Santo Domingo. -The Development and Export Bank (BANDEX), and the Central American Bank for Economic Integration (CABEI), together provided RD$150 million for financing to MSMEs, through BANFONDESA.
The agreement was signed by Juan Mustafá, general manager of BANDEX, Cristian Reyna Tejada, president of the Banco de Ahorro y Crédito FONDESA, SA (BANFONDESA) and Hostos Rizik, director for the Dominican Republic of the Central American Bank for Economic Integration (CABEI).
In a press release, the General Manager of BANDEX, Juan Mustafá, reported "with this agreement BANDEX 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 thank CABEI for continuing to trust BANDEX to deliver $2 million to MSMEs affected by COVID-19. From BANDEX we completed the sum to place 150 million pesos and thus expand the availability of funds for these companies,” added Mustafá.
Reyna Tejada, from BANFONDESA, said “this financing agreement is a strategic alliance between us, CABEI and BANDEX, who as a development bank are supporting micro, small and medium-sized enterprises (MSMEs).”
“We work on the development of different financing programs for the MSME sector in the country. This program that arose as a result of the crisis caused by the pandemic has the purpose of helping micro, small and medium-sized businesses to face the vicissitudes that this difficult situation brought with it, facilitating access to credit with the best possible conditions," he highlighted. Hostos Rizik, director for the Dominican Republic of CABEI.
About BANDEX
The Development and Export Bank (BANDEX) is a financial intermediation entity aimed at promoting strategic productive sectors for the diversification and strengthening of the Dominican economy.
BANDEX places special emphasis on projects that generate a great impact on the population and finances projects whose nature demands more favorable conditions for their growth. The financing lines include technology, renewable energy, private health infrastructure, medical equipment, machinery to mechanize agricultural production, transportation, water infrastructure, export of goods and services, tourism and the development of small and medium-sized businesses.
About CABEI
CABEI was created in 1960 as the financial arm for the integration and development of the region. Its resources are continuously invested in projects with an impact on development to reduce poverty and inequalities, strengthen regional integration and the competitive insertion of partners in the world economy, paying special attention to environmental sustainability. CABEI is headquartered in Tegucigalpa with offices throughout Central America.
CABEI's financial strength as the best credit in Latin America is supported by its high credit rating granted by different international agencies: Standard & Poor's with a rating of AA, Moody's with a rating of Aa3, and Japan Credit Rating with AA.
About BANFONDESA
It is a savings and credit bank with a business model focused on microentrepreneurs, small-scale rural producers, low-income families, as well as urban and rural labor groups.
Under the motto: “The Family and Microenterprise Bank”, it offers its urban and rural clients various products and services, both microfinancial and non-financial, through a wide network of 61 branches located throughout the national geography, helping its clients to generate investment capacity, productive income, and improve the quality of life of families.
For information: Alerdys Díaz
Public Relations Analyst 809-805-3830
adiaz@bandex.com.do
