Local February 19, 2024 | 4:49 pm

BHD Bank secures $150M to boost women-led businesses in the DR

Santo Domingo.- BHD Bank has announced financing partnerships with BID Invest and the International Finance Corporation (IFC), a World Bank Group member. These collaborations involve international organizations providing credit lines of US$75,000,000 each to enhance access to credit in Dominican pesos for micro, small, and medium-sized enterprises, with a focus on those led or owned by women in the Dominican Republic.

Marisela Alvarenga de Jacoby, Managing Director and Division Chief of the Financial Sector at BID; Eugenia Vargas Torres, Regional Industry Manager of the Financial Institutions Group at IFC; and Steven Puig, President of BHD Bank, have all signed these agreements. Puig emphasized that these credit facilities represent a significant milestone in their Gender Strategy, Mujer BHD, implemented for over a decade to support women in various roles.

Committed to the Principles for Responsible Banking, BHD actively engages in business initiatives that contribute to the country’s sustainable development across economic, social, and environmental dimensions. In the realm of women’s empowerment, the bank aligns with United Nations Sustainable Development Goals (SDGs) such as gender equality (5), decent work and economic growth (8), industry, innovation, and infrastructure (9), and reducing inequalities (10).

In collaboration with BID Invest, BHD is dedicated to championing the Women Entrepreneur Financing Code or WeFinance Code—a private-sector-led initiative in the Dominican Republic utilizing gender-disaggregated data to amplify actions supporting women-owned micro, small, and medium-sized enterprises within the financial ecosystem.

Furthermore, as part of the agreement with IFC, Banco BHD is set to play a role in the implementation of a green taxonomy project for the country. This initiative aims to showcase the banking sector’s dedication to green financial initiatives and support the Dominican Republic’s roadmap for transitioning to a decarbonized future.

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