Gov. earmarks US$2.2B to boost agro, fund SMEs

Santo Domingo.- The Government, through four credit institutions, has earmarked RD$104.7 billion (US$2.2 billion) to support agro producers and finance small and medium businesses over a five-year period.

The Agricultural Bank has provided RD$80 billion at a soft rate, to finance agro producers and develop other agriculture projects.

Meanwhile, the Special Fund for Agricultural Development has disbursed RD $ 4 billion for the financing of 38 projects arising from the surprise visits that every Sunday made by President Danilo Medina.

Moreover, the director of the State-owned bank, Banca Solidaria, Mayra Jiménez said it has financed 386,762 micro and small businesses in lower income neighborhoods and communities nationwide.

The official said for that, RD$118.0 billion has been disbursed through the entity’s 88 branches across the country.

Meanwhile Rosa Rita Alvarez, head of Reservas del Pais, said it has provided RD$2.7 billion of solidarity financing to 44 entities, adding that its loan portfolio is at RD$1.6 billion with arrears at less than one percent.