Grupo Piñero, BID Invest and Banco Popular Dominicano Sign a Strategic Alliance for the Development and Growth of Tourism in the Dominican Republic and Jamaica

• The agreement has resulted in new sustainable financing of up to $200 million to boost inclusive and sustainable economic growth in tourism in the two Caribbean countries.

• Grupo Piñero will thus advance in the revitalisation of tourism in a sustainable way in its three aspects: economic, social and environmental.

• The presentation of this alliance was attended by the President of the Dominican Republic, Mr Luis Abinader, the Minister of Tourism, Mr David Collado, and Jamaica's Minister of Tourism, the Hon. Edmund Bartlett, as a sign of the support of both governments for the operation.

Madrid, 17 January 2022.- Grupo Piñero, a Spanish tourism company with more than 40 years of history, has presented at a press conference celebrated at Casa America, together with BID Invest and Banco Popular Dominicano, its strategic alliance for the inclusive and sustainable economic growth of tourism as an engine of development in the Dominican Republic and Jamaica. This agreement has resulted in new sustainable financing of up to $200 million.

As part of its ethical and transparent management model, the company is committed to establishing strategic alliances for sustainable development that are aligned with the United Nations' Sustainable Development Goals (SDGs) and 2030 Agenda, which allow us to move towards the future from a responsible present.

The alliance was announced at a function attended by Ms Encarna Piñero, CEO of Grupo Piñero, Ms Gema Sacristan, General Business Director of BID Invest, and Mr Christopher Paniagua, Executive President of Banco Popular Dominicano. 

Encarna Piñero, CEO of Grupo Piñero, said: “We are very proud to be able to announce this major milestone, the most important agreement of its kind in the Caribbean, together with two entities such as BID Invest and Banco Popular.” She added: "This agreement is undoubtedly a sign of the market's confidence in our solvency and excellent reputation in the countries where we are present, as well as our firm commitment to sustainable financing in business management.”

“"This deal demonstrates our institutional commitment to the sustainable development of Latin America and the Caribbean through tourism,” said Gema Sacristán, General Business Director of BID Invest. “We have joined forces with two strategic partners who share our vision of the importance of sustainable tourism in the region's green and inclusive recovery.”

For Christopher Paniagua, executive president of Banco Popular Dominicano, “Grupo Piñero is one of our major corporate clients in tourism, with whom we have maintained a commercial relationship for more than 20 years, managing its financial portfolio in our country.” He stated that “this alliance reinforces our commitment to sustainable tourism, because both organisations share the vision and purpose of promoting the social, environmental and economic development of our communities driven by tourism.” He added: “Banco Popular is the leading bank in financing the tourism sector in the Dominican Republic and the only financial institution in the Caribbean islands to sign the United Nations Principles for Responsible Banking, which allows us to align our business model with the attainment of the SDGs and the Paris Agreement on Climate Change.”

The event was also attended by H.E. Mr Luis Abinader, President of the Dominican Republic, together with the Minister of Tourism, Mr David Collado, as well as the Minister of Tourism of Jamaica, Hon. Edmund Bartlett.

With their presence, the institutional representation of the Dominican Republic and Jamaica highlights the support and collaboration of both governments to the operation, as well as backing the extensive presence of Grupo Piñero in these destinations. Grupo Piñero is the leading hotel chain in the Dominican Republic with 14 hotels and 7,000 rooms and has two hotels in Jamaica with close to 1,500 rooms.

Promoting Inclusive and Sustainable Tourism

With the financing obtained as a result of the strategic alliance with BID Invest and Banco Popular Dominicano, Grupo Piñero will advance in the revitalisation of tourism in a sustainable manner in its three aspects: economic, social and environmental.

In this sense, the financing will support the reopening and start-up of the company's establishments, as well as providing a boost in a period of recovery and growth.

On the economic front, the company will continue to promote its socially responsible investment plan through which it will renovate some emblematic assets or hotels with the aim of improving, through innovation, its products and services to offer better customer experiences.

From the social point of view, the recovery of activity will allow it to preserve employment and generate new jobs, and to continue investing in projects such as the training plan, the talent management plan or the healthy company programme, focusing on the company's main assets: its people.

Grupo Piñero will continue to work to promote the economic and social development of the destinations, supporting local suppliers and promoting actions and participation in social initiatives in line with the company's values.

In the environmental sphere, the company will make a significant investment in the Integral Coastal Management Plan, through which it plans and carries out sustainable management of the territory and natural resources where it is present. In addition, with the aim of making progress on its commitment to reduce its carbon footprint by 60% by 2030, it will invest in the energy efficiency plan and the sustainable mobility plan. It will also implement the circular economy strategic plan to optimise resource management and ensure zero dumping.

In parallel to the agreement, Grupo Piñero will be supported by BID Invest in a technical consultancy project for work within the framework of the Integral Coastal Management Plan. This collaboration will enable the company to design and implement measures and investments with the aim of contributing to curbing climate change. The project will be developed in Grupo Piñero's properties located in La Romana, Dominican Republic.