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Medina seeks US$71.9M loan for agro project in the south

Santo Domingo.- President Danilo Medina submitted to the Senate Thursday a US$71.9 million loan agreement to finance the Azua II-Pueblo Viejo (south) agricultural development project.

In the letter to Senate president Reinaldo Pared, the Head of State says the loan from Brazilian bank BNDES will also be used to recover the Azua II region’s irrigation system and continue to supply all goods and services needed to complete the agro project.

Medina’s missive says the loan’s rate will be the Brazil Central Bank’s Libor during 60 months, increasing at an annual 2.3 percent margin, remaining fixed until the contract expires.

The project, to be carried out by the Brazilian contractor Queiroz Galvao, S.A., aims to expand and modernize Azua valley’s irrigation system, repair severely damaged sections of the Ysura Canal toward the towns of Estebanía, Las Charcas and Hatillo, as well as the construction of 13 lagoons adjacent to Ysura’s system.

Source: DT

Category: DR News |

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Last updated October 24, 2016 at 6:05 PM
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