The Dominican Republic has secured a significant economic boost for its agricultural sector. Foreign Minister Roberto Álvarez, representing the Dominican government, signed a diplomatic exchange of notes with Japan, unlocking a cooperation package worth up to US$70 million during a meeting at the Ministry of Foreign Relations in Santo Domingo.
The funds, provided through the Japan International Cooperation Agency (JICA), will be used to implement the “Agricultural Financing Improvement for Food Value Chain Strengthening” project.
Minister Álvarez highlighted the project’s focus on providing accessible financing to small and medium-sized agricultural enterprises and cooperatives through the Agricultural Bank of the Dominican Republic. He emphasized that the initiative will not only bolster agricultural production and food security but also strengthen the Agricultural Bank’s operational capacity, ensuring long-term sustainability.
“This initiative will positively impact local economies and the well-being of rural communities, encompassing economic, social, and environmental dimensions,” Álvarez stated.
Japanese Ambassador Hayakawa Osamu, who signed the notes on behalf of his government, emphasized that the cooperation will include technical assistance from JICA to enhance the Agricultural Bank’s capabilities.
Attending the signing ceremony were Vice Ministers Francisco Caraballo and Hugo Francisco Rivera; José Rafael Espaillat, rector of Inesdyc; Edward Aníbal Pérez Reyes, Dominican Ambassador-designate to Japan; and Fernando Durán, administrator of the Agricultural Bank, along with other Dominican and Japanese representatives.
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Presidency
31 March 2025