DFC Opens Office in Dominican Republic

Regional Managing Director Michael McNulty will lead the office and explore new opportunities to support private sector development

Santo Domingo, Dominican Republic - The U.S. International Development Finance Corporation and the U.S. Embassy in Santo Domingo announced today the opening of DFC's regional office in the Dominican Republic, signifying a major commitment to economic development and regional prosperity.

Under the guidance of Regional Managing Director Michael McNulty, the office will identify investment opportunities that are essential for stimulating economic growth, spurring job creation, and tackling challenges in pivotal sectors such as energy, healthcare, critical infrastructure, technology, and financial services.

"We are proud to welcome the DFC as the newest member of the 18 United States Government agencies represented at the U.S. Embassy in Santo Domingo. The DFC's presence underscores our commitment to supporting sustainable development and economic growth in the Dominican Republic. Through strategic investments and partnerships, they will play a vital role in driving innovation, creating economic opportunities, and strengthening key sectors of the Dominican economy," said Chargé d'Affaires Patricia Aguilera.

"The Dominican Republic boasts a dynamic business environment and a robust private sector, standing out as one of the largest and fastest-growing economies in the Caribbean," remarked Michael McNulty, DFC Regional Managing Director. "The country's stability is integral to the prosperity and security of the surrounding region. We are eager to expand our collaboration with Caribbean partners to fulfill the United States' promise of supporting the Dominican Republic and its neighbors in realizing their full potential."

The strategic placement of this office underscores DFC's commitment to deepening partnerships and addressing the unique challenges faced by the Dominican Republic and Caribbean countries, ultimately contributing to a more stable and prosperous Western Hemisphere. Already, the agency's investment in the region exceeds $9 billion.

McNulty brings 17 years of development finance experience to his role overseeing the Santo Domingo office, having worked extensively on direct loan programs, guaranty facilities, and securitizations in various sectors. He has led numerous transactions in Latin America. McNulty will be building on work DFC is already doing in the country, including a $200 million loan to Banco Popular Dominicano to support the financing of loans to small businesses, and recently announced $42 million loan portfolio guaranty to Banco de Reservas de la República Dominicana (Banreservas) to support women entrepreneurs as well as small business and clean energy lending.

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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.