The European Investment Bank (EIB) is providing two loans to banks in the Dominican Republic to provide financing for energy efficiency and renewables. Upon making the announcement, EIB Vice President Emma Navarro said: “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.”
The Banco de Ahorro y Credito Fondesa (Banfondesa), a microfinance bank, will receive €3.6 million to finance renewable energy and energy-saving investments carried out by micro, small and medium-sized businesses as well as medium and low income families.
Another €1.4 million loan is allotted to the Fondo para el Desarollo INC (Fondesa), an NGO that focuses on educational finance programs. The funds will be used to finance renewable energy, mainly solar power, and energy efficiency solutions for schools and universities over the next two years.
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Energy Live News
31 August 2019