He Dominican Popular Bank reported that the number of loans granted by its portfolio of green finance “echo” increased by 21% in the last year, with a total portfolio that closed in May 2023 above RD$12,571 million.
The announcement was made in the framework of the celebration of the world environment dayon June 5.
In this way, the portfolio of green products “Hazte Eco”, the largest in the financial sector and a pioneer in this area, it consolidates its sustained growth with multiple financing solutions for families and companies. This demonstrates the growing interest of the population in changing towards more ecofriendlyfinding in “Hazte Eco” a financial offer that allows you to channel this objective of caring for the environment.
In particular, the amount of total financing to acquire hybrid and electric vehicles amounted to RD$989 million in May 2023. Meanwhile, Eco loans for home renovations and purchase of efficient appliances and loans for photovoltaic installations reached RD$856 million in the same period.
Since its launch in November of last year, the Extrahogar Eco and ExtraEco revolving loans and the HipotEco mortgage loan have grown 125%.
Green Leasing and renewable energy financing
In its eco-efficient offer for companies and professionals, “Hazte Eco” also has Green Leasing, a leasing contract through which customers can also finance the purchase of solar panels and hybrid and electric vehicles, with tax advantages, since they obtain tax savings by offsetting the ITBIS of the purchase.
This financing agreement establishes in advance a residual value of the asset. Through the payment of monthly installments, the client acquires this asset, conserving its working capital.
Until May 2023, the Green Leasing adds financing for RD$442 million, with solar panels being the most financed assets under this modality, with a global amount of RD$200 million, followed by hybrid and electric vehicles with RD$182 million and, finally, electrical equipment with RD$60 million .
At the business level, “Get Eco” also helps boost the generation of renewable energy in the country, creating large-scale business opportunities, since Banco Popular is the main financier and guarantee agent in six photovoltaic, wind or biomass parks in the country, with a portfolio that currently stands at US$188 million.
In addition, the financial institution supports investment in renewable energy projects by acting as guarantee agent, guarding and currently managing assets valued at approximately US$130 million.
In addition to green products and services, Hazte Eco summarizes the different environmental sustainability and eco-efficiency actions that the financial organization is in progress within Banco Popular and that includes its institutional response to reduce the carbon footprint in the country and face the challenges imposed by the climate crisis.
This sustainable vision of the financial organization responds to its model of responsible banking and earned it recognition in 2021 by the National Council for Private Enterprise (Conep) and the United Nations Development Program (UNDP) as a Promising Practice for positively impacting the country at an economic, social and environmental level, contributing to it to the achievement of the Sustainable Development Goals.