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| Finance - Dominican Senate Approves US$581 million in loans |
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Since October of 2006, the Senate has approved 13 International Loans to the Dominican Republic totaling US$581.75million, the loans are for various enterprises, for example an hydraulic project, the continuing Metro Construction, social programmes and with loans worth more than US$173.4 million are still pending.
This figure excludes the EUR238.4 million for the contracts to install the electrical and railway networks for the Santo Domingo Metro.
The first half of 2007 from January to June period also the Senate approved loans totaling US$375.6 million. Included in this period is the US$23 million from the South Korean Export and Import Bank for the automation of Customs Procedures, another loan is from the Brazilian Social and Economic Development Bank (BNDS) for the proposed Pinalito dam. BNDS have also authorized a loan for another 2 projects, first one being US$71.3million for the construction of an aqueduct in Samana and the second load worth US$81.3 million for the construction of an hydro-electrical energy plant with a 99MW capacity.
The last two contracts approved by the Senate are one for US$30 million from the BNP Paribas Bank of Brazil for the Palomino Plant and also coming from the Inter-American Development Bank (IDB) a loan of US$150 million for the social assistance program. Last year during October to December the Senate approved 8 further loans with a total value of US$206.2 million. Broken down this consists of US$10million from IDB for the first phase of the Labor Market and Social Transfer Project and another 3 loans of US$31.1, US$11.4 and also US$11.3 million with the Credit and Expansion Agency from France for equipping the No 1 Metro Line.
The electro-mechanical installations for the Metro will be financed by another country, Spain from the Spanish Credit and Export Agency in a succession of 4 loans worth a total of EUR109.5 million. |
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