Santo Domingo:- On Wednesday, the Dominican Republic’s Chamber of Deputies approved $625 million in loans. The Executive Branch requested these funds to tackle climate change and upgrade the national electrical system’s medium and low voltage networks. Despite opposition, the Dominican Revolutionary Party (PRM) and its allied parties utilised their majority to pass the proposal.
From the total, $100 million was approved from the French Development Agency (AFD), with $300 million from the Inter-American Development Bank (IDB). The goal of these loans is to boost sustained economic growth through a climate action program.
Moreover, state-owned electricity distribution corporations will utilise a $225-million loan from the International Bank for Reconstruction and Development (IBRD) for infrastructure upgrades. After this, all loan agreements will go to the Senate for additional approval.