Environment Minister Max Puig explained on Channel 4 TV last night that what the government signed regarding the artificial island was a letter of intent merely as an expression of the willingness of the Dominican state so that the promoters can obtain the financing for the feasibility studies that cost millions of dollars. As reported in Hoy newspaper, Puig said on TV that the promoters still need to convince a pool of banks to lend them the money for the needed preliminary studies for the project. He said that the Dominican government has not committed itself in any way nor will be guaranteeing the loan for the feasibility and environmental impact studies. He said permits are still required from the Ministry of Environment, the Ministry of Public Works and the Santo Domingo Municipality. For these permits to be given, the studies need to be presented. Furthermore, the contract needs to be passed in Congress.