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Oikocredit invests in Banco Caribe to promote sustainable development of SMEs in Dominican Republic

Oikocredit invests in Banco Caribe to promote sustainable development of SMEs in Dominican Republic

01 April 2021

The worldwide cooperative’s investment is the first international private subordinate loan that Banco Caribe has obtained.

Amersfoort, the Netherlands – Social impact investor Oikocredit has invested RD 150 million (USD 2.64 million) in Banco Caribe, a Dominican Republic-based bank with a strong social mission.

The loan will help to facilitate the financial inclusion of traditionally excluded groups, further motivating responsible investments in the region.

In addition to finance, Oikocredit will provide technical support on social performance management by establishing indicators, for example, to track and measure the effects of Banco Caribe’s investments. This, in turn, will help the bank to achieve its social goals.

Small and medium enterprises (SMEs), and the low-income communities they support, have been hit hard by Covid-19, and it’s part of Banco Caribe’s strategic plan to make a positive impact in this sector.

Banco Caribe’s Executive Chairman, Dennis Simó Alvarez, said: “Thanks to this agreement, our entity will have access to Oikocredit's worldwide network of contacts and its extended technical team, enabling us to leverage opportunities to attract new businesses, create jobs, better manage our SME portfolio, and motivate best practices that contribute to the United Nations (UN) Sustainable Development Goals (SDGs).”

Oikocredit’s country representative, Karina Vasquez, said: “With this investment, Oikocredit aims to help Banco Caribe reach communities with limited access to financial services and to support the development of SMEs in Dominican Republic. We are pleased to be participating in this process of generating a greater social impact within the communities that Banco Caribe serves.”

Dennis Simó Alvarez (Banco Caribe’s Executive Chairman) and Karina Vasquez (Oikocredit’s country representative).jpg

About Banco Caribe

Banco Caribe has 16 years’ experience of providing multi-banking services to the financial market. It focuses on positive growth and innovation, constantly reinventing itself to offer new products and services. It offers a personal approach and a memorable experience to its customers.

In recent years it has strengthened in the line of credit cards and is the leading bank in loans for the acquisition of used vehicles.

About Oikocredit

Social impact investor and worldwide cooperative Oikocredit has 45 years of experience funding organisations active in financial inclusion, agriculture and renewable energy.

Oikocredit’s loans, equity investments and capacity building aim to enable people on low incomes in Africa, Asia and Latin America to improve their living standards sustainably.

Oikocredit finances 563 partners, with total outstanding capital of € 845.1 million (as at 31 December 2020). For more information see: www.oikocredit.coop.

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Note for editors

For more information or to request an interview, please contact Jasmin Panjeta, Communications Business Partner, Oikocredit International, telephone: +31 33 422 4040, email: jpanjeta@oikocredit.org .

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