Santo Domingo, Dominican Republic, July
12, 2010—IFC, a member of the World Bank Group, has signed an agreement
with Banco de Ahorro y Crédito ADOPEM to implement an advisory services
project for the institutional strengthening of the bank to enhance the
financial services provided to low-income clients in the Dominican Republic.
This project will focus on implementing measures to improve the efficiency
of the bank’s credit processes, strengthen its risk management, and increase
savings mobilized. The overall amount of the project will be $382,760,
including an important contribution from the Spanish
Fund for Latin America and the Caribbean.
The number of microenterprises in the Dominican Republic is estimated to
be around 1.5 million, yet access to financial services is limited: banking
penetration as a percentage of GDP was only 23 percent in 2008.
IFC and Banco ADOPEM are long-term partners, IFC is supporting its growth
with a capital investment of $1 million. Banco ADOPEM is one of the most
important and recognized microfinance institutions in the country.
“To maintain the highest indicators in the microfinance industry and to
offer high-quality services everyday to the less fortunate population,
and especially to women, it is important to have the support of international
partners like IFC, which has designed a timely advisory services program
for us using very specialized international consultants,” said Mercedes
Canalda, Executive Vice President of the Bank.
Ary Naim, IFC Country Head for Haiti and the Dominican Republic, said,
“With this advisory program provided by IFC with support from the Spanish
Government, ADOPEM will expand its outreach to under-served
populations, providing them with much needed savings and loan products
while improving risks and efficiency."
IFC’s strategy in the Dominican Republic focuses on improving the investment
climate, improving infrastructure, increasing access to finance, and promoting
IFC, a member of the World Bank Group, creates opportunity for people to
escape poverty and improve their lives. We foster sustainable economic
growth in developing countries by supporting private sector development,
mobilizing capital for private enterprise, and providing advisory and risk
mitigation services to businesses and governments. Our new investments
totaled $14.5 billion in fiscal year 2009, helping channel capital into
developing countries during the financial crisis. For more information,
For more information about Banco ADOPEM, visit: www.adopem.com.do.advisor.