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 835 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.

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