The Executive Vice President of the Central American Bank for Economic Integration (CABEI), Alejandro Rodríguez Zamora, and the Minister of Finance of the Dominican Republic, Donald Guerrero Ortiz, signed a credit agreement for US $249.6 million for the Multiple Project of the Montegrande Dam, Phase III.
The project consists of the construction of a multipurpose dam on the Yaque del Sur riverbed in order to control floods, provide for drinking water, as well as water for agricultural irrigation and the development of aquaculture and tourism activities.
“We are proud to be part of this initiative that will improve the quality of life of families in the area,” said the Executive Vice President.
He also referred to the financing and development opportunities offered by CABEI to its partner countries. In the case of the Dominican Republic, CABEI has financed infrastructure and renewable energy projects. To date, CABEI’s gross portfolio with this partner is US $296.43 million, he said.
The project will:
- Increase the country’s water storage capacities.
- Develop works for the control of water flows, prevention of floods and minimization of damages caused by natural phenomena.
- Increase the amount of water for agricultural activities with the development of new irrigation areas with efficient use of water with the expansion of approximately 18,936 hectares.
A Development Bank for Progress in the Region
In 2016, the Dominican Republic increased its participation in the capital stock of the Bank through a capital subscription process that will generate new cash capital payments for CABEI. This capitalization process is the second in the last four years when as of 2012, the increase in the Ordinary Capital of the Bank from US $2 billion to US $ 5 billion came into effect.
Original source: BCIE
Published on 9 April 2018
