EIB and ADOPEM Unveil €15M for Dominican Entrepreneurs and Sargassum Solutions

EIB President Nadia Calviño highlighted the importance of strengthening financial access for entrepreneurs and small businesses, particularly women who face difficulties securing suitable business financing.

The Dominican Republic is set to receive €15 million in financing through a partnership between the European Investment Bank Group (EIB Group) and Banco de Ahorro y Crédito ADOPEM, supporting small businesses and entrepreneurs facing difficulties accessing credit. The financing package will help businesses with fewer than ten employees expand their operations, improve productivity and develop new economic opportunities across several important sectors. At least half of the funding will support women entrepreneurs, strengthening financial inclusion and helping women-owned businesses contribute more effectively to the country's economic development.

The agreement, announced during the Ibero-American Summit in Madrid, includes €10.5 million for small enterprises operating in manufacturing, transport, agriculture, healthcare and other service industries. An additional €4.5 million will support businesses involved in managing sargassum, a type of seaweed whose large-scale accumulation along Caribbean coastlines has created environmental and economic challenges. The initiative will encourage businesses to collect, transport and safely store sargassum, creating opportunities to process the material into products such as fertilisers, cosmetics and biomass.

The financing is backed by a European Union budgetary guarantee under the European Fund for Sustainable Development Plus (EFSD+), helping expand investment opportunities for smaller businesses in the Dominican Republic. The partnership combines affordable business financing with environmental solutions, supporting entrepreneurs who can create jobs and generate income in communities affected by recurring sargassum arrivals. Both financing agreements remain subject to approval by the Superintendency of Banks of the Dominican Republic before their implementation can proceed.

€10.5 Million Financing to Support Small Businesses and Women Entrepreneurs

The largest portion of the financing package, worth €10.5 million, will support microenterprises and small businesses seeking capital to expand production, improve services and strengthen their competitiveness. Businesses owned or managed by women will receive particular attention, reflecting the programme's commitment to reducing financial barriers and expanding economic opportunities for women entrepreneurs. Improved access to credit could help smaller enterprises purchase equipment, invest in business development and create employment opportunities across different communities.

EIB President Nadia Calviño highlighted the importance of strengthening financial access for entrepreneurs and small businesses, particularly women who face difficulties securing suitable business financing. She explained that the partnership would also help entrepreneurs develop commercially viable activities related to sargassum management, turning an environmental challenge into an opportunity for local economic development. The €10.5 million agreement was signed on 4 November 2026 in Madrid during the Ibero-American Summit, extending cooperation between the EIB and ADOPEM.

Sargassum Management Could Create Jobs and New Business Opportunities

Sargassum accumulation has become a recurring problem across Caribbean coastal communities, affecting tourism activities, fishing operations, marine ecosystems and businesses dependent on healthy beach environments. The €4.5 million financing component will support small enterprises involved in collecting, transporting, drying and safely storing sargassum, creating opportunities to develop commercially useful products from the collected material. Responsible management practices will be essential because improper handling and processing can create health, safety and environmental risks for workers and surrounding communities.

The investment supports the European Union's Global Gateway flagship initiative, "Turning the Tide: Sustainable Practices and Economic Opportunities for Sargassum Value Chain Development in the Caribbean Basin." The regional programme brings together Caribbean governments, development finance institutions, researchers and private businesses to develop sustainable solutions and strengthen economic opportunities associated with sargassum management. It supports a broader regional ambition to collect 660,000 tonnes of sargassum by 2027, including 150,000 tonnes in the Dominican Republic, and develop commercially viable uses for the collected biomass.

Banco ADOPEM Executive President Mercedes Canalda de Beras-Goico emphasised that the partnership would help local businesses respond responsibly to sargassum-related challenges and develop new income opportunities in coastal areas. She highlighted the importance of combining financing with practical knowledge so entrepreneurs can expand their activities and participate in emerging business opportunities. The initiative could support employment in collection, transportation, processing and related services, providing additional economic opportunities for communities affected by sargassum accumulation.

EU Technical Assistance to Strengthen Sustainable Business Development

The €4.5 million sargassum financing component was announced alongside €1.1 million in technical assistance on 2 October 2026 in Cancún, Mexico, during the fourth EU-Caribbean Global Gateway Conference on Sargassum. Funded by EU Member States through the ACP Trust Fund and managed by EIB Advisory, the technical assistance will help ADOPEM and participating businesses identify financially viable projects and develop suitable financing solutions. It will also support stronger environmental standards and responsible business practices, helping companies manage sargassum safely and explore sustainable commercial opportunities.

The technical assistance will draw on findings from an EIB-commissioned study examining the sargassum value chain, financed by Luxembourg through the Financial Inclusion Fund. Presented to Dominican institutions supporting entrepreneurs and smaller businesses in June 2025, the study provides information to help identify opportunities and challenges associated with commercial sargassum activities. Together, the financing and technical assistance form a Team Europe package intended to strengthen climate resilience, support financial inclusion and develop a sustainable sargassum industry.

The new agreement builds on a partnership between the EIB and ADOPEM that began in 2006, combining their experience in supporting smaller businesses with efforts to expand opportunities for underserved entrepreneurs. By directing financing toward women-owned businesses and enterprises addressing coastal environmental challenges, the programme could strengthen local economies and encourage sustainable business development. The initiative represents an opportunity for the Dominican Republic to expand financial inclusion, create employment and develop practical economic responses to one of the Caribbean's growing environmental challenges.