IDB pledges US$500M yearly for Dominican Gov. projects

La Romana, Dominican Republic.- Inter-AmericanDevelopment Bank (IDB) president Luis Alberto Moreno on Friday announced a credit of nearly US$500 million per year forthe Dominican government’s projects for development.

He said the soft funding will be allocated tosocial programs and energy projects, in reference to the Punta Catalina coal-firedpower plants.

Speaking to reporters during a recess of the meetingat Casa de Campo resort, Moreno also said the multilateral organization currentlydiscuses with Dominican authorities "where they will put those resources."

He noted however that president Danilo Medina’sadministration needs to increase the tax burden through improved fiscal policy.

In his view, the measures would boost theState’s capacity to assist the needy in areas such as health and education.

The Dominican Republic "is growing wellabove Latin American’s average," in contrast to the region’s negativegrowth in the last five years, Moreno added.