Dominican to get investment from IFC
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The Dominican Republic's economy is set to receive a boost from the International Finance Corporation (IFC), it has emerged.
According to Dominican Today, the IFC, which is a member of the World Bank Group, is planning to invest $33 million (£16.7 million) in the country's financial services holding company, Centro Financiero BHD.
The IFC, whose work involves providing investments and advisory services to developing countries to encourage the growth of their private sectors, will be receiving a nine per cent equity stake in the company in exchange for the investment, it has been reported.
James Scriven, IFC director of Global Financial Markets for Latin America and Africa, told the news provider that the organisation is working to improve access to finance for people on low and middle incomes in the Dominican Republic.
"Strengthening our relationship with Centro Financiero BHD, a diversified and well-managed financial services company, will help us meet these objectives," he commented.
Last week, National Export Free Zone Council director Luisa Fernandez said the Caribbean nation's efforts to strengthen its free trade zones had paid off, with 47,988 extra jobs being created in the last three years, according to Dominican Today.
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