SANTO DOMINGO.-Banco Popular Dominicano and the Spanish Official Credit Institute (ICO), within the framework of its International Channel program, signed a financing agreement that will allow Banco Popular to strengthen its support for Spanish companies with a presence in the Dominican Republic and, likewise, for Dominican suppliers that are part of the value chain of these Spanish companies.
In this way, Banco Popular will offer full support to the needs of companies with Spanish interests in the country, not only covering their financing and liquidity needs, but also supporting the commercial activity of goods and services between the Dominican Republic and Spain.
Among the companies potentially benefiting will be those belonging to wholesale and retail trade, the energy sector and tourism, industries in which the Dominican entity is a leader in financing, with a long history of supporting these businesses.
The president of the ICO, José Carlos García de Quevedo, highlighted that “with the ICO International Channel program, we support the internationalization process of companies through financing and support for their activities. There are almost one hundred Spanish companies with interests established in the Dominican Republic, most of them belonging to the tourism sector, which will be able to benefit from this agreement.”
For his part, the CEO of Banco Popular Dominicano, Christopher Paniagua, emphasized the importance of the agreement, especially for its impact on the tourism sector, stating that it “will consolidate our leading role as the ‘Tourism Bank’ in the country, increasing the loans granted to our Spanish hotel clients and their extensive value chain of national companies, as well as to other key sectors of our economic development such as energy and commerce.”.
ICO Line International Channel
The ICO International Channel Line aims to boost the activity and financing of projects by Spanish companies with an international presence in third-party markets, through intermediation with local financial institutions. To date, the ICO has signed 33 financing agreements with 17 institutions that collaborate with the ICO on this program, as is now the case with Banco Popular Dominicano.
