PROJECT

Projects

Summary of Proposed Investment

Project Number

20043

Company Name

Banco de Ahorro y Credito ADOPEM

Date SPI Disclosed

Nov 22, 2002

Country

Dominican Republic

Industry

Financial Markets

Projected Board Date

Jan 30, 2003

Status

Completed

Sector

Commercial Banking - Microfinance and Small Business

Department

Global Industry, Financial Markets

Environmental Category

FI

Previous Events

Approved : Jul 11, 2011
Signed : May 5, 2006
Invested : Jun 29, 2007

Project Description

ADOPEM is the second largest MFI in the Dominican Republic. ADOPEM, a true micro lender, is known for its market savvy and keen application of its credit methodology. While still a non governamental organization (NGO), ADOPEM is undergoing a formalization process to obtain access to cheaper and more diversified funding. ADOPEM has completed many of the necessary legal and regulatory requirements and will be ready to formalize its conversion into a regulated commercial microfinance bank by mid-2003. This would allow the institution to amplify its product line, mobilize deposits and open its capital participation to new investors. IFC’s investment is structured in this perspective and should facilitate the entry of a strategic technical shareholder.

Sponsor / Cost / Location

Development Impact