Safeguarding the security of more than 10 million Dominicans, CABEI approves US$100 million to strengthen capacities for adaptation and resilience in the face of climate change

Buenos Aires, November 1st, 2022.- Supporting the Dominican Republic in the development of actions related to environmental recovery from the damage caused by the effects of climate change is the objective of the Development Policy Operation (DPO) approved by the Central American Bank for Economic Integration (CABEI) for US$100 million.

The financing will benefit 10,448,499 Dominicans through the implementation of strategies to improve emergency preparedness and disaster risk reduction, including the prioritization of economic resources for investments related to climate change mitigation and adaptation.

"With this approval, we hope to contribute to strengthening risk management and increasing the capacities and disaster preparedness of Dominican authorities, which translates into better prevention and security for citizens," said CABEI Executive President Dr. Dante Mossi.

This initiative focuses on two important pillars: reducing disaster risks by strengthening the Dominican Republic's National System for Disaster Prevention, Mitigation and Response; and improving the country's adaptive capacity and resilience to the effects of climate change by implementing key policy actions to create an environment that improves adaptive capacity and resilience.

This is the second DPO approved by CABEI its non-founding regional partner Dominican Republic, the first was in 2021 for US$350 million that aimed to protect human capital and support economic and inclusive reactivation through the creation of more than 50,000 profiles in the EmpléateYa platform of the Employment Bank program, as well as the reform of the energy sector.

The terms of this financing will have a 20-year term including a 5-year grace period and an indicative interest rate of 5.73%.