Citi has disclosed its orchestration of two loans to the Dominican Republic, aimed at bolstering local trade and working capital ventures. These loans are part of Citi's Social Finance initiative and have been extended to Banco Popular Dominicano and Banco Santa Cruz. The transactions mark Citi's inaugural foray into providing Social Trade loans for small and medium enterprises (SMEs) within the region.
According to a press release by Citi, loans surpassing RD$5.000,00 million, equivalent in dollars, have been approved to stimulate economic activities integral to the nation's growth and promote inclusive economic development. The allocated funds are intended to offer working capital financing solutions that could potentially spur sustainable growth for SMEs within the country.
Máximo Vidal, general manager of Citi Dominican Republic, expressed his commitment towards reducing inequalities and facilitating access to capital in order to foster economic development. "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," Vidal said in a press release by Citi.
Echoing Vidal's sentiment, Mauro Scacciati, Latam Services Sales Head for Banks at Citi, stated that this was the first instance of a trade & working capital loan financing local business activity of Social Finance in Latin America through their 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," Scacciati said according to a press release by Citi.
Established in 1962, Citi Dominican Republic has offered banking and financial services to a diverse clientele including local and multinational corporations, financial institutions, as well as public sector entities. Over its six-decade history, it has observed and strived towards contributing to the evolution and modernization of the Dominican economy by developing service products and channels. Collaborating with clients from both the private and public sectors, Citi focuses on delivering banking services and technology, as per information available on the Dominican Republic webpage provided by Citi.