|The World Bank Board of Directors today approved an US$80 million loan for the Dominican Republic to support the country’s recovery efforts after Tropical Storms Noel and Olga.|
“We have responded positively to the Dominican government 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,” said Yvonne Tsikata, World Bank Director for the Caribbean. “This financing will support the government’s efforts to alleviate the conditions of thousands of affected families,” Tsikata added.
The Emergency Recovery and Disaster Management Projectwill finance rebuilding and restoring physical assets in the electricity, irrigation and water supply sectors. In addition, it will support measures to mitigate potential effects of future emergencies.
At the end of 2007, the Dominican Republic was hit by two unexpected tropical storms that left thousands of families homeless. The storms also damaged crops and destroyed roads, bridges, as well as important electricity infrastructure and irrigation systems. In that sense, the new loan will contribute to the rehabilitation efforts and to strengthen the management capacity of key government institutions.
The new initiative seeks to:
By the end of the project, it is expected to restore the functioning of services in targeted project areas, and improve disaster risk management systems for irrigation, water resources management, and electricity.
This 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.
|For more information, please visit the Projects website.|