EIB, European Commission and ADOPEM turn the tide on sargassum with €5.6 million package for Dominican businesses

The European Investment Bank (EIB), through EIB Global, and Banco de Ahorro y Crédito ADOPEM, a Dominican financial institution serving entrepreneurs and smaller businesses, have signed a €4.5 million financing agreement, backed by an EFSD+ guarantee from the Commission and subject to approval by the Superintendency of Banks of the Dominican Republic. The financing will support sargassum-related projects by businesses with fewer than 10 employees, as well as small and medium-sized enterprises, particularly those involved in the collection, transport and safe storage of sargassum in the Dominican Republic. By working through ADOPEM, the operation will channel long-term finance to smaller businesses whose access to credit is often constrained.

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