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FONDESA
Summary of Proposed Investment

This Summary of Proposed Investment is prepared and distributed to the public in advance of the IFC Board of Directors’ consideration of the proposed transaction. Its purpose is to enhance the transparency of IFC’s activities, and this document should not be construed as presuming the outcome of the Board decision. Board dates are estimates only.

Project number 30480
Company nameFondo para el Desarrollo, Inc.
Country
Dominican Republic
Sector1Microfinance and Small Business - Non Commercial Banking
Environmental categoryFI
Department
StatusActive
Date SPI disclosedSeptember 7, 2011
Projected board dateOctober 10, 2011
Previous EventsInvested: November 30, 2012
Signed: April 23, 2012
Approved: December 12, 2011
  Overview     Sponsor/Cost/Location     Development Impact     Contacts     Attachments  

Project description
The proposed investment (the “Project”) consists of a local currency loan of approximately DOP 190 million (up to $5 million equivalent) for Fondo para el Desarrollo, Inc. (FONDESA or the “Company”). With an average loan size of approximately $1,000, FONDESA is an NGO focused on providing financial services to micro entrepreneurs, low and middle income segments and rural populations in frontier regions and small provinces across the north and northwest of the Dominican Republic, where commercial banks have limited presence. The Dominican Republic still has a very unequal distribution of financial services: 76% of the financial system resources are concentrated in the Metropolitan areas, mainly the two largest cities, Santo Domingo and Santiago, leaving other areas with limited access to finance.

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