Korea to fund new power station

The Dominican Vice President, Rafael Alburquerque, met Monday in Panama with Korean President Lee Myung-bak and the Korean government pledged to give financial support to major development projects in the country, including a 400Mw coal-fired generation plant and the rehabilitation of the electricity grid.

Vice President Alburquerque said that these projects were among other developments to be financed by the Government of Korea through the Korean Eximbank and private companies.

Albuquerque acknowledged the support of Korea in the financing of such projects and stressed that they contribute significantly to the development of the country, after stating that they represent an important contribution to solving the country's energy problems .

Finance Minister Vicente Bengoa, headed the technical working meeting for the discussions with representatives of Eximbank, in Panama.

For his part the President of Korea expressed support for the Dominican government in implementing a number of development projects to be funded by the Korean government and private business and expressed his intention to explore new projects that contribute to economic and social development of the Dominican Republic.
"Korea is ready to support the development of the Dominican Republic, not only through government initiatives, but also with the help of  private enterprise," said Lee Myung- Bak.

He further expressed his appreciation for the efforts made by President Leonel Fernandez towards the reconstruction of Haiti and the support they gave to the Haitian people after the earthquake of 12 January, which claimed hundreds of thousands of victims and destroyed of the infrastructure of that nation.The President of Korea, also thanked President Leonel Fernandez for the visit he made to his country recently, and promised to reciprocate soon with a visit to the Dominican Republic.

Albuquerque, was accompanied during the meeting by Finance Minister Vicente Bengoa, the vice foreign minister, Clara Quiñones, the Director of the Presidential Office of Information Technology, Domingo Tavares, the ambassador to Panama, Fior Pichardo, the ambassador to Korea, Hector Galvan, and adviser to the State Electricity Company, Héctor Guiliani Cury

The Vice President is in Panama City to participate in the third Summit of Heads of State and Government of the member countries of the Integration System for Countries of Central America and the Caribbean (SICA).

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