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Government forks out US$135M to nix 30-year road toll contract

Santo Domingo.- The Dominican government and the Colombian company Dominican Roads Concession (DOVICON) on Monday agreed to terminate the 30-year contract to manage the tolls on the Duarte-Puerto Plata and 6 de Noviembre (southern) highways, with a US$135 million compensation.

The details of the contract termination will reportedly be announced in the coming days and includes a US$124 million loan from the State-owned Reservas bank.

The previous administration headed by Leonel Fernández signed the contract with DOVICON, which in addition to the Duarte, called for repairs and maintenance of the country’s major northern and southern roads.

The company had agreed to spend US$400 million to recover at least US$3.7 billion in tolls.

The contract called for DOVICON to invest US$471.9 million to complete the work of design, of finance and to maintain the Southern and Duarte highways, while the contractor charged a toll of RD$50 in various new and current stations on both highways.

Source: DT

Category: DR News |

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Last updated October 26, 2016 at 10:54 PM
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