Dominican Republic gets US$75M loan from OPEC Fund for projects

Dominicantoday.com, Santo Domingo, June 23 rd 2008

The Organization of Petroleum Exporting Countries (OPEC) and the Dominican Government signed in Vienna , three contracts for US$75 million in loans for road construction, repairs of aqueducts, waste treatment plants in tourist regions and rural development in border provinces.

Hacienda minister Vicente Bengoa and OPEC's Fund for International Development director Suleiman Jasir Al-Herbish signed the agreement.  

Of the total US$30 million will be allocated to rebuild and maintain highways, and US$5 million to repair aqueducts and treatments plants and rural development projects in border provinces.  That loan is part of an Inter-American Development Bank (I.D.B.) financing, which will contribute US$40 million more.

OPEC created the fund in 1976 to f und soft loans for developing nations.