Recent developments highlight transformative progress within the financial and energy sectors of the Dominican Republic, showing both the government's dedication to modernization and the potential for future economic stability.
At the forefront are the state electrical company, Egehid, and international engineering consortia eagerly eyeing opportunities. Following recent bidding announcements, three companies—Consorcio Internacional Hidroeléctrica (a partnership between Qanat Ingeniería and Ingenieros, Inegtral), and Studio Pietrangeli—have submitted proposals to conduct studies required for rehabilitating the nation’s hydroelectric facilities.
These studies will play pivotal roles as the Dominican Republic strives to maintain and expand its energy infrastructure, which consists of 27 dams, seven run-of-river plants, and three diversion dams with combined generation capacity totaling 624 MW, accounting for 11% of the national grid's installed capacity.
Simultaneously, Egehid has called for tender proposals to assess hydroelectric power potential for several projects across the country. This endeavor emphasizes the importance of sustainable energy developments, enhancing reliability and capacity for future growth.
Transitioning from energy resources to financial services, another sector experiencing parallel growth is the banking industry, particularly the Banco de Reservas. Under the leadership of Samuel Pereyra, this institution has positioned itself as not just a key player within domestic finance but also as a cornerstone for social development initiatives.
Pereyra, who graduated from the Pontificia Universidad Católica Madre y Maestra and holds specializations from Paris's Panthéon-Assas University, has led Banreservas to achieve unprecedented milestones. "Banreservas ha alcanzado hitos sin precedentes en el sistema financiero dominicano," he stated, citing 2024 figures indicating assets have surged to over one trillion pesos (approximately $18 billion), marking 7.8% growth from the previous year.
Crucially, the bank has been instrumental in financing the tourism sector, ramping from 22.3 billion pesos ($400 million) to 54.3 billion pesos ($980 million) between 2020 and 2024. These funds have facilitated development including over 3,100 hotel rooms, the construction of two cruise ship terminals, and support for internationally recognized parks.
Further demonstrating its importance, Banreservas has established representation offices across New York, Miami, and Madrid, directly catering to the Dominican diaspora. This strategic move allows the bank to replicate all domestic services abroad, streamlining processes like remittances and mortgage financing for expat communities.
Pereyra's sentiments were echoed as he explained the impact of the New York office, which, since its opening, has served over 20,000 clients and processed 660 mortgage loan applications valued at over 3.1 billion pesos ($55 million). The office's activity showcases the trust and engagement of Dominicans living overseas with their home institution.
Beyond traditional banking, Banreservas has implemented several financial literacy initiatives, such as 'Bancarizar es Patria', promoting financial inclusion across diverse communities. From its inception to mid-2024, the initiative has opened over 5,400 savings accounts, benefiting around 7,000 individuals.
These workshops equip individuals with necessary financial tools, complementing the bank's current program for educating children and youths about financial management, ensuring expertise is available for future generations.
Pereyra highlighted Banreservas' compliance with the United Nations Global Compact since 2017, which emphasizes ethical standards concerning environmental and human rights practices. One of their flagship programs includes ‘Banreservas Accesible’, aimed at helping people with disabilities perform transactions independently.
Fostering the growth of social enterprises under 'Coopera Banreservas', the bank has trained over 11,205 individuals through workshops, impacting 472 unique projects. This commitment extends to 'CREE Banreservas', which supports entrepreneurs through project evaluations and offers over 62 million pesos ($1.1 million) for innovative ideas.
Through programs like 'Preserva', Banreservas has conducted financial education workshops benefitting over 330,000 participants, establishing itself as not just financially viable but also socially responsible.
On the cultural front, Banreservas continues to support Dominican heritage through the Centro Cultural Banreservas, promoting literature, arts, and music within the nation. Recently launched, the 'Descubre RD Virtual' initiative employs virtual reality to engage visitors with the country’s cultural history.
Looking forward, President Pereyra reaffirmed his aim for Banreservas to be recognized as the most innovative and sustainable financial institution within the region. His vision includes maintaining the bank's role as a significant contributor to economic growth by focusing on inclusion and developing key sectors like tourism and micro, small, and medium-sized enterprises (Mipymes).
Pereyra's commitment aims to solidify the bank's future, promising to leave behind a legacy of accessibility, support, and innovation for all Dominicans, regardless of their location.