Dominican Republic aid package

By Richard High07 May 2008

The World Bank has approved a US$ 80 million loan for the Dominican Republic to support the country's recovery efforts after Tropical Storms Noel and Olga, which hit the country at the end of 2007.

The Emergency Recovery and Disaster Management Project will finance the rebuilding and restoration of the country's electricity, irrigation and water supply networks. It will also support measures to mitigate potential effects of future emergencies, said Yvonne Tsikata, World Bank director for the Caribbean in a statement on its website.

Commenting on the loan Ms Tsikata said, "We have responded positively to the Dominican government's request for support, because we understand the adverse social and economic impact that this kind of natural occurrences have in the countries of the region. This financing will support the government's efforts to alleviate the conditions of thousands of affected families."

The US$ 80 million fixed-spread loan from the International Bank for Reconstruction and Development (IBRD) is repayable in 30 years, including five years of grace.

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