The Ministry of Hacienda has borrowed US$50 million from the European Investment Bank (EIB) for mitigation of disasters in the north of the Dominican Republic. The European Union will complement the loan with a US$19.6 million donation. Hacienda Minister Donald Guerrero Ortiz and Emma Navarro, vice president of the European Investment Bank signed the loan agreement.
The 20-year loan has a grace period of five years and interest is 4.20%. The loan can be used to build 1,000 housing and rehabilitate 55 km of roads. The funds are targeted for the reconstruction of houses affected by intense flooding caused by hurricanes Matthew and Maria in 2016 and 2017.
The Ministry of Public Works (MOPC) and the National Housing Institute (INVI) will carry out the disaster mitigation works in the northern provinces of Montecristi, Puerto Plata, Espaillat and Duarte.
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El Nuevo Diario
29 July 2019