Tourism June 29, 2020 | 12:22 pm

Lack of signature delays US$90.0M loan to revamp Colonial City

Santo Domingo.- The Inter-American Development Bank (IDB) granted an extension to Dominican authorities to complete the signatures that allow access to the second disbursement of a loan for the tourism and urban development of Santo Domingo’s Colonial City.

Diario Libre reports that Santo Domingo mayor Carolina Mejía has yet to sign the contract because amid the pandemic emergency and the change of authorities, it hadn’t been possible.

The new term agreed by the IDB will expire on August 4 and the disbursement will be made after the required signature.

The loan for US$90 million will be executed by the Ministry of Tourism, in coordination with the City Council and the Ministry of Culture, as agreed last year with the IDB and the Ministry of Finance.