Fri, 20 September 2024 05:27:17am
Related Tags: Dominican Republic assistance, USAID and DFC partnership, Women's economic empowerment, Climate resilience funding, U.S. international aid
United States Announces $87 Million in New Support for the Dominican Republic
United States Announces $87 Million in New Support for the Dominican Republic
In a bold move to bolster economic empowerment, climate resilience, and democratic governance in the Dominican Republic, the United States has announced over $87 million in new assistance through USAID and the U.S. International Development Finance Corporation (DFC). The substantial package is set to transform lives, particularly focusing on underserved women, while supporting the country's efforts to adapt to climate change and strengthen its economy.
Empowering Women and Strengthening Communities: One of the most impactful aspects of this assistance is a $42 million loan portfolio guarantee provided by DFC in partnership with Banco de Reservas de la República Dominicana (Banreservas). This guarantee is expected to catalyze up to $84 million in local currency lending, specifically aimed at helping underserved women succeed as entrepreneurs. By increasing access to capital, this initiative is designed to boost women's economic empowerment and support their crucial role in driving economic growth in their communities.
USAID Administrator Samantha Power highlighted the importance of this initiative, stating, "When women thrive, their families, communities, and entire nations prosper. This partnership will help break down financial barriers that have historically limited women's opportunities in the Dominican Republic."
Building a Resilient Future: In addition to empowering women, the U.S. is also making significant investments in climate adaptation and disaster preparedness. With over $45 million in bilateral funding, USAID will support a range of initiatives aimed at building a more resilient Dominican Republic. These funds will be allocated to key areas such as inclusive economic growth, democracy and human rights, basic education, global health security, and more.
A notable portion of this funding will go toward a new USAID program through the Gender Equity and Equality Action Fund. With $2.5 million from the Fund, USAID will work closely with civil society organizations and women-led businesses to improve financial and digital literacy among women. The program will also focus on strengthening communities' abilities to respond to gender-based violence, an issue that remains a significant challenge in the region.
A Strong U.S.-Dominican Partnership: This comprehensive support package underscores the United States' commitment to its partnership with the Dominican Republic. By working together to advance democratic governance, promote inclusive economic growth, and enhance climate resilience, the U.S. aims to support the long-term prosperity and stability of the Dominican people.
"As we face global challenges together, the U.S. stands firmly with the Dominican Republic, committed to supporting a future where every citizen has the opportunity to thrive," said Administrator Power during her announcement in Santo Domingo.
Key Points:
- The U.S. announces over $87 million in new assistance for the Dominican Republic.
- A $42 million DFC loan portfolio guarantee with Banreservas aims to empower underserved women entrepreneurs.
- USAID allocates over $45 million for initiatives in economic growth, democracy, human rights, climate adaptation, and more.
- A new $2.5 million USAID program focuses on improving women's financial literacy and combating gender-based violence.
- The U.S. reaffirms its commitment to the Dominican Republic's long-term prosperity and stability.
