Economy July 11, 2024 | 11:46 am

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Private investment and development in Cabo Rojo tourism

Pedernales, DR.- Private investment is significantly impacting the tourism surge in Cabo Rojo. The ProPedernales tourism development trust has reported a total investment of US$130 million to date, focusing on three hotels and the initial phase of an airport runway.

The airport, situated in Manuel Goya community within Oviedo municipality, is under construction by the Acciona Consortium. Simultaneously, the port development is managed by ITM Group.

The Dominican Government has invested RD$3,000 million in water projects, conditioning, planning, and design for the initiative. According to Andrés Van der Horst, Executive Vice President of Fiduciaria Banreservas, the finalization of partnerships through public offerings is nearing completion.

The ProPedernales development project operates through a Public-Private Partnership (PPP), with the state holding a 52% stake and the private sector holding 48%.

Van der Horst clarified that the state will always maintain the majority share in the contract, ensuring its significant role in the partnership. The government provides the land while investors manage operations and seek financing.

The project, operating under a trust structure, prohibits the sale of land. Financing for this extensive project will be negotiated through stock exchanges, facilitating investment opportunities on the market.

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