Santo Domingo/Washington, D.C., April
17, 2013 - IFC, a member of the World Bank Group, today announced a
cooperation agreement with Asociación La Nacional to strengthen its risk
management and corporate governance practices, and consolidate its strategic
planning to better serve the low income housing and small and medium enterprise
(SME) sectors in the Dominican Republic.
“IFC’s support will help La Nacional ensure the quality of its mortgage
credit portfolio and allow it to accurately assess the credit worthiness
of SMEs, which have historically had limited access to credit,” said Francisco
Melo, Vice President of La Nacional. “We hope this will help meet the
demand for financing, especially in the SME and mid to lower income housing
Improving its risk management will allow La Nacional to disburse approximately
US$65 million in new loans in five years. IFC’s Advisory Services will
complement a 195 million Dominican pesos (about US$5 million) investment
made by IFC in La Nacional in December. La Nacional has used these
funds to provide mortgage lending and financing to more clients, including
loans at fixed rates for up to five years.
“IFC is committed to working with La Nacional to support a more inclusive
financial system, especially in the housing and micro, small and medium
enterprise sectors, which are fundamental to the Dominican economy,” said
Ghada Teima, IFC Access to Finance Manager for Latin America and the Caribbean.
“Our advisory services work will support La Nacional in these important
Since the Dominican Republic became
a member of IFC in 1961, IFC has invested $937.9 million in the country’s
private sector, including $292.6 million in mobilization. IFC also implements
advisory programs to improve the business climate, build skills of local
entrepreneurs, and promote access to finance and markets for small businesses.
IFC, a member of the World Bank Group, is the largest global development
institution focused exclusively on the private sector. We help developing
countries achieve sustainable growth by financing investment, mobilizing
capital in international financial markets, and providing advisory services
to businesses and governments. In FY12, our investments reached an all-time
high of more than $20 billion, leveraging the power of the private sector
to create jobs, spark innovation, and tackle the world’s most pressing
development challenges. For more information, visit www.ifc.org.
About La Nacional
La Nacional was founded in 1972 and is the largest Asociación in
the Dominican Republic. Initially focused solely on providing mortgage
loans for low-income housing, it has diversified its scope of products
since 2003, offering commercial loans, particularly to small and medium
enterprises and consumer loans. La Nacional is headquartered in Santo Domingo
with 50 branches, among which 23 are located outside of the province of
Santo Domingo, with presence in the north, east and center of the country.
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