With the purpose of secure water resources and reduce the chances of natural disasters In the southwestern Dominican Republic, the Central American Bank for Economic Integration (CABEI) approved a partial investment of US$236.9 million out of a total of US$336.1 million for the development of the “Construction Project of Complementary Works for Irrigation and Water Supply of the Montegrande Dam in the Provinces of Barahona, Independencia and Bahoruco.
The initiative, which plans to benefit 509,282 people from the provinces of Barahona, Bahoruco and Independencia, It consists of the construction of a set of hydraulic works that allow meeting the irrigation and drinking water demands of the population, as well as for the generation of electricity and diversification of the energy matrix in the area.
“This complementary Project to the Montegrande Dam, also financed by CABEI, will bring important benefits not only in flood control in the area, but also will ensure food safety through the improvement of irrigation systems so that thousands of Dominicans can access crops with a high level of availability and quality, in addition to the generation of direct jobs.”, expressed the executive president of CABEI, Dr. Dante Mossi.
He Executive Director for the Dominican Republic before CABEI, Hostos Rizik highlighted: “The Monte Grande Dam is in the completion phase with 92% execution. From now on, with the support of CABEI, the Dominican government will develop the complementary works of this multiple project that will guarantee the development and access to water for the southern region of the country with an investment of more than 237 million dollars approved by the board of directors of the bank this February”.
The Montegrande Phase III Multipurpose Dam Project is located in the province of Barahona, on the border with the province of Azua in the southwest of the country and, as of December 2022, the construction of the dam presented a physical progress of 85.5% with disbursements for the amount of US$234.5 of the total US$249.6 million approved by the multilateral.
According to a press release, this new operation is part of the CABEI Institutional Strategy 2020-2024, within the axes of sustainable competitiveness that seeks to intervene in the strengthening of the economic, social and institutional factors that determine regional competitiveness, as well as human development, which aims to generate effective social capacities for a real social inclusion that translates finally in improving the well-being and quality of life of the inhabitants of the region.
CABEI was created in 1960 as the financial arm of the integration and development of the region. Its resources are continually invested in projects with an impact on development to reduce poverty and inequalities, strengthen regional integration and the competitive insertion of partners in the world economy, paying special attention to environmental sustainability. CABEI is headquartered in Tegucigalpa with offices throughout Central America.
The financial strength of CABEI as the best Latin American credit It is supported by its high credit rating granted by different international agencies: Standard & Poor’s with an AA rating, Moody’s with an Aa3 rating, and Japan Credit Rating with AA.
FAS-BCIE
Since 2020, CABEI created the FAS to promote projects with a high social impact in its member countries. This initiative responds to the multilateral actions in support of poverty reduction and improving the quality of life of citizens in the region, contemplated in CABEI’s 2020-2024 Institutional Strategy, specifically in the Strategic Axis of Human Development and Inclusion.