The Dominican government’s Banco de Desarrollo y Exportaciones (Bandex) has already made available RD$2.8 billion in loans, benefiting 46 companies that sought to mechanize farms and construction operations, El Dia reports. The bank’s general manager, Juan Alberto Mustafá, announced plans to double the program that seeks to modernize the agricultural and construction sectors, reduce dependence on foreign labor, and enhance productivity through technological advancements.
To facilitate the transition to mechanization, Bandex has created a catalog of equipment for both sectors and established a financing line with a preferential annual interest rate of 9.5%, compared to 12-13% available in private banking. The financing terms include a repayment period of up to seven years and, in some cases, a grace period during the initial months of the project.
Mustafá emphasized that the program is establishing a new way of operating. He highlighted that testimonials from farm producers and builders indicate that mechanized production has not only reduced the hiring of undocumented labor but also increased efficiency, profitability, and reduced project development and delivery times.
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El Dia
15 May 2025