European Bank loans RD$1.1 billion

[NewsWhore]

The Office of the National Coordinator for European Funds (ONFED) announces that the European Investment Bank (EIB) has approved a EUR20,000,000 loan, equivalent to RD$1.1 billion pesos. The funds will be managed by the Banco Ademi, the Dominican Association for the Development of Women (Adopem), and the Development Fund (Fundesa). The loan, to be paid out over two years, is designed to assist small and medium-scale businesses, which employ most people in the DR. The organizations will provide micro-loans as well as small loans to be paid back over longer-than-usual timeframes. Onofre Rojas, program coordinator for the Dominican Republic, told Diario Libre reporter Wanda Peralta that the sector provides 27% of GDP and nearly 50% of the jobs in the country.

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