NewsWhore
09-01-2010, 03:40 PM
President Leonel Fernandez sent the Senate two amendments to the construction and financial contracts for the 70-km Coral Expressway that is linking La Romana and Punta Cana destinations. The loans are submitted after the cost of the project was increased from US$272.2 million to US$360.7 million. The first cost estimate for the project was US$255 million, according to Hoy.
According to the Diario Libre, one of the amendments increases the completion deadline from 24 months to 32 months. The other amendment or addendum to the contract was agreed upon in the interest of spreading payments. The addendum takes into consideration the difficulties in accessing funding from international capital markets at interest rates that are favorable to the Dominican government.
The letter from the President explains that for this purpose a modification to article 7.1.3 is submitted to Congress. It establishes that as a form of payment, besides the Certificates of Recognition of Payment of Investments (CRPIs), the state will make direct payments to the construction company, with funds from the National Budget and/or financial entities or any other financial mechanism or convenient payment. The modification also says that the execution of the four-lane project will be in a single phase. This will consist of the construction of the stretch that connects La Romana to Punta Cana, starting at the end of the La Romana Beltway and going to the traffic circle in Cap Cana and the Punta Cana International Airport. The project also covers tollbooths and other related constructions.
More... (http://www.dr1.com/index.html#1)
According to the Diario Libre, one of the amendments increases the completion deadline from 24 months to 32 months. The other amendment or addendum to the contract was agreed upon in the interest of spreading payments. The addendum takes into consideration the difficulties in accessing funding from international capital markets at interest rates that are favorable to the Dominican government.
The letter from the President explains that for this purpose a modification to article 7.1.3 is submitted to Congress. It establishes that as a form of payment, besides the Certificates of Recognition of Payment of Investments (CRPIs), the state will make direct payments to the construction company, with funds from the National Budget and/or financial entities or any other financial mechanism or convenient payment. The modification also says that the execution of the four-lane project will be in a single phase. This will consist of the construction of the stretch that connects La Romana to Punta Cana, starting at the end of the La Romana Beltway and going to the traffic circle in Cap Cana and the Punta Cana International Airport. The project also covers tollbooths and other related constructions.
More... (http://www.dr1.com/index.html#1)