EIB plans US$36.1mn in credit lines for several microlenders

Thursday, June 2, 2011

The European Investment Bank (EIB) plans to provide 25mn euros (US$36.1mn) in credit lines to several microlending institutions in the Dominican Republic, the multilateral said in an investment proposal on its website.

The lines of credit will "provide financing in local currency to micro and small enterprises in the Dominican Republic, including and equity participation in FONDESA, following its transformation from an NGO into a regulated savings and loan bank," the proposal reads.

EIB expects the investment to contribute to employment creation, economic growth and diversification, particularly in the industrial and service sectors.

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The project is currently under appraisal, according to the multilateral's website.