OPEC Fund extends US$17.5 million loan to Banco Promerica to boost SME financing and drive inclusive growth in the Dominican Republic

November 13, 2024: The OPEC Fund for International Development (the OPEC Fund) has signed a US$17.5 million loan agreement with Banco Múltiple Promerica (Banco Promerica Dominican Republic) to support the growth of small and medium-sized enterprises (SMEs) and women-led SMEs businesses in the Dominican Republic. The financing aims to facilitate access to funding for underserved businesses, fostering sustainable economic development and financial inclusion.

The loan is the OPEC Fund’s first private sector operation in the Dominican Republic, a key milestone in expanding support in Latin America and the Caribbean. The financing will support the growth of Banco Promerica’s SME loan portfolio, addressing the significant financing gap local businesses, particularly those led by women, are facing.

OPEC Fund President Abdulhamid Alkhalifa said: 

“Our strong partnership with Banco Promerica is helping to expand financial access for SMEs and women-led small businesses, which are vital to inclusive growth and job creation in the Dominican Republic. We are committed to strengthening enterprises that drive economic resilience and long-term prosperity.”

“It is an honor for Banco Promerica to be a pioneer in this alliance with the OPEC Fund, marking a milestone in the Dominican Republic’s financial sector. This US$17.5 million funding is an expression of our strong commitment to the growth and development of local SMEs, which are essential drivers of our country’s economy and social well-being. Our mission is to provide businesses with the resources that allow them to thrive and contribute to sustainable development. We will continue our work to provide solutions that transform lives and have a positive impact on the economy of the Dominican Republic,” said Carlos Julio Camilo, CEO of Banco Promerica.

Banco Promerica is a subsidiary of the holding Promerica Financial Corporation (PFC), one of the largest regional financial groups in Latin America and the Caribbean. To date, the OPEC Fund and PFC have worked together successfully on six projects across Guatemala, Nicaragua and El Salvador, enhancing regional development impact.

The OPEC Fund has supported sustainable development in the Dominican Republic since 1977, providing sovereign loans in the energy, transportation, agriculture, water & sanitation and education sectors.

About the OPEC Fund

The OPEC Fund for International Development (the OPEC Fund) is the only globally mandated development institution that provides financing from member countries to non-member countries exclusively. The organization works in cooperation with developing country partners and the international development community to stimulate economic growth and social progress in low- and middle-income countries around the world. The OPEC Fund was established in 1976 with a distinct purpose: to drive development, strengthen communities and empower people. Our work is people-centered, focusing on financing projects that meet essential needs, such as food, energy, infrastructure, employment (particularly relating to MSMEs), clean water and sanitation, healthcare and education. To date, the OPEC Fund has committed more than US$27 billion to development projects in over 125 countries with an estimated total project cost of more than US$200 billion. The OPEC Fund is rated AA+/Outlook Stable by Fitch and AA+, Outlook Stable by S&P. Our vision is a world where sustainable development is a reality for all.

About Banco Promerica

Banco Promerica Dominican Republic, part of Grupo Promerica controlled by Promerica Financial Corporation (PFC), has over 20 years of local presence in Latin America and the Caribbean, focusing on private costumers, small and medium-sized enterprises, corporate and institutional clients as well as credit card and payment business.

In recent years, the bank has shifted its focus towards digital transformation and enhancing the customer experience to serve multiple segments. Promerica expanded its offering in 2023 across a wide range of areas, including improvements in customers interaction.

In addition, Banco Promerica continued to secure its technological infrastructure with the integration of new solutions, offering clients greater autonomy in the acquisition of products and services and enabling swift and secure transactions.

Grupo Promerica is one of the leading regional financial groups in The Americas, managing total assets of approximately US$22.1 billion and equity of around US$1.9 billion. The group serves more than 3.8 million customers through a network of over 803 branches and 1,040 ATMs operated by nine banks across Latin America and the Caribbean.