Netherlands-based cooperative Oikocredit recently invested DOP 150 million (USD 2.64 million) in Dominican Republic-based Banco Caribe to support the country’s small and medium-sized enterprises (SMEs), with the hope that the infusion will “further [motivate] responsible investments in the region.” Additionally, Oikocredit will provide Banco Caribe with technical assistance relating to “establishing indicators, for example, to track and measure the [social performance] of Banco Caribe’s investments.”
The Executive Chairman of Banco Caribe, Dennis Simó Alvarez, stated, “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 Sustainable Development Goals (SDGs).”
Founded in 2004, Banco Caribe provides services such as credit cards, remittances and vehicle financing in the Dominican Republic. As of September 2020, the bank had DOP 5.37 billion (USD 94.4 million) in available funds, a gross loan portfolio of DOP 14.9 billion (USD 261 million), and 21 branches in the Dominican Republic.
Founded in 1975, Oikocredit invests in microfinance, fair trade, agriculture and renewable energy. As of September 2020, the entity has a total outstanding capital of EUR 856 million (USD 1.05 billion), including investments in approximately 700 organizations.
By Harriet Ritchie, Research Associate
Sources and Additional Resources
Oikocredit press release
https://www.oikocredit.coop/k/en/n2613/news/view/333643/9049/oikocredit-invests-in-banco-caribe-to-promote-sustainable-development-of-smes-in-dominican-republic.html
Oikocredit homepage
https://www.oikocredit.coop/
Banco Caribe homepage
https://www.bancocaribe.com.do/
Banco Caribe September 2020 financial statement
https://www.bancocaribe.com.do/upload/publication/1603315309.pdf
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