52.1% of the total amount approved as financing on credit to the micro, small and medium enterprises (MSMEs) is concentrated in commerce and consumer services, according to the data provided by the financial entities that participate in the initiative We Finance Codewhich coordinates the Association of Banks Multiples from the Dominican Republic (ABA).
The ABA observed that sectors with greater potential for productive transformation, such as industry and logistics (16.1%) and agriculture, energy and other productive services (14.2%), concentrate a significantly lower proportion of the financingwhich suggests that, although credit accompanies the country’s economic activity, there are still opportunities to boost the sectors with higher added value and productivity.
Regarding the analysis of the average amount disbursed, it revealed that significant differences are evident in the scale of the financing between the different types of MSMEs.
The institutional ones concentrate the average amounts highest (78.6%), followed by companies with a mixed structure (14.7%), companies led by men (5.4%) and, finally, those led by women who access average amounts minors (1.7%).
In a press document, the ABA considered that this distribution highlights that the gender gap in it financing is not explained by access to credit, but by structural differences in the depth and scale of the financing.
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“The Dominican experience confirms that the financial inclusion of women cannot be addressed as an isolated effort or as a short-term policy. It is a structural agenda of economic development that requires a country vision, institutional stability and high levels of articulation between the public sector, the financial system, the productive sector and international cooperation organizations,” stated the ABA.
WE Finance
He added that the initiative implemented in the country has been recognized at the regional and international level, not only for having been one of the first countries to adopt the WE Finance Codebut for the run level reached.
The Association of Banks remembered that the tool WE Finance Dashboard was developed with the technical and methodological support of IDB Invest and IDB Lab, seeking to provide data aimed at finding solutions to close the gap in financing to women who lead companies.
