US$90 million IDB loan for Colonial City
The Ministry of Hacienda announced the signing of the US$90 million loan with the InterAmerican Development Bank for the second phase of Santo Domingo’s Colonial City urban renewal project. The loan still requires congressional approval prior to its implementation.
The Ministry of Hacienda said that the works will be implemented by the Ministry of Tourism with the technical support of the National District City Government (ADN) and the Ministry of Culture. The first phase was the exclusive responsibility of the Ministry of Tourism.
The US$90 million project contemplates US$49 million will be invested in improvements to public spaces and historic monuments, such as the San Francisco Monastery, the Columbus Alcazar, the Royal Houses Museum (Museo de Casas Reales), the Fortaleza de Santo Domingo and the Santo Domingo Cathedral museum, among others. The loan will also be used to improve parking and lighting in the Colonial City.
A first US$30 million loan has been implemented with works completed in the core area known as the Ciudad Ovandina. The works were completed in 2017. Miguel Coronado, local representative of the IDB said that the first phase resulted in an increase in visitors of around 67% from 410,000 in 2010 to 682,000 in 2017. Hotel occupancy increased from 55% in 2014 to 74% in 2016. Tourist spending is up from US$88 in 2017 to US$138 in 2019. The improvements in the area resulted in around US$100 million in business investments and an increase in cruise ship arrivals.
Source: DR1, Hacienda
May 5, 2019
Category: DR News |