German Bank Shows Interest in Financing More Project in the DR

German Bank Shows Interest in Financing More Project in the DR
The German Bank informed the Dominican President Leonel Fernández of its intention to continue financing social development and infrastructure programs in the country that will be carried out by the private sector with government backing.

“We are in the best position to support development plans in the social and infrastructure areas of the Dominican Republic, a country in which we have placed our trust and confidence as a result of its stable economy,”

At the meeting of German banking executives from the German Bank whose headquarters are in Berlin, regional manager Jörg Adler expressed the Bank’s position to continue supporting social development programs through private business people with the backing of the government, according to the President’s Office of Information, Press and Publicity.

The projects to be carried out by private initiative with the support of the bank include the construction of hospitals, aqueducts, development of alternative energy and road building.

“We are in the best position to support development plans in the social and infrastructure areas of the Dominican Republic, a country in which we have placed our trust and confidence as a result of its stable economy,” said Adler. He added that as a show of support for the stable Dominican economy there are over $830 million dollars worth of German Bank-supported loan projects already approved by the National Congress.

With these resources released by the Bank, three hospitals have been built in Health City: The Pediatric Hospital, the Maternal Infant Hospital and a General Medicine Hospital with an investment of $138 million dollars.

In addition the building of the Mercacid Santo Domingo, a modern market area that houses the vendors from Duarte Avenue, is underway,

Other projects underway with the bank’s financial support include the Higüey and Montecristi Hospitals as well as the building of the La Altagracia aqueduct.
The Dominican government, through the Solicitor General’s Office, is also building four jails with financing from the German Bank which contributed to the building of the El Casabito Highway in Constanza.

Bank Executives showed a willingness to support private building initiatives for road infrastructure projects throughout the entire country in a program that will be backed by the government through the Ministry of Public Works and Communications.

Adler said the German Bank is supporting advance generation research with clean energy, from some 300 megawatts, for possible financing of companies interested in investing in the Dominican Republic.

The Dominican President thanked the banking entity for the support being offered for the various projects in the Dominican Republic despite the global economic crisis.

Fernández attended the meeting with the Dominican Finance Minister, Vicente Bengoa; the Minister of Economy, Planning and Development, Temístocles Montás and Eddy Martínez, Executive Director of CEI-RD.