ADOPEMAsociación Dominicana para el Desarrollo de la Mujer (Spanish: Dominican Association for the Advancement of Women, Inc.; Santo Domingo, Dominican Republic)
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With this financing from IFC we continue to promote financial and economic inclusion, offering services that are tailored to the needs of our customers," said Sonia Reyes, Vice President of Finance and Accounting at Banco ADOPEM.
Since IFC s original engagement, ADOPEM s loan portfolio and customer base have almost quadrupled, while maintaining excellent asset quality.
ADOPEM s success is reflected in the thousands of women and men who have created a path out of poverty.
IFC and Fundacion Microfinanzas BBVA, ADOPEM s largest shareholder, have been working together since 2008 to boost social and economic development in Latin America through microfinance.
IFC s loan to ADOPEM is consistent with IFC s strategy in the Dominican Republic, which focuses on supporting economic growth and ensuring opportunities for poorer segments of society.
Banco ADOPEM is owned by three main shareholders, including FBBVA (71.
The proposed investment consists of a local currency senior loan of up to DOP 450 million (US$10 million equivalent) to Banco ADOPEM.
Location of Project and Description of Site : Banco ADOPEM is headquartered in Santo Domingo.
Access to finance: ADOPEM provides financial services to low income segments of the Dominican population living in rural areas with limited or no credit opportunities.
Greater Commitment to Creating Opportunities to Disadvantages Groups: The Project will support productive small enterprises and low-income micro entrepreneurs which consequently will positively impact employment and income generation in the frontier regions where ADOPEM operates.
Long-term Funding to Support Scale-up of Business Model: IFC would continue to provide not only the funding to fuel the Bank's growth but also a stamp of approval that has allowed ADOPEM to attract new sources of funds;
This is especially important for ADOPEM, given that their lending is entirely fo