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  • Writer's pictureThe San Juan Daily Star

Development Bank signs economic collaboration pact with DR

With the agreement, the Economic Development Bank will be assigning a liaison officer and offering guidance in coordination with the Dominican Republic consulate.

By The Star Staff

Economic Development Bank for Puerto Rico (EDB) President Luis Alemañy González, along with the consul general of the Dominican Republic in Puerto Rico, César Cedeño, signed on Thursday a historic collaborative agreement with the objective of promoting Dominican entrepreneurs in Puerto Rico.

“The EDB continues its efforts to make its financial products available in all sectors,” Alemañy González said in a written statement. “Today, we are very happy, because with the signing of this Agreement, we guarantee ourselves to be one of the first financial options to achieve the business dream of our Dominican brothers.”

The Dominican government representative in Puerto Rico said “I am very satisfied with this initiative, to ensure that our Dominican entrepreneurs have the possibility of accessing loans with reasonable interest rates, for the development of their businesses.”

“With this we follow up on the efforts and interest of President Luis Abinader Corona, along with Governor Pedro Pierluisi in strengthening our commercial ties,” Cedeño said.

With the agreement, the EDB will be assigning a liaison officer and offering guidance in coordination with the consulate. Among the EDB’s financial products are term loans with interest rates of four to eight percent and credit lines.

“We thank Mr. Luis Alemañy for his openness toward developing this project, as well as Mr. Miguel Cabral, director of the Bilateral Joint Commission, Puerto Rico-Dominican Republic, who together with yours truly will be in the best disposition to enforce the agreements we sign today, because it represents a great advance for our community,” Cedeño added.

Alemañy González pointed out that the results of the U.S. Census reveal that the population born in the Dominican Republic and residing in Puerto Rico increases every year. In 1980, some 20,558 Dominicans were registered on the island and for the most recent study, for 2019, that figure exceeded 52,295.

“We know the entrepreneurial spirit of Dominicans, and the EDB is ready to offer them the necessary financial tools so that they can achieve success, and thus continue contributing to the economy of Puerto Rico,” Alemañy González said.

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