Trusts will oversee power plant, provincial development

Santo Domingo.- The Chamber of Deputies approved two trust contracts on Tuesday, one for the Punta Catalina Thermoelectric Power Plant (CTPC) and another for the tourist development of Pedernales province.

Both trusts were referred by the Executive to the Chamber of Deputies, so it will now go to the Senate.

Regarding the first, it is a public trust of two institutions of the Dominican State: the Fiduciaria Banreservas and the Dominican Corporation of State Electric Companies (Cdeee).

According to the motivation letter sent by the President of the Republic, Luis Abinader, to Congress, the purpose of the CTPC trust is to create an independent management structure for the administration of the trust assets in order to “ensure the operation of the Punta Catalina Thermoelectric Power Plant.”

In the case of the second, it is a trust for the tourist development of Pedernales (Pro-Pedernales), also signed between two entities.

On the one hand, on behalf of the Dominican State, the General Directorate of Public-Private Partnerships signed and the other was the Fiduciaria Reservas.

According to Abinader, the trust will have a positive impact on the province and will contribute to create jobs, improving competitiveness and increasing local and foreign investment.