FDD holds annual micro-business entrepreneur awards and presents new board for 2022-2023

• The Dominican Development Foundation (FDD) honoured the year’s outstanding micro-entrepreneurs and elected its new board for 2022-2023.

Santo Domingo, D.N. TheDominican Development Foundation (FDD) held its annual awards for outstanding micro-business entrepreneurs as part of its 55th assembly, at which the members of the institution’s Board of Directors for 2022-2023 were elected.

The keynote speech was given by Amelia Reyes Mora, the outgoing president, whose report presented members with the strategies implemented during 2021, a year of business recovery and transformation. “Our credit programmes focused on the commercial recovery of the borrowers we supported, addressing their immediate needs, new projects, changes and adaptation in business activity, business resilience and innovative investments.”

Reyes Mora, the third woman to hold the FDD presidency, added: “During our time chairing the Board, we experienced great challenges and satisfactions. Remarkably, we had the FDD’s best year, 2019, with the best results in twenty-five years; by contrast, we also went through the saddest year for the institution, 2020.” Micro-businesses were disproportionately affected by the pandemic. Many experts feared microfinance institutions would collapse. However, the efforts of a team that worked tirelessly and the resilience of our clients showed it was possible to come through successfully.”

The group of business leaders who will continue to serve on the Foundation’s board for 2022-2023 is made up of: María Virginia Elmúdesi, president; Ramón Franco Thomen, vice-president; Susana Reid, secretary; Jean Paul Quiroz, treasurer; María Del Carmen Ramos, deputy secretary; María Del Pilar Cañas, deputy treasurer; and Carlos J. Camilo, Robinson Bou, Lil Esteva, Tomás Martínez Peguero and Eduard Gottschalk, board members.

On taking over the presidency of the FDD, María Virginia Elmúdesi said it is a privilege and a challenge for the new Board to keep driving the institution’s commitment. “The pillars of our leadership will be ensuring long-term sustainability, being competitive in order to serve clients effectively, and sound environmental management. We will also continue carrying out joint projects with institutions whose mission is to bring about positive change in our country, and we will keep promoting education and social support,” she said.

The FDD board reiterates its commitment to the country’s development thanks to the support of socially minded professionals and business people who donate their time and financial resources to offer more than a million low-income Dominicans, excluded from the traditional financial system, the opportunity to progress and lead a dignified life.

During the ceremony, Ms Keyla López was honoured as woman entrepreneur and Mr Ramón Mayí as outstanding entrepreneur of the year, both selected for their strong performance and for being examples of economic self-fulfilment through their businesses, which generate economic growth and jobs, making them an important part of our country’s development.

The FDD Board of Directors honoured outgoing president Amelia Reyes Mora for her valuable contributions as a member of the institution for 14 years and her role as president from 2018 to 2022.

Pedro O. Gamundi, a member of the council of past presidents, and María Virginia Elmúdesi, the FDD’s new president, presented Amelia Reyes Mora with a plaque highlighting her leadership, knowledge, dedication and unconditional commitment of time to the development and progress of thousands of Dominicans.

The event closed with a cocktail reception where business people, members of the press, award winners and members of the organisation came together to celebrate more than five decades of history.

Portfolio figures:

The FDD closed 2021 with 15,088 clients and a gross portfolio of RD$393.6 million, an increase of 28.31% compared with 2020. In line with our policy of portfolio growth based on social responsibility, we strive to meet our clients’ needs while avoiding over-indebtedness. 59.84% of loans went to women and 44.43% went to rural areas.

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