He Bank of savings and Credit Fondesa, SA (Banfondesa) presented the first bond sustainable dedicated to the microfinance in the Dominican Republic.
He reported that this financial instrument, valued at 500 million pesos, is designed to finance social impactinitiatives green or the combination of both.
The president of BanfondesaCristian Reyna, expressed in a press release that the financial entity takes a momentous step by presenting a bond that will allow the most vulnerable sectors of the country such as microentrepreneurs, women entrepreneurs and rural populations, access resources to transform their communities and their lives.
Reyna reported that the bond has a term of five years. In addition, it is allocated to projects that promote sustainability and the inclusive development in suburban and rural areas of the country.
“They will benefit women, youths and low and middle income families, who will be able to use these resources to improve their quality of lifewhether through basic services such as cement floors and decent bathrooms, or through financing of construction projects. renewable energy and sustainable management of water and agriculture,” Reyna emphasized.
He also said that the bond It also highlights its commitment to gender equality and the empowerment of the women and the youthsgroups essential for the development of prosperous and just communities.
He explained that the women have a direct impact on the educationthe health and well-being of their communities.
Ecological projects
Part of the funds from this bond will be allocated to ecological projects as solar panelsclean transportation, energy efficiency, and the sustainable management of natural resources, “which reflects the commitment of Banfondesa with the protection of environment and the promotion of a green economy.” The information shared by the financial entity says that the bond “reaffirms the bank’s commitment to the 2030 Agenda for Sustainable Development of the United Nations.”
He reported that the creation of this bond sustainable has been made possible thanks to the technical support of the Ministry of Environment and Natural Resources, as well as the government of Luxembourg, the Association of Commercial Banks (ABA) and the Global Green Growth Institute (GGGI). The initiative also has the support and certification of the Superintendency of Banks, the Superintendency of the Securities Market (SIMV) and the Superintendence of Pensions.
Result of Public-Private alliance
Cristian Reyna thanked all the collaborating entities, emphasizing that the bond is a testament to the successful public-private partnerships in the country. “The presentation of this bond confirms that public-private initiatives work,” he noted.
In the activity, a panel with Francisco A. Torres, superintendent of Pensions, and Ernesto Bournigal, superintendent of the Securities Market of the Dominican Republicwhich contributed important information on the human development of microenterprise and the ordinary Dominican population.
