Through this loan the IDB promotes: (i) changing traditional remittances distribution channels towards newer, low cost, and more efficient ones through technological innovations; (ii) create a loyalty brand between the Dominican communities in the United States which allows lowering the cost of sending remittances through reducing intermediation steps. The main objective of this loan at market rates is to co-finance the organizational and technological adjustment needed in order for a commercial bank like Banco BHD to massively expand its remittances services. This will allow increasing the banking level of the Dominican population with all the related benefits.
Project Detail
Country
Dominican Republic
Project Number
DR0158
Approval Date
April 30, 2003
Project Status
Closed
Project Type
Loan Operation
Sector
PRIVATE FIRMS AND SME DEVELOPMENT
Subsector
MICROENTERPRISE DEVELOPMENT
Lending Instrument
Multilateral Investment Fund Instrument
Lending Instrument Code
MIF
Modality
-
Facility Type
-
Environmental and Social Impact Category (ESIC)
-
Total Cost
USD 2,500,000.00
Country Counterpart Financing
USD 0.00
Original Amount Approved
USD 2,500,000.00