OPEC Fund boosts financial inclusion and women-led businesses in the Dominican Republic

April 3, 2025: The OPEC Fund for International Development (the OPEC Fund) has signed a US$10 million loan agreement and a US$35,000 technical assistance grant agreement to support Banesco, a financial institution in the Dominican Republic. The funds will provide financing for micro, small, and medium-sized enterprises (MSMEs) with a focus on women-led MSMEs, enhancing access to finance and driving inclusive growth.

The OPEC Fund’s US$10 million loan is part of a US$45 million financing package for Banesco. The package includes a parallel loan of US$25 million from IDB Invest, alongside a US$10 million B loan mobilized by IDB Invest from the eco.business Fund (advised by Finance in Motion). Additionally a technical assistance grant of US$35,000 will complement the financing and support institutional capacity building and training programs.

OPEC Fund President Abdulhamid Alkhalifa said: “This loan is a significant step in expanding access to finance for small businesses, especially those led by women. By providing much-needed finance, we are supporting inclusive growth and strengthening the Dominican Republic’s economy. This initiative aligns with our commitment to fostering sustainable development and promoting financial inclusion.”

The OPEC Fund’s support is part of its strategy to increase access to finance for MSMEs, which face significant challenges in securing funding. MSMEs in the Dominican Republic make up nearly all businesses and generate 40 percent of GDP, yet often struggle to access funding. Women-led businesses are even more constrained, with only a small percentage able to obtain financing. In partnership with banks, the OPEC Fund is helping to channel funds to these vital businesses, fostering sustainable economic development and improving financial inclusion.

The complementary technical assistance will focus on gender diagnostics, internal capacity assessments and the development of a strategy to better support women-led businesses. The program will also include gender diversity training, portfolio analysis and adjustments to Banesco’s risk model to ensure more inclusive financial services.

The OPEC Fund has been a key partner of the Dominican Republic for decades, contributing to over 85 projects in sectors including energy, transportation, agriculture, financial sector and education. The latest loan further strengthens the OPEC Fund’s commitment to fostering economic growth and supporting the development of local businesses.

Banesco is Venezuela’s largest private bank and has a wider regional presence with branches in Panama, Dominican Republic and Colombia.

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$29 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.