Project detail - Banco Multiple Ademi S.A.

Who is our prospective customer?

Banco Múltiple Ademi, a longstanding client of FMO since 2011 and based in the Dominican Republic, is the only top-tier license bank focused in microfinance in the country. For 43 years, it has pursued the goal to promote financial inclusion for micro, small, and medium-sized enterprises (MSMEs) and contributing to economic development by offering financial products and services tailored to the needs of the most underserved sectors of the Dominican society.

What is our funding objective?

FMO will invest up to USD 35mln in a senior facility, with a USD 20mln committed and a USD 15mln uncommitted tranche, to be provided by FMO-A. The proceeds will be used to support Ademi’s funding structure and further develop inclusive lending in the Dominican Republic as this facility will be 100% dedicated to promote financial inclusion by serving micro entrepreneurs, women and rural clients, as well as SMEs that have evolved from microfinance.

Why do we want to fund this investment?

FMO’s investment aims to support activities that contribute to Inclusive growth contributing to SDG 8 and SDG 10. This transaction aligns with FMO’s strategic focus on supporting high-impact markets and fostering innovation in sustainable finance, as part of the 2030 strategy through SDG 8 Decent Work and Economic Growth. With a specialized microfinance institution such as Ademi, FMO can support the expansion of access to finance for underserved MSMEs in a highly informal economic context, by targeting entrepreneurs that typically evolve from microenterprises, the transaction contributes to job creation, income stabilization, and inclusive economic growth, reinforcing Ademi’s role as a key driver of local economic development.

What is the Environmental and Social categorization rationale?

Ademi has been categorized as Category C in accordance with FMO’s Sustainability Policy, reflecting the low-risk profile of its lending activities, which are primarily focused on MSMEs and do not include exposure to high-risk sectors. Ademi maintains E&S controls, including internal exclusion criteria limiting financing of harmful or non-compliant activities. As part of the transaction, Ademi is required to apply the EDFI Exclusion List, Dominican Republic’s E&S laws and regulations, and the IFC Performance Standards for applicable transactions. On the Consumer Protection Standards, Ademi’s strong commitment to its social objectives, its international certifications and commitment with CPS, mitigates client protection risks. FMO analyses risks from different perspectives and assessments. In the case of microfinance investments, the E&S classification is typically low because the exposure generally is limited to retail and micro-entrepreneurs. The risks that might come with microfinance investments, such as, among others, over-indebtedness, transparency of interest rates, and responsible pricing, are covered by FMO in other assessments such as the Client Protection Principles (CPPs). In case of high contextual risk, a human right assessment can be carried out.

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