Dominican Republic Gets Loan from Brazil for Aqueduct

Brazil’s National Economic and Social Development Bank (BNDES) will provide US$ 64.7 million to finance exports of Brazilian goods and services for the construction of the second phase of the Northwest Aqueduct in the Dominican Republic.

The announcement was made yesterday by the Bank’s press office. The financing will go to the government of the Dominican Republic and will be used to pay the Norberto Odebrecht construction company for sections of pipe, power shovels, tractors, and trucks exported from Brazil, as well as the construction design.


According to the BNDES, residential water supply systems will be installed in the main cities served by the aqueduct.


The press office informed that, in this operation, the BNDES will follow the same procedure it did in the first phase of the Northwest Aqueduct project, which was contracted in 1999.


This means that the loan guarantees will be covered under the Latin American Integration Association’s (ALADI) Reciprocal Payments and Credits Agreement (CCR).


The Dominican government’s share of the investment in this phase of the project amounts to US$ 79.9 million, the BNDES informed.


ABr

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    Nana
    why does the country have to get loan from Brazil?

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