In the 2020-2024 National Congress, the ruling Modern Revolutionary Party (PRM) is majority in both the Chamber of Deputies and the Senate. The PRM used its majority to pass foreign loans submitted by the Executive Branch. The Chamber of Deputies passed US$1.2 billion for six new loans. The loans have yet to pass in the Senate.
The Chamber of Deputies gave the yes vote to US$250 million to be used for the construction of Line 2C of the Santo Domingo Metro. This loan with the Central American Bank for Economic Integration (CABEI) had already passed in the Senate and thus will be available for use. The 2C metro line calls for constructing five stations along a 6 km stretch from Maria Montez station at Av. Luperon all the way north to Los Alcarrizos.
The Chamber of Deputies also voted in favor of a loan with the Central American Bank for Economic Integration (CABEI) for US$236,926,411 to be used for the financing of the “Project for the Construction of Complementary Works for Irrigation and Water Supply of the Montegrande Dam.” The loan will be executed by the National Institute of Hydraulic Resources (Indrhi) that is in charge of the dam construction. The Montegrande dam was begun in 2006.
A third loan signed by the Dominican Republic with the Japan International Cooperation Agency (Jica), on 28 December 2021, is for US$36 million to finance the “Improvement of Energy Efficiency in the Dominican Republic” program. This will be executed by the Ministry of Energy and Mines.
A fourth approved loan contracted with the Inter-American Development Bank (IDB) for US$70 million will be used to finance the “Sustainable Coastal Management” program to be executed by the Ministry of Tourism (Mitur).
The fifth loan was signed this July 2023 with the International Bank for Reconstruction and Development (IBRD) for US$250 million to finance the “Modernization Program for the Potable Water and Sanitation Sector,” to be executed by the Ministry of Economy, Planning and Development (Mepyd), in coordination with the National Institute of Potable Water and Sewerage (Inapa), the National Institute of Hydraulic Resources (Indrhi), the Santiago Aqueduct and Sewerage Corporation (Coraasan) and the La Vega Aqueduct and Sewerage Corporation (Coraavega).
The sixth approved loan corresponds to a contract signed 31 July 2023 with the International Bank for Reconstruction and Development (IBRD) for US$400 million to finance drafting development policies in support of the reform of the electricity sector for sustainable growth.
In total, the Chamber of Deputies approved six loans for a total amount of US$1,242,926,411 on 22 November 2023.
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Listin Diario
Diario Libre
23 November 2023