IDB US$130M loan benefits Dominican importers-exporters

Santo Domingo.- The Inter-AmericanInvestment Corporation (IIC), of the Inter-American Development Bank (IDB) Groupfor the private sector, on Wednesday announced a US$130 million loan to DominicanRepublic’s State-owned Reservas bank (BanReservas) to support import and exportactivities by customers of the Dominican financial institution.

A total of 14 banks participatein the “loan B” provided under the Trade Finance Facilitation Program (TFFP), managedby the IIC. The loan B for US$110 million exceeds the initial US$80 million target.

In addition, the IIC will also grant a US$20million loan.

The funds will allow BanReservasto expand financing to its more than 3,300 corporate and business customers and55,000 SME customers nationwide, the IDB said in statement quoted bydiariolibre.com.do

Breakdown:

Wells Fargo Bank contributedUS$21 million, whereas the Bank of China Ltd. Panama Branch, CommerzbankAktiengesellschaft and JP Morgan Chase Bank participated as creditors for theIIC and Wells Fargo Bank.

Also, AKAAusfuhrkredit-gesellschaft, Apple Bank for Savings, BAC Florida Bank, BancaribeCuracao Bank, Banco de Crédito e Inversiones, Bankinter, Banque de Commerce dePlacements, CoBank, Federated Project and Trade Finance Core Fund and TaiwanCooperative Bank.