Luis Abinader says MSMEs represent 98% of the DR business fabric
Luis Abinader says MSMEs represent 98% of the DR business fabric

President participates in CABEI-SOLIDARIOS Awards that recognized 18 winners in 8 categories

Santo Domingo.- President Luis Abinader proclaimed this Monday that MSMEs constitute an essential sector for the national economy, and assured that he felt fully committed to strengthening, supporting and helping this sector.

Similarly, he specified that micro, small and medium-sized enterprises constitute one of the fundamental pillars for the sustainability and development of the nation and of many countries in the region.

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“These productive units represent 98% of the business fabric of the Dominican Republic, generating up to 50% of jobs in our country, with a direct contribution to the economy of approximately 38% of GDP,” said the president.

These statements were offered by the head of state in the company of the first lady, Raquel Arbaje, during a ceremony in the Las Cariátides Room of the National Palace for the CABEI-Solidarity Awards for Microenterprises, where ministers and representatives of the institutions were also present. microfinance institutions.

He specified that these productive units suppose the generation of 642 thousand formal jobs, which reach 2.2 million jobs that include workers who carry out their work in non-formalized commercial sectors and activities.

“The entire MSMEs sector constitutes a fundamental sector for the national economy, not only because it is a secure source of income and because of the thousands of jobs they generate, but also because of the immense potential they have to boost the economy,” said the leader.

He also added that this sector represents 79.5% of microenterprises, 16% of small ones, and almost 3% of medium-sized companies.

“As President of the Republic, I feel extremely committed to strengthening MSMEs throughout the country. Its contribution to the economy is essential. And for that reason it is very important that the State pay full attention to any initiative that supports and helps this sector, ”argued President Abinader.

Speaking a few words, the executive director for the Dominican Republic of CABEI, Hostos Risik said that this financial institution has made available up to 650 million dollars destined to finance structured operations of eligible countries that contribute to economic reactivation through the use of different financial products

Meanwhile, Juan Francisco Banegas, president of CABEI-Solidarios and the Council of American Foundations for Development, said that microentrepreneurs are an engine that drives economies and reduces poverty levels in the region, which is one of the sustainable development goals of the United Nations, and later, financial inclusion.

“All of them represent millions of microentrepreneurs in the region who have shown resilience in these times of pandemic, hurricanes and tropical storms, especially in Central America, and a new crisis in international trade, the container crisis, which is affecting globally , triggering inflation levels, ”said Banegas.

Likewise, the executive president of CABEI, Dante Mossi assessed the country’s conditions to invest and assured that the resources have been used in a very timely manner and that the institution he represents works on the train from Santo Domingo to Santiago, in the feasibility study of the Port of Haina and the strengthening of the City Council of the National District.

He added that this year the country will receive a million dollars in non-reimbursable cooperation that will be used for the people affected by Storm Laura and a cooperation to equip the INCART oncology unit.

Special recognitions

During the ceremony, the president of the Dominican Association for the Development of Women, Mercedes Canalda, as well as Mr. Rafael Correa, were recognized with special recognitions.

In the same vein, the ADOPEM Savings and Credit Bank with the Award for Institutional Management of Financial Inclusion.

Awards by categories

The categories awarded in the CABEI-Solidarity Awards for Microenterprise were resilient entrepreneur, artisan creativity, agricultural development, digital innovation, environment, young entrepreneur, family micro-business and award for the micro-business of the year.

CABEI-SOLIDARIOS Awards for Microenterprise

The award reinforces the commitment to business development, especially in the hands of the young and disadvantaged population, as well as serving as a stage to highlight the contributions that microentrepreneurs make to the world economy.

The awards have emphasized financial education geared toward retirement or retirement planning, and business management.

The program received 181 proposals from nominees by 17 microfinance institutions located in 5 countries in the Latin American region.

During the activity, they were present, Víctor Ito Bisonó, Minister of Industry, Commerce and Mipymes; María José Martínez, Vice Minister of Public Credit of the Treasury; Marina Ortiz, director of FONDOMICRO; Jorge Morales, the Vice Minister of Promotion of MSMEs of the Ministry of Industry and Commerce; Jatnna Tavárez, president of Jatnna productions and UNICEF ambassador in the country and Carolina Ramos, adviser to the Central Bank’s government.

Likewise, María Isabel Pérez, the president of the Fundación Reservas del País; Raúl Rizik Yeb, Executive President of the Mejía Arcalá Group and the Technical Vice Minister of Planning and Development, Addys Then.

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