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Santo Domingo.– The Multilateral Investment Fund (MIF), a member of the US-based IDB (Inter-American Development Bank) group, reportedly has approved a US$2.5 million equity investment in El Fondo para el Desarrollo, Inc. (FONDESA), a nonprofit microfinance institution in the Dominican Republic.

According to press reports, the investment is intended to help FONDESA acquire status as a regulated microfinance institution under the new name Banco de Ahorro y Crédito FONDESA (BANFONDESA).

Becoming a regulated microfinance institution will allow the organization to issue bonds and provide savings, insurance and remittance services. In addition to the equity investment, MIF will provide technical assistance worth up to US$630,000 to help FONDESA make the transition.

MIF reports that the project is expected to expand access to financial services to nearly 100,000 clients, including rural and low-income populations and women.

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COMMENTS
14 comment(s)
Written by: jasfalon, 23 Feb 2013 11:19 AM
From: United States

more hope?
Written by: glomarexplorer, 23 Feb 2013 7:08 PM
From: United States, Fresh Water Paradise-NY Finger Lakes
I don't know as to whether or not this act of kindness is akin to teaching us how to fish or just giving us some fish. I really wish many of these well-intentioned outside entities would be more demanding of accountability and follow the paper trail to see just where their money is going, and to insure it is going to intended destinations and not to yipetas, queridas, 2nd homes and Swiss bank accounts. Perhaps we would be better off without all of these external contributions and initiatives, for we have clearly not shown to be worthy of outsiders generosity. I further believe they should recognize LF for what he really is: a born crook, and stop praising him so much. He is clearly a modern days Ali Baba; his replacement might not be that much better. Furthermore, if they truly believe he's so great, then could we exile him to their country, along with FUNGLODE? Man, that would really be nice. Yes, I think so.

MJEV.

Written by: Perception, 23 Feb 2013 9:34 PM
From: United States
Simple, DR elite needs to stop ruling the country like a "plantation".

The Sun comes out for everyone.
Written by: glomarexplorer, 23 Feb 2013 10:39 PM
From: United States, Fresh Water Paradise-NY Finger Lakes

Whatever that might mean.

MJEV.
Written by: Perception, 24 Feb 2013 12:11 PM
From: United States
Which part? Ruling as an adverb or the Sun.

I guess your one of the plantation "care taker".!
Written by: glomarexplorer, 24 Feb 2013 2:37 PM
From: United States, Fresh Water Paradise-NY Finger Lakes

Yes, like most of us I am a "care taker", or just a common proletariat, and a proud one at that.

Perhaps the general tone of your rebuttal suggests that you are a "DR Elite". Good for you! Just hope you are very proud of it.

MJEV.
Written by: Perception, 24 Feb 2013 3:59 PM
From: United States
No offence, "The Pope Toilet".

Just the same reminder.



Written by: Perception, 24 Feb 2013 3:59 PM
From: United States
No offence, "The Pope Toilet".



Written by: glomarexplorer, 24 Feb 2013 6:26 PM
From: United States, Fresh Water Paradise-NY Finger Lakes
No offense, the Ozama cesspool.

MJEV.
Written by: Perception, 24 Feb 2013 7:36 PM
From: United States
For everyone to see, your true colors.!!!!

Lol.
Written by: glomarexplorer, 24 Feb 2013 8:15 PM
From: United States, Fresh Water Paradise-NY Finger Lakes

We are still very much trying to figure out what exactly yours are, really.

MJEV.
Written by: Perception, 24 Feb 2013 8:34 PM
From: United States
"Deus una filius"
Written by: glomarexplorer, 24 Feb 2013 9:25 PM
From: United States, Fresh Water Paradise-NY Finger Lakes
I am glad you are versed in Latin. I am only familiar with English, Spanish and French. This is a forum about Dominicans in English and, if you want to be accepted and understood, the languages we accept are Spanish and English.

Besides, I really don't know where this dialogue is going and it seems rather immature to me, so I don't know as to whether or not I'd indulge you any further.

I do believe that all meaningful objectivity has now been irrevocably lost.

Signing off.

MJEV.

Written by: Perception, 24 Feb 2013 11:16 PM
From: United States
"Aman"
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