Government creates trust to modernize markets

Santo Domingo.- President Luis Abinader has issued decree 357-24, establishing the Public Trust for the Modernization of the Santo Domingo Supply Markets (Fimerca-SD Trust).

The decree outlines plans for the construction, remodeling, and expansion of food markets in the capital, focusing on community, cultural, social, and commercial integration.

Fimerca-SD will oversee the operation, investment, and financing of market activities, including sales, rentals, leases, and infrastructure development. The trust will be composed of the State, represented by the Ministry of the Presidency as trustor; Fiduciaria Reservas, S.A., as trustee; and the Municipality of the National District as beneficiary.

The trust is set to last for 30 years from the signing of the constitutive act. After this period, its assets will be returned to the Municipality of the National District, unless the State decides to extend its term.

Nelson David Camilo Velázquez has been appointed as the executive director, responsible for daily operations and executing government directives.

The trust will also have a Technical Council comprising the Minister of the Presidency as president, the Mayor of the National District as a member, and the Minister of Agriculture as a member.

Fimerca-SD will receive movable and immovable property from the State and the City Council of the National District, along with an initial contribution of one million pesos from the State.