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.
IFC was the first international investor in Banco ADOPEM, after it became a regulated bank.
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.
ADOPEM is majority owned by Fundacion Microfinanzas BBVA ( FBBVA ), a non-profit institution created by the BBVA Group in 2007 to promote economic development of the poor in emerging markets through sustainable microfinance business models.
Banco ADOPEM is owned by three main shareholders, including FBBVA (71.3%), ADOPEM ONG (13.3%), and Canalda Family (10.1%), while the remaining 5.1% is owed by several minority shareholders.
The proposed investment consists of a local currency senior loan of up to DOP 450 million (US$10 million equivalent) to Banco ADOPEM. The tenor of the loan is up to 7 years.
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;