Oikocredit invests in Banco Caribe to promote sustainable development of SMEs in Dominican Republic

Oikocredit invests in Banco Caribe to promote sustainable development of SMEs in Dominican Republic

Dennis Simó Alvarez (Banco Caribe’s Executive Chairman) and Karina Vasquez (Oikocredit’s country representative).jpg

Dennis Simó Alvarez (Banco Caribe’s Executive Chairman) and Karina Vasquez (Oikocredit’s country representative)

01 April | 2021

Oikocredit’s investment of RD$150 million (USD 2.64 million) in Banco Caribe is the first international private subordinate loan that the Dominican Republic-based bank has obtained.

Small and medium enterprises (SMEs), and the low-income communities they support, have been hit hard by Covid-19, and Banco Caribe plans on using Oikocredit’s loan to make a positive impact in this sector.

Oikocredit will also provide technical social performance management support to help Banco Caribe achieve their social goals.

Banco Caribe’s Executive Chairman, Dennis Simó Alvarez, said: “Thanks to this agreement, our entity will have access to Oikocredit's worldwide network of contacts and its extended technical team, enabling us to leverage opportunities to attract new businesses, create jobs, better manage our SME portfolio, and motivate best practices that contribute to the United Nations (UN) Sustainable Development Goals (SDGs).”

 > Read the full press release here. 

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