Economy April 6, 2016 | 12:50 pm

Buy car in DR

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


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.

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