Senate approves loans

[NewsWhore]

The Senate has approved seven loans for US$554 million. Senators also voted to extend the First Ordinary Legislature, which ends on 27 May, by 60 days. Senate president Reinaldo Pared Perez said that most of the loans will be directed at the energy sector and revealed that many of the loans are not new, as they were included in the 2009 national budget. One of the loans includes US$50 million financing for construction of the Palomino hydroelectric plant, as well as a US$40 million loan from the Inter-American Development Bank (IDB), which will be used for developing the energy distribution network.

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