The Chamber of Deputies approved US$625 million in loans for the Executive Branch during the session of Wednesday, 23 October 2024. The use of the funds is contemplated in the 2025 National Budget.
The funds will be allocated to various government initiatives, primarily focused on addressing climate change and improving the nation’s electrical grid.
The approved loans are:
• US$300 million from the Inter-American Development Bank (IDB): Contract No. 5806/OC-DR was signed on 12 December 2023 and will be used for the Climate Action Program for Sustainable Economic Growth.
• US$100 million from the French Development Agency (AFD): Credit agreement CDO 1107 01 k had been signed on 30 April 2024 and will provide budgetary support for the Climate Action Program for Sustainable Economic Growth.
• US$225 million from the International Bank for Reconstruction and Development (IBRD): Under Contract No. 9624-DO, signed on 20 May 2024, these funds will be used to upgrade medium and low-voltage networks and standardize customer connections for the national electricity distribution companies (Edes). The loan funds are allocated to the Edesur, Edeeste, and Edenorte, the electricity distribution companies serving the southern, eastern, and northern regions of the Dominican Republic, respectively.
The loans met with the rejection of the opposition political parties. The ruling Modern Revolutionary Party (PRM) is majority in both the Senate and the Chamber of Deputies and thus can unilaterally pass any initiative from the Presidency.
Read more in Spanish:
Listin Diario
Hoy
24 October 2024