Growth and Impact: Banreservas Leads Dominican Republic Economic Expansion

In recent years, the Dominican Republic has emerged as an economic powerhouse in Latin America. As one of the fastest-growing economies in the Caribbean, the country, under the leadership of President Luis Abinader, achieved a 5% GDP growth rate in 2024, far surpassing that of other Caribbean countries. With an eye on reducing public debt, containing inflation, and scaling imports, the Dominican Republic is experiencing a favorable economic evolution.

It’s not just luck or prudent leadership that has brought such good fortune to the island nation. Under Abinader’s leadership, and with the financial guidance of Banreservas — the Dominican Republic’s largest state-owned bank and financial institution — a series of deliberate, well-targeted investments in core areas, such as tourism and manufacturing, have resulted in a robust economy.

Public service and strong leadership

Banreservas has been a quiet but formidable force for positive change within the Dominican Republic in the past five years. As a state-owned bank, its leadership is appointed by President Abinader. The bank’s current president, Samuel Pereyra, is a public servant through and through. With an inclusive approach and a steady focus on responsible growth, Pereyra has played a significant role in the Dominican Republic’s impressive economic progress.

Under the leadership of Pereyra, the bank’s paid-in capital grew from RD$10 billion in 2020 to RD$76 billion in 2024, marking the largest capital increase in Banreservas' history and making it the first Dominican bank to surpass RD$1 trillion in assets. These achievements gain more relevance when considering that, following the 2023 changes to the laws governing this state bank, Banreservas began operating, for the first time in its history, under the same standards as private banks.

Bolstering tourism in the Dominican Republic

The main engine of Dominican prosperity has been tourism. A well-known tourist destination for travelers seeking sun and sandy beaches, tourism accounts for 16.1% of the nation’s GDP. In 2024 alone, the island welcomed 9 million tourists and received $20.5 billion in direct contributions to the tourism sector.

Banreservas has been the principal financier behind the country’s most ambitious tourism projects, including new hotels, cruise ports, and destinations aimed at enticing more visitors to the island. The bank currently holds over 40% of all tourism sector credit, outpacing its private competitors and making it a key driver of the Dominican Republic’s tourism push.

Supporting industry, large and small

However, tourism is not the only area in which Banreservas is having a nationwide impact. The bank’s current administration recognizes that to continue the Dominican Republic’s upward trajectory, the bank needs to invest in a strong entrepreneurial ecosystem.The bank has disbursed RD$223 billion in loans to small and medium-sized businesses over the last five years. The faith that Banreservas is placing in micro, small, and medium-sized enterprises (MSMEs) is helping those businesses weather economic downturns, foster innovation, and generate jobs for the people who live on the island.

Banreservas is also interested in bolstering manufacturing in the Dominican Republic, having grown its loan portfolio from RD$20.47 billion in 2020 to RD$31.97 billion in 2024. This investment approach has enabled job growth, particularly in rural areas, increased food security for residents, and a robust national supply chain.

Inclusivity and accessibility in banking

While supporting the tourism sector of the Dominican Republic is integral to the nation’s economic growth, Banreservas is also behind initiatives to bring modern banking options to the island nation’s residents. The bank experienced impressive growth in housing and small business loan placements.

One of Pereyra’s leading causes as president of Banreservas has been a push for financial inclusion. In the past five years, Banreservas has brought over 900,000 Dominicans into the financial system through initiatives and programs such as Bancarizar es Patria, a groundbreaking program in the Dominican Republic in which the bank goes directly into communities to help citizens open bank accounts by simply presenting their ID.

“That number represents economic opportunity,” Pereyra explains. “Not just for the Dominican Republic as a whole, but for individuals and families.”

Furthermore, this administration also provided the Dominican diaspora with access to the country’s banking system by opening representative offices in Madrid, Miami, and New York, becoming the first Dominican bank to achieve this milestone.

Award-winning support for national growth

The work of the Banreservas team, led by Pereyra, has not gone unnoticed. Sitting atop global financial rankings, Banreservas was named the #1 bank in the Dominican Republic and among the top five in the Caribbean and Central America by the World Finance Award.

Banreservas has also received other critical international recognitions from globally prestigious institutions, such as Global Finance, Latin Finance, and Euromoney, accumulating a total of 118 awards over the past five years. Additionally, The Banker magazine designated Banreservas as one of the world's top 1,000 banks.

The strategic leadership of President Luis Abinader, supported by Banreservas, has been instrumental in the Dominican Republic's remarkable economic growth over the past five years. With initiatives that promote financial and corporate responsibility and strong standards, Banreservas stands at the core of the Dominican Republic’s economic success story.

As the nation continues to make headlines as an economic force to be reckoned with, Pereyra states that “Banreservas will continue to work under a mission of responsible growth, resilience for the people of the Dominican Republic, and a belief that an incredible future is possible.”