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Dominican Government pulls US$543.5M from pension fund for roads

Santo Domingo.- The Risk Classification and Investment Restrictions Commission on Thursday revealed the approval of up to RD$25.0 billion (US$543.5 million)from the pension fund in the program to Operate, Maintain and Expand Dominican Republic’s Main Road Network (Red Vial) as an alternative investment.

The Commission’s decision published Sept. 27 and signed by the Central Bank and the superintendents of Pensions (Sipen), Banks, Insurance, Securities and a technician representing the Affiliates notes that the decision is based on Dominican Social Security System (SDSS) Law 87-01 and is set to take effect Tuesday

It said the Securities Superintendence approved the preliminary issue of the RD$25.0 billion on Sept. 26.

The Commission said Banreservas Trust represented Red Vial in the process.

“The road network is the first public trust created by the Dominican State in the administration of president Danilo Medina, through Indenture number 1 signed on October 18, 2013, between the Dominican State, represented by the Public Works Ministry and Banreservas Trust.

Source: DT

Oct 1, 2016

Category: DR News |

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Last updated December 5, 2016 at 9:13 AM
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