SANTO DOMINGO.- Banco Popular Dominicano and the Official Credit Institute (ICO) of Spain signed a new financing agreement for up to US$25 million, intended to support the activity of Spanish companies in the Dominican Republic and boost trade relations between the two countries.
This agreement will allow resources to be channeled, through Banco Popular, towards business projects of Spanish interest, with a special focus on those that promote the green and digital transition.
This agreement consolidates the presence of the ICO International Channel Line in the Caribbean region and represents the second collaboration between both entities.
Thanks to this alliance, Spanish companies that are already clients of Popular, as well as other foreign companies that maintain commercial ties with Spanish companies, will be able to apply for credit, which significantly expands the scope and base of potential beneficiaries of this financing.
The ICO International Channel Line aims to support the financing of projects by Spanish companies with a presence in international markets, through agreements with local financial institutions.
This model allows companies to access financing in local currency and benefit from the intermediary bank's knowledge of the host country's economic and regulatory environment. Since its inception, this line of credit has mobilized over €3.024 billion and financed more than 560 projects in third-party markets, particularly in Latin America and the Caribbean.
“With this new agreement, Banco Popular reaffirms its commitment to attracting foreign investment, creating jobs, and the sustainable economic development of the Dominican Republic,” said Mr. Christopher Paniagua, CEO of Banco Popular Dominicano.
