NewsWhore
06-23-2008, 04:30 PM
The Organization of Petroleum Exporting Countries (OPEC) has loaned the Dominican Republic US$35 million for three major projects, and the Inter-American Development Bank (IDB) is providing a further US$40 million for a series of projects. According to El Nuevo Diario, the funds are for highway construction, the construction of aqueducts and water treatment plants in the main tourist areas and for rural development along the frontier with Haiti. The Minister of Hacienda, Vicente Bengoa, signed the loan agreements for the Dominican Republic, and Suleiman Jasir Al-Herbish signed on behalf of OPEC. The "soft" loans include US$30 million to repair and construct the nation's highways, and to help the DR fix the damages caused by Tropical Storms Noel and Olga. Bengoa said that the US$40 million from the IDB would go towards rural development and better roads. A US$5 million package was focused on developing aqueducts and water treatment facilities in the Dominican Republic's main areas. The loans carry a 3.75% interest, a five-year grace period and a twenty-year loan period.
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