Banco Popular reported growth of 21% in its green portfolio

Within the framework of the celebration of the world environment dayon June 5, the Dominican Popular Bank reported that the number of loans granted by its green finance portfolio “Go Echo” increased by 21% in the last year, with a total portfolio that closed in May 2023 above the RD2,571 million.

The “Hazte Eco” portfolio of green products, the largest in the financial sector and a pioneer in this area, consolidates its sustained growth with multiple financing solutions for families and companies.

This shows the growing interest of the population to change towards more eco-friendly lifestylesfinding in “Hazte Eco” a financial offer that allows you to channel this objective of caring for the environment.

In particular, the amount of full funding to acquire hybrid and electric vehicles amounted to RD$989 million in May 2023.

While, Eco loans for home renovations and purchase of efficient household appliances and loans destined for photovoltaic installations reached RD$856 million in this same period.

Since its launch in November of last year, the Extrahogar Eco and ExtraEco revolving loans and the HipotEco mortgage loan have grown 125%.

Green Leasing

In its eco-efficient offer for companies and professionals, “Hazte Eco” also has Green Leasing, a leasing contract through which customers can also finance the purchase of solar panels and hybrid and electric vehicles, with tax advantages, since that obtain tax savings by offsetting the ITBIS of the purchase.

This financing agreement establishes in advance a residual value of the asset. Through the payment of monthly installments, the client acquires this asset, conserving its working capital.

Until May 2023, Green Leasing adds financing for RD$442 millionbeing solar panels the most financed assets under this modality, with a global amount of RD$200 million, followed by hybrid and electric vehicles with RD82 million and, finally, electrical equipment with RD$60 million.

At the business level, “Get Eco” also helps boost the generation of renewable energy in the country, creating large-scale business opportunities, since Banco Popular is the main financier and guarantee agent in six photovoltaic, wind or biomass parks in the country, with a portfolio that currently stands at US88 million.

In addition, the financial institution supports investment in renewable energy projects by acting as guarantee agent, guarding and currently managing assets valued at approximately US30 million.

sustainable vision

In addition to green products and services, Hazte Eco summarizes the different actions of environmental sustainability and eco-efficiency that the financial organization has underway within Banco Popular and that include its institutional response to reduce the carbon footprint in the country and face the challenges imposed by the climate crisis.

This sustainable vision of financial organization responds to its Responsible Banking model and earned it recognition in 2021 by the National Council for Private Enterprise (Conep) and the United Nations Development Program (UNDP) as a Promising Practice for positively impacting the country at an economic level, social and environmental, thereby contributing to the achievement of the Sustainable Development Goals.

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