Agency works on the operation that will create a new tourist destination in Miches. For that they are in the negotiation of a loan of about US$40 or US$50 MM
The Inter-American Investment Corporation (IDB Invest) It contemplates increasing its financial support to the country with financing for agricultural projects and a hotel project in Miches, which will be announced soon.
By participating as guests in the TODAY Economic Meeting, Omar ZachariasInvestment Management officer for the Energy and Infrastructure division; sacristan gem, General Director of Business, and Manuel J. Jiménez, Investment Officer in Financial Institutions of IDB Invest, gave details of projects in different sectors that this organization strategically supports with financing.
They indicated that IDB Invest has been supporting the Dominican tourism sector through three strategies: reopening, development of new poles and creation of new concepts.
That is why this year it granted a US$120 million loan to the Pineiro Groupthe largest tourism investor in the country, with the aim of promoting the reopening of its operations after the closure due to the coronavirus pandemic. covid 19
They also see the possibility of promoting new concepts, such as shops, hostels, chains with online reservations, among others.
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In addition, they announced that they are working on another operation that will create a new tourist destination in Miches. For that they are in negotiation to grant a loan of some $40 or $50 million for the construction of a hotel in that municipality of The Seibolocated in the east of the country.
They are also seeing opportunities to finance projects in flints.
Likewise, they said IDB Invest Evaluate your opportunities Dominican Republic for the development of sustainable agriculture and the recovery of degraded lands.
As well as the implementation of self-sustaining models of certain crops, especially with potential for export.
In that order, they explained that they are evaluating projects with cocoa and coconut crops, products that currently have a good demand in international markets.
The General Director of Business of IDB Invest, Gema Sacristán said that this organization has a great interest in financing foreign investment in the country, especially in a context in which value chains are moving or redistributing, a situation that favors the Dominican Republic because it has several advantages, among them competitive labor costs, geographical position and cultural proximity with USAas well as free trade agreements.
However, he pointed out that there are also challenges to face, such as the lack of qualified human resources for specialized activities.
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In addition, the high costs of transportation, for access to financing and the electricity rate. Also improve trust and institutional strengthening in order to create a good business climate.
Support LA and Caribbean projects
IDB Invest, as the private sector investment arm of the IDB Group, seeks to be the solutions bank for the private sector in Latin America and the Caribbean. It supports projects to advance clean energy, modernize agriculture, strengthen transportation systems, and expand access to financing.