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The European Investment Bank lends Dominican Republic US$100M

Santo Domingo.- The European Investment Bank (EIB) on Friday announced a US$100.0 million loan to the Dominican Republic to promote development in various areas, but didn’t provide further details.

The EIB also announced a US$10.0 million donation to improve Santo Domingo´s power grids, and that it will open an office in the country to provide services to the entire Caribbean region.

In a National Palace press conference after meeting with president Danilo Medina, EIB vice president Pim Van Ballekom said future investments include the areas of health, electricity sector and a natural gas plant in Manzanillo, among others.

According to the banker the EIB has over 80 billion euros, more than 7,200 billion for development projects in the Caribbean and Africa, of which Dominican Republic has access to 27%.

He called Dominican Republic´s conditions for foreign investment “excellent,” citing economic stability and growth, noting that its over 7% expansion makes it the America´s fastest-growing country.

The loan signed at the Finance Ministry Friday morning has a 4% rate, said EIB representative in Dominican Republic, Rene Perez.

Van Ballekom said he met with Finance Minister Simon Lizardo, and agreed to channel the funds to the energy sector and considered expand EIB´s support with a range of investments through local financial institutions, so it reaches key sectors such as tourism.

Source: DT

Nov 6, 2015

Category: DR News |

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Last updated October 24, 2016 at 6:05 PM
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