Citi supports financial inclusion in the Dominican Republic with Social Trade & Working Capital loans to Banco Popular Dominicano and Banco Santa Cruz
Santo Domingo - Citi, a financial institution with 62 years of presence in the Dominican Republic, structured two loans for the financing of local trade and working capital activities under Citi’s Social Finance strategy, to Banco Popular Dominicano and Banco Santa Cruz. It is expected that the loans will provide working capital financing solutions that promote the sustainable growth of small and medium-sized enterprises in the country.
These transactions are the first Social Trade loans to support small and medium enterprises structured by Citi in the Dominican Republic and the first in Latin America and the Caribbean with banks. The approved amounts, totaling more than RD$5.000,00 million, equivalent in dollars, will be used to finance activities linked to the country's economy, promoting inclusive economic growth.
These loans are aligned with Citi's Social Finance Framework, under the economic inclusion category of access to essential services and promote Citi's commitment to improving access to financial services in emerging economies. This deal positions the trade business as a key enabler of financial institution’s sustainability success by promoting domestic trade finance flows.
"At Citi, we are committed to contributing to reducing inequalities and facilitating access to capital to promote economic development and help our country reach its full potential," said Máximo Vidal, General Manager of Citi Dominican Republic.
"This is the first trade & working capital loan financing local business activity of Social Finance in Latin America with banks through our Trade platform. It demonstrates Citi's ability to adapt its foreign trade and working capital products to help our clients achieve their social and sustainability goals, with a direct impact on communities in Latin America and the Caribbean”, said Mauro Scacciati, Latam Services Sales Head for Banks.
"For more than six decades, we have illuminated the best ideas for progress for Dominicans, driving social transformation and financial inclusion for individuals and businesses. With this agreement, we reinforce our vision of being a catalyst for sustainable development, offering Dominican SMEs the necessary support to thrive," said Mr. Christopher Paniagua, CEO of Banco Popular Dominicano.
Fausto Pimentel, president of Banco Santa Cruz, highlights the collaboration with Citi as a step towards a future of equity and prosperity for Dominicans. It underlines the bank's commitment to economic and social development. He thanks Citi for the trust and support, highlighting the opportunity to provide financial solutions for the sustainable growth of small and medium-sized businesses. Pimentel assures that the program will benefit clients, prioritizing initiatives that generate employment and well-being, reiterating the intention to participate in projects with high social impact.
About Citi
Citi is a preeminent banking partner for institutions with cross-border needs, a global leader in wealth management and a valued personal bank in its home market of the United States. Citi does business in nearly 160 countries and jurisdictions, providing corporations, governments, investors, institutions and individuals with a broad range of financial products and services.
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