finance Corporation today announced a $42 million guaranty to Banco de Reservas de la República Dominicana (Banreservas) in the Dominican Republic designed to support women entrepreneurs as well as small business and green lending. DFC also announced that its new regional office will open in Santo Domingo in October 2024.

Joined in the Dominican Republic by USAID Administrator Samantha Power, President of the Dominican Republic Luis Abinader, and Executive President of Banreservas Samuel Pereyra, DFC Deputy CEO Nisha Biswal issued the announcements in support of DFC's commitment to fostering prosperity in the influential Caribbean nation and across the region.

"DFC is committed to supporting inclusive economic growth in the Dominican Republic through partnerships like this one with Banreservas, which will increase access to financing for women and underserved populations throughout the country and help support small businesses and entrepreneurs," said DCEO Biswal. "As a regional economic powerhouse, a driver of democratic development across the Caribbean, and a founding member of the Americas Partnership, the Dominican Republic is a cornerstone of our efforts to promote sustainable and diversified development in the region. Today's announcement reflects the United States' commitment to this country and its people."

The new loan guaranty to the Dominican Republic's largest bank will increase small business lending with a particular focus on underrepresented entrepreneurs - including women-owned small businesses - as well as green loans. Expected to support an estimated 3,500 businesses with an average loan size up to $5,000, the guaranty will cover up to 70 percent of the bank's losses for women micro-entrepreneurs in the Southwest Corridor to help address a greater perceived risk of lending in the region.

DCEO Biswal's announcement of the new DFC office opening - to be based out of the U.S. Embassy in Santo Domingo - follows through on DFC CEO Scott Nathan's commitment in December 2023 to exploring new opportunities for investment in critical sectors, including small business support as well as projects that support climate resilience.

The new office will be DFC's second in Latin America and the Caribbean, along with a regional office in São Paulo, Brazil, and will support the agency's efforts to finance more projects in the Dominican Republic and throughout the region.

DFC remains committed to growing its regional portfolio and expanding its presence in Latin America, including by increasing its field presence in the Andean region and Central America.

The announcements align with goals set during several recent gatherings of the Americas Partnership for Economic Prosperity including the Leaders' Summit in November 2023 when President Biden announced several initiatives to bolster regional competitiveness and mobilize quality investment.

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The U.S. International Development Finance Corporation (DFC) partners with the private sector to finance solutions to the most critical challenges facing the developing world today. We invest across sectors including energy, healthcare, infrastructure, agriculture, and small business and financial services. DFC investments adhere to high standards and respect the environment, human rights, and worker rights.  

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