President Luis Abinader will travel tomorrow to New York City, The Association of Multiple Banks of the Dominican Republic (ABA) informed that bank credit destined to the local manufacturing industry reached RD$99,389.79 million as of July 2021, for an accumulated increase of 79 % in the last five years.
In that sense, the ABA detailed that the increase in the mentioned period was RD$43,852.39 million, which in annual terms is equivalent to an average growth of 12 %, according to an analysis of the entity, based on data from the Superintendency of Banks.
In a press release, the guild guaranteed that multiple banks will continue to support this sector through the provision of credit, whether for working capital or new investments in machinery or equipment to increase its competitiveness.
He stressed that the good performance of local manufacturing is of utmost importance for the sustained recovery of the Dominican economy in the post-covid-19 scenario. He specified that in 2021, manufacturing represented 10.9% of the Gross Domestic Product, generated more than 440 thousand jobs and 43% of national exports (RD$535.7million).
Given the importance of this sector, the ABA positively valued the efforts of the Association of Industries of the Dominican Republic (AIRD) and the Ministry of Industry and Commerce and Mipymes, with the purpose of generating favorable conditions for national production.
In the same vein, the Association of Banks reported that credits to the manufacturing industry, granted by multiple banks, increased by RD$1,256 million during the first seven months of the year, to total RD$99,390 million as of July 2021.
The entity that represents multiple banks in the Dominican Republic detailed that, as of December 2020, the aforementioned portfolio stood at RD$98,134 million. These facilities are mainly used to finance working capital, raw materials, machinery and equipment, technology and innovation, among others.
