US$150 million for power sector.(World Bank providing finance to electric industry of Dominican Republic)(Brief Article)

0 Comments | Caribbean Update, June, 2005

US$150 MILLION FOR POWER SECTOR. The World Bank has approved a US$150 million loan for the Dominican Republic to support efforts to shore up its troubled power sector, reports Reuters (May 10, 2005). "The provision of reliable electricity service will help small businesses and consumers by reducing the widespread blackouts of recent years," said Lucio Monari, World Bank task manager for the project.

"Tackling the problems of the electricity sector is essential for achieving social stability, economic growth and competitiveness for the Dominican Republic and its people," said Caroline Anstey, World Bank Country Director for the Caribbean. People here regularly endure 20-hour power blackouts.