Executive submits six loans for $285.6 million

[NewsWhore]

President Leonel Fernandez has sent six loan contracts to the Senate for approval. The contracts total US$285.6 million, which combined with another credit for US$300 million negotiated with the Inter-American Development Bank (IDB) which was sent to the Congress last week, add up to US$585.6 million. According to Diario Libre, two of the loans, for a total of US$75 million, were signed with Deutsche Bank and Sociedad Anonima Espanola, and will be used in the first stage of the construction of the Higuey-Bavaro aqueduct in the province of La Altagracia, a project that will be implemented by the National Water and Sewers Institute (INAPA). Two other contracts, one negotiated with Brazil's National Economic Development Bank (BNDES) for US$50.6 million and another with the Central American Economic Integration Bank for US$50 million, will be used to partially finance the Palomino hydroelectric project that is being implemented by the Dominican Corporation of State-owned Electricity Enterprises (CDEEE). Another loan underwritten by the IDB for US$60 million will be used in the Program of Support Policies to promote Production and Competitiveness under the aegis of the Ministry of Hacienda. The sixth loan is for US$40 million negotiated by the Dominican state also with the IDB for the project to revamp the CDEEE's electricity distribution network. The Executive Branch also submitted an agreement with Taiwan on volunteers from the Taiwanese International Development and Cooperation Fund.

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