They will create a Trust Fund for Santo Domingo 2050

In accordance with Decree 595-22, which creates the Santo Domingo 2050 Initiative, and in order to strengthen its operational functioning, a Trust Fund will be created, the proposal of which was presented to the Minister of Economy, Planning and Development, Pável Isa Contreras, by the manager General of the Reservas Trust, Andrés Van Der Horst, and the Director of Public Trusts, Shyam Fernández.

The executive director of SD2050, Edgar García; SD2050 economic adviser, Henri Hebrard; the business director of the Fiduciaria Reservas Noel Bou; and business officer Jean Carlos Altuna. Article 8 of Decree 592-22 establishes the creation of the Fund for the Promotion of Territorial Ordering, Planning and Sustainable Development of the Province of Santo Domingo as an instrument of public-private co-financing of sustainable development projects.

Its objective is to promote the improvement of productivity, through new or improved economic initiatives and multiple projects of comprehensive socio-economic development, infrastructures and processes.

Minister Isa Contreras, who chairs the Commission for the Promotion of Territorial Planning, said that the trust that will be derived from the Santo Domingo 2050 Initiative “is a vehicle that will allow us to attract private investment, to generate more and better jobs.” He stated that Santo Domingo is the largest province in terms of population in the country and its development is a fundamental piece of development at the national level.

“We are talking about two to three million inhabitants,” said Isa Contreras. The economist and researcher specified that creating job opportunities and well-being for people is essential. “Santo Domingo 2050 is a commitment to a robust development that combines industrial development, housing and social services,” said the Minister of Economy.

The general manager of Fiduciaria Reservas, Van Der Horst, highlighted the willingness of the Ministry of Economy, Planning and Development, “to trust us to begin this design of this project.”

He maintained that “more than a trust, I think it will be an example of comprehensive planning, not only at the level of territorial development, but also industrial development, housing, transportation, culture, agriculture and a series of issues that surround the The trust will have a very transparent governance that will allow it to surpass a government and that is what we are looking for”.

Van Der Horst pointed out that when talking about Santo Domingo 2050 and creating that impact in the long term, the figure of the trust becomes that guarantor. Article 8 of decree 592-22, in its paragraph II, states that the Fund for the Promotion of Territorial Ordering, Planning and Sustainable Development will promote technical assistance and technology transfer, in public-private partnerships under the modality of trust fund.

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Its purpose is the creation of independent financial and administrative structures for the transparent and efficient administration of the trust assets, with the purpose of serving as a parent trust to ensure the construction of infrastructures and low-cost residential units within the projects to be developed, as well as the execution of the actions and works necessary for its realization and habitability, including among them, financing activities.

interinstitutional commission

In its article 3, decree 592-22 creates the Commission for the Promotion of Territorial Planning, which will be made up of representatives of the public and private sectors as members.

The Minister of Economy, Planning and Development or his representative, who chairs it. It is also made up of more than 20 institutions, among which are the representative of the Administrative ministries of the Presidency, the Environment and Natural Resources, and Culture, among others.

In the presentation, they cited the alternatives for the Dominican State, as well as the success stories, among which they mentioned, Ciudad Juan Bosch: controlling the expansion of the population gradually, being able to market State land through the figure of the Trust .

Also the temporality, because, once the project is completed, the Trust is liquidated, unlike a public institution, which should not be created for a specific project, for a determined duration.

Santo Domingo 2050

The Santo Domingo 2050 Initiative has as one of its essential purposes, to guarantee the incorporation and installation of a Sustainable Industrial Corridor around the Avenida Circunvalación de Santo Domingo, impacting on quality, economy, comprehensive social development and diversification of the productive fabric of the province, impacting all its municipalities; through the preparation of a strategic plan to promote economic initiatives and multiple social and economic development projects, with the participation of all social and economic actors and the Provincial Development Council of the Santo Domingo province.

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