Dominican Republic receives US$6.3 million for sargassum projects

A US$6.3 million funding package has been established to support sargassum management and utilization projects in the Dominican Republic. The initiative aims to provide financial assistance and technical expertise to Dominican micro, small, and medium-sized enterprises (MSMEs) involved in the collection, transport, and safe storage of sargassum.

The funding is a collaborative effort between the European Investment Bank (EIB), the European Union (EU), and Banco Adopem. EIB Global will provide a US$5.1 million loan to Banco Adopem, backed by a guarantee from the European Commission’s European Fund for Sustainable Development Plus (EFSD+). This loan is intended to facilitate long-term credit for small businesses that typically face limited access to financing.

Additionally, the European Commission will provide US$1.2 million for technical assistance. This support, facilitated through Banco Adopem and other Dominican financial institutions, will help identify viable projects, develop tailored financing solutions, and strengthen technical knowledge regarding environmental safeguards and regulatory compliance.