Santo Domingo.- Tropicalia Foundation, the Cisneros Foundation and the Development Fund Inc. (FONDESA) announced the joint support of more than RD$77.8 million in microfinance in towns and villages of the coastal city Miches, via the pact signed in 2008 and renewed in 2011.

Three-party agreement provides permanent institutional cooperation to expand the education projects developed in coordination with the Tropicalia Foundation and Cisneros Foundation, to microfinance FONDESA’s specialized initiatives.

Miches is in the process of becoming an attractive agricultural area with 2,077 micro business obtaining funds, whose beneficiaries are 40.3% women.

Tropicalia Foundation president William Phelan stressed the initiative’s importance. "With these initiatives with the Cisneros Foundation and FONDESA we aim to democratize access to banking services for the inhabitants of the municipality of Miches."