Dominican Chamber of Deputies approves $625 million in loans

Santo Domingo.- The Dominican Republic’s Chamber of Deputies approved loans totaling $625 million on Wednesday. These funds, requested by the Executive Branch, are aimed at addressing climate change and improving medium and low voltage networks in the national electrical system. Despite opposition, the ruling Dominican Revolutionary Party (PRM) and its allied parties used their majority to pass the proposal.

The approved loans include $100 million from the French Development Agency (AFD) and $300 million from the Inter-American Development Bank (IDB). Both are intended to support a climate action program aimed at promoting sustained economic development.

Additionally, a $225 million loan from the International Bank for Reconstruction and Development (IBRD) will be used by government-owned electricity distribution companies to enhance their infrastructure. All loan agreements will now be sent to the Senate for further approval.