President Leonel Fernandez has submitted to Congress a loan contract worth US$81.3 million for construction of the 99-MW Palomino hydroelectric project, local media reported.
Last year, Brazil’s national development bank, Banco Nacional de Desenvolvimento Economico e Social (BNDES), approved export financing in that amount for Palomino.
The total US$226.3 million project is to include a water storage dam at Boca de Los Rios at the confluence of the Yaque Del Sur and Blanco rivers in the Dominican Republic. The project is under construction, to go on line in 2009. (HNN 10/26/06)
Dominican Today reported Fernandez submitted the contract to Congress via the Senate. The remaining contract loans needed to cover project costs exceed US$130 million and will be sent to Congress in advance, the publication said, quoting a letter from the president.
In an agreement with government-owned Corporacion Dominica de Empresas Electricas Estatales, BNDES provided funding to finance Brazilian goods and services supplied to Palomino by Construtora Norberto Odebrecht. (HNN 5/4/06)