Dominican Republic receives US$20 million loan from Petrocaribe � starts to pay off debts

posted on: Sep 27 2009 10:21 by The Reporter. Viewed 866 times.


The Dominican Republic�s Hacienda Minister Vicente Bengoa, announced last week that they will accept a US$20 million loan from Venezuela's Petrocaribe program.

Petrocaribe was set up by Venezuala in 2005 to sell fuel to member countries at preferential terms and help finance oil infrastructure projects.

This loan, says Bengoa will help ease the country�s energy crisis and help repay the US$425 million debt to generators.

In a related matter, the government last week transferred $20 million to electricity generators Cogentrix and AES Dominicana.

Bengoa also announced that the government will next week send a further $10 million to the Dominican Corporation of State Electrical Companies (CDEEE).

"The US$20 million given to electricity generators come from the funds of the Petrocaribe agreement," explained Bengoa.

Of the $20 million, $9.5 million was dispursed to Cogentrix, while the remaining $10.5 million to AES Dominicana.

41 related news articles

Electricity companies taking their Christmas bonuses early: Nov 8 2011

A million Dominicans not paying for their electricity: Dec 17 2010

Electricity problems - Experts say stop the subsidies: Nov 3 2010

Solar power plant to be constructed: Oct 14 2010

New bosses at electricity companies: Sep 21 2010

CDEEE buys windfarm power: Jul 4 2010

New contact center for electricity complaints: Jun 26 2010

Lack of quorum blocks approval of REFIDOMSA sale: Jun 25 2010

Government seeks to transfer funds for electricity sector: Jun 25 2010

CDEEE takes action after electrocution of mother and child: Jun 17 2010

CDEEE pays $127 million to electricity generators : Jun 7 2010

Alleged embezzlement case at Edenorte: May 23 2010

RD$23 million paid back to electricity consumers in April: May 12 2010

Finally, REFIDOMSA shares sold to Venezuela: May 7 2010

Chavez arrives today to sign purchase agreement for REFIDOMSA: May 5 2010

RD$4 million per month electricity fraud uncovered: Apr 21 2010

Refidomsa sale postponed - again: Apr 20 2010

Mystery investors propose 500MegaWatt gas generator in Montecristi: Apr 15 2010

Venezuela confirms it will (finally) buy 49% of REFIDOMSA: Apr 6 2010

Electricity price rise in June to relieve US$1,1000 million subsidy.: Mar 31 2010

CDEEE to target electricity theft: Mar 30 2010

Government requests waivers from IMF: Mar 29 2010

Local banks bail out the electricity companies with US$70million: Mar 24 2010

Las Americas Airport suffers blackout: Mar 22 2010

Lights will go out in the Town Halls if they don�t pay up. : Mar 19 2010

Government says it will settle electricity debt by March 26: Mar 19 2010

CDEEE signs contract to buy cheaper energy: Mar 17 2010

CDEEE promises 24 hour power is back: Mar 10 2010

Billions of dollars in bonds for road works: Mar 4 2010

No electricity price hikes says Marranzini: Feb 26 2010

Fernandez on Economy, Electricity, Refidomsa and Agosto: Feb 25 2010

Government fails to reduce debt to electric companies, crisis deepens: Feb 18 2010

Blackout at the National Palace, events disrupted: Feb 17 2010

CDEEE apologize for recent electricity blackouts: Feb 16 2010

Water levels dropping as drought continues: Feb 16 2010

Refidomsa shows profits and private sector interest grows: Feb 3 2010

To buy or not to buy - is Venezuela stalling on REFIDOMSA?: Feb 3 2010

Venezuela drops out of deal to buy Refidomsa: Jan 22 2010

No Blackouts?: Dec 17 2009

Shell sells - to Sol: Nov 22 2009

Venezuela buys 49% stake in Dominican Republic�s refinery for US$131.5M: Nov 1 2009