More loans for electricity sector

The Senate approved contracts for loans totaling US$138 million yesterday, Wednesday 12 November 2014, to be used to increase security in the electricity supply and to support the Distribution Network Modernization Programs. Senate Hacienda commission chairman Dionis Sanchez presented a report in support of the loans, stating that the modernization program is aimed at strengthening monthly collections, reducing losses and improving the living conditions of electricity consumers in selected areas. The first loan, which will be managed by the Public Electricity Corporation (CDEEE), was signed between the Dominican state and the Inter-American Development Bank (IDB). The second loan contract for US$60 million will be used in the Loss Reduction and Electricity Distribution Refurbishment Program. This is timely in light of the recent reports of vandalism targeted at transmission towers. Most of the work will take place in the Santiago, San Cristobal of and Santo Domingo areas as well as in several cities in the eastern region.