The Dominican Republic will sign today in Washington D.C., a US$117 million loan agreement with the Inter-American Development Bank (IDB). The loan is intended to help the DR resolve problems caused by, and reconstruct areas destroyed by, Hurricane Georges. The 25-year loan features a two-year grace period and a commitment by the DR government to add its own $12 million to the program foreseen by the loan. Signing for the DR will be Temístocles Montás, Technical Secretary of the Presidency, and for the IDB Enrique Iglesias, IDB President. US$20.3 million of the loan is earmarked for restoring high-tension electrical lines in the East and for the fixing of water treatment plants and urban aqueducts affected by the hurricane. US$30 million is allotted to help rebuild low-income communities. US$30 million is intended to help fight poverty generally through measures such as provision of essential medicines and children’s health measures. US$3.8 million is slotted for "fortifying national planning and prevention", a chapter that covers forest recuperation and fixing ecotourism infrastructure. The loan contract establishes that goods and services to be procured in the execution of the loan must be subjected to transparent international bidding. These include US$3 million for infrastructure, US$300,000 for goods and US$200,000 for consulting services.
