Tegucigalpa, November 17, 2020.- From 2007 to date, the Central American Bank for Economic Integration (CABEI) has contributed to enhance the high quality of lifetime of households in the Dominican Republic with the approval of financing for a complete quantity of US$783.8 million directed to the public and personal sectors of the nation.
Through the execution of those initiatives greater than 6 million individuals have been immediately benefited in the areas of affect of the tasks, in addition to the finish customers of street tasks financed by CABEI.
Currently, in credit score issues for the Dominican Republic, the financing of US$249.6 million for the building of the Montegrande Phase III Multipurpose Dam stands out, in addition to the approval of a worldwide line of credit score of US$100.0 million for the Banco Popular and US$100.0 million for the Banco de Reservas, the building of a fuel pipeline with a mortgage of US$54.0 to the firm AES Dominicana, in addition to its contributions towards the COVID-19 Pandemic.
CABEI’s President, Dante Mossi, said that: “the realization of the Montegrande Multipurpose Dam project includes the development of a population center to provide the inhabitants with decent housing and sufficient space for the production of agricultural products for the families that will be relocated during the construction of the project”.
The Montegrande Phase III Multipurpose Dam Project is located in the province of Barahona, on the border with the province of Azua, on the Yaque del Sur River. As of September 2020, the construction of the dam shows a physical progress of 54.6% and the population center registers a physical progress of 70.72%. As of August 31st, US$180.68 million has been disbursed to this project that will have a great impact on the southwestern region of the Dominican Republic.
The project will bring multiple benefits to the Dominican population, including the generation of direct and indirect jobs, flood control in the area and the increase of available water for drinking and irrigation. The dam will serve to supply water to the existing Barahona-Bahoruco-Independencia Regional Aqueduct drinking water plant and distribution network, which provides drinking water to 51 communities in the area. It will also increase the water available for irrigation of the different agricultural activities in the sector where the work is being carried out, which will result in 26,588.77 hectares benefiting from irrigation channels, and in later stages develop aquaculture and tourism activities.
To counteract the Pandemic, the Bank approved US$2.1 million in non-reimbursable financial cooperation to SICA member states, with the Dominican Republic as one of the beneficiary countries.
As a result of this cooperation, the multilateral organization delivered to the country, 26 thousand tests for early detection of the virus at the beginning of the pandemic, 21,504 extraction units ExiPrepTM96 Viral DNA/RNA and an automated extraction equipment for testing the disease.
Initiatives and completed projects
In terms of infrastructure projects, CABEI in the Dominican Republic financed four main projects in both the public and private sectors that had a great impact on families:
- Palomino Hydroelectric Project, with a clean and renewable energy generation capacity of 80 Megawatts, is located in the Province of San Juan. For its execution the Bank destined the financing for a total amount of US$ 130.0 million.
- Coral Highway Project, consisted in the construction of a 70 km long road, composed of 4 lanes. A financing of US$ 70.0 million was allocated for the works.
- The Improvement and Expansion Execution Program of the Eastern Road Corridor allowed specifically for the road sections: San Pedro de Macorís-La Romana Section, Circunvalación de La Romana Section and Bulevar Turístico del Este Section, which add up to 78 kilometers in length a better road infrastructure in the country.
- Construction of a 50 kilometer gas pipeline in San Pedro de Macoris, loan in favor of the Dominican company AES for a total amount of US$54.00 million
This Wednesday, November 18, the virtual meeting “Business and Investment Opportunities for the Private Sector of the Dominican Republic” might be held, with the goal of figuring out enterprise and funding alternatives for the nation.
Through the convention, CABEI and its native administration will search to establish funding alternatives, clarify the support offered to date to the present Government and study the diversification of the mortgage portfolio with the goal of contributing to the development of the nation.