The Senate passed ten more loan contracts yesterday, despite warnings from Senate President Ramon Alburquerque. He says that at the rate loans are being approved, the country could soon have to dedicate 40% of the National Budget to pay the foreign debt, up from 20% at present. US$131.5 million will finance the construction of four hydroelectric dams, the equipping of hospitals and the construction of bridges. With the exception of one loan from Citibank, all other loans were signed with the Fortis Bank of Belgium or the Banco Bilbao Vizcaya of Spain. The loan contracts stipulate they are for specific projects and thus tenders to achieve lower prices for the goods and services cannot be held. The breakdown of loans passed on Tuesday, 24 July, is as follows: US$30 million (Fortis Bank Belgium). Construction of small dams in San Juan de la Maguana, Maria Trinidad Sanchez, Peravia and Santiago. US$6 million for power substations in San Cristobal. US$27.5 million and US$4.8 million (Banco Bilbao Vizcaya of Spain) to equip the Metropolitan Transport Authority.US$7.3 million (Banco Bilbao Vizcaya of Spain) to equip the Estrella Ureña Hospital. US$19.3 million (Banco Bilbao Vizcaya of Spain) to equip the Ramon de Lara Military Hospital and the Arturo Grullon children’s hospital in Santiago.US$10.7 million (Banco Bilbao Vizcaya of Spain) to purchase vehicles for the Air Force.US$25.5 million (Citibank) for the construction of bridges in Puerto Plata and other provinces.
