According to the latest global report of the International Finance Corporation of the World Bank, in the last two years, the Dominican Republic has made progress in adopting a comprehensive sustainable finance strategy, which has been achieved, to a large extent, by the efforts that has put multiple banking in that sense.
This was stated by the Association of Multiple Banks of the Dominican Republic (ABA), noting that the entity is part of the Global Network of Sustainable Banking (RBS), made up of financial intermediation institutions, central banks, financial and environmental regulators and others. private associations, committed to applying the highest standards in terms of sustainable financing.
In that order, the ABA pointed out that, in 2021, the Dominican Republic went from being considered a country in the “preparation” stage, to one in the “implementation” stage of the Sustainable Finance Strategy, surpassing other countries in the region and standing at the same level as Brazil, Argentina, Mexico and Peru.
The Association of Banks explained that the union joined the Global Network of Sustainable Banking in 2017 and, since then, its associates have developed an agenda whose main axis is the design and implementation of a green protocol that serves as a guide and reference in the adoption of the best policies and practices of sustainable finance.
He affirmed that this green protocol will allow the Dominican commercial bank to adopt actions in terms of environmental and social governance, development of “green” instruments for financing sustainable projects, environmental risk management in credits and investments, and environmentally sustainable purchasing and contracting policies.
The ABA guaranteed that the banks continue to work on their roadmap with the aim of having this green protocol, and maintained that the recognition of international organizations in that order is a sign that the banking sector is on the right path.
The global network is made up of 63 institutions belonging to 43 countries and has the advice of the World Bank, through the International Finance Corporation (IFC), an entity that in a recent evaluation offered a better rating to the Dominican Republic.