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IFC bond issuance raises $4M to support micro-entrepreneurs in the Dominican Republic

The , a memberof the World Bank Group, issued a six-and-a-half-year bond worth 180 million Dominicanpesos, or around $4 million, to provide financing for micro-entrepreneurs in theDominican Republic, the IFC said.

The yieldon the bond is 8.75%. Citinversiones de Títulos y Valores acted as lead structurerfor the issuance and as a co-placement agent along with BHD León Puesto de Bolsa.

The IFCplans to invest the proceeds in Bancode Ahorro y Crédito ADOPEM SA, to expand long-term, local currency lendingto micro-entrepreneurs, according to a July 25 statement.

The bankis focused on supporting the most vulnerable sectors of society. In this regard,around 60% of its customers have access to financing exclusively through Banco ADOPEMand 92% of its customers are below the poverty line.

"Withthis financing from IFC we continue to promote financial and economic inclusion,offering services that are tailored to the needs of our customers," said SoniaReyes, vice president of finance and accounting at Banco ADOPEM.

Thismarks the second IFC bond issuance in the country's domestic capital markets. TheIFC issued its first bond in the Dominican Republic in 2012 and created a $100 million-equivalentbond program, known as the Taino program, with the support of the country's governmentand regulatory authorities.

"Throughthe Taino bond program, IFC is providing Dominican companies with long-term financingin local currency, and mobilizing funds to create jobs and help micro-entrepreneurs,"said Guillermo Villanueva, IFC's representative in the Dominican Republic.

As of July 25, US$1 was worth45.96 Dominican pesos.