IDB says Dominican Republic ‘deserves’ fresh funding

Washington.- Interamerican Development Bank (BID) president Luis Alberto Moreno on Monday said the entity is increasingly working with the country in areas of support “which it deserves” for its economy.

"More and more we increase the amount of resources at the service of the government, without regard to fiscal and economic challenges, we believe that the country deserves the bank’s support and are committed to it," the IDB president said during one of the activities of Dominican Week in the United States (SemDomUSA).

In that regard IDB representative in Dominican Republic Flora Montealegre said around US$1.5 billion financing was provided for the 2013-2016 period. "We’ve already executed 80% to production and to strengthen human capital with projects in health and education areas. We have also been providing support to reform taxation, where great efforts must continue."

"We focus our efforts especially in productivity and this involves working in education, significant innovation and entrepreneurship," Montealegre said, noting that there’re structural reforms still pending such as labor, energy and transport.

Experts

A panel of IDB experts also discussed Dominican Republic’s challenges and opportunities to take advantage of the new program, which seeks to be more effective in supporting the private sector in its work in developing countries.

According to a statement from the American Chamber of Commerce (Amcham-DR), the members of the SemDomUSA delegation joined the debate during the third and final part of the event.

Conep

In the closing speech National Business Council (Conep) president Rafael Blanco lauded the the presentation by the IDB experts, and said he expects the private sector to take advantage regarding the new funds available.