The International Finance Corporation (IFC), a member of the World Bank Group, granted US$60 million to BHD León Bank in the Dominican Republic for loans to support small and medium-sized enterprises that are being affected by the Covid-19 pandemic, according to an IFC press release.
IFC indicates this is the first financing agreement signed by IFC in Central America and the Caribbean as part of the global response to combat the economic impacts of the Covid-19 pandemic. Most of IFC’s fast-track financing package targets the BHD León’s clients.
“An important focus for IFC operations in the Caribbean, and particularly in our response to COVID-19, is expanding access to financing for SMEs. By partnering with leading institutions such as Banco BHD León, we also promote financial market resilience and economic stability in the Dominican Republic and the region, accelerating recovery time after the crisis,” said Judith Green, IFC’s regional manager for the Caribbean.
Steven Puig, executive president of Banco BHD León in the Dominican Republic, explained that “for years, we have been implementing an aggressive program to promote the growth of SMEs in the country with financial solutions and non-financial value propositions. With Covid-19, we have focused on facilitating more and better conditions for small and medium-sized Dominican companies, providing them with liquidity and mitigating the consequences that this pandemic is having on SMEs and our nation’s economy.”
Read more:
IFC
6 August 2020