The Development and Export Bank (Bandex) and the Central American Bank for Economic Integration (CABEI) jointly made available RD$ 150 million for financing MSMEs through Banfondesa.
The Banco de Desarrollo y Exportaciones (Bandex) and the Banco Centroamericano de Integración Económica (BCIE), jointly made available RD$ 150 million for financing MSMEs, through Banfondesa.
The agreement was signed by Juan Mustafa, general manager of Bandex; Cristian Reyna Tejada, president of Banco de Ahorro y Crédito Fondesa S.A. (Banfondesa) and Hostos Rizik, director for the Dominican Republic of the Central American Bank for Economic Integration (CABEI).
The general manager of Bandex, Juan Mustafá, emphasized that with this agreement the entity functions as a second-tier bank, that is, an intermediary that enables international financing entities to channel resources to local banks and other organizations.
“We are grateful to CABEI for continuing to place its trust in Bandex to provide US$2 million to MSMEs affected by COVID-19. From Bandex we completed the amount to place RD$ 150 million and thus expand the availability of funds for these companies” added Mustafa.
Likewise, Hostos Rizik, CABEI Director for the Dominican Republic, pointed out that the institution is working on the development of different financing programs for the MSME sector in the country and that this program arose as a result of the crisis caused by the pandemic.
“This program is aimed at helping micro, small and medium-sized enterprises to face the vicissitudes brought about by this difficult situation, facilitating access to credit with the best possible conditions,” he said.