EIB to Finance Transmission Network in Dominican Republic

7 November 2010 (Last Updated November 7th, 2010 18:30)

The European Investment Bank (EIB), the long-term lending institution, has agreed to finance high-voltage electricity transmission networks across the central and southern regions of the Dominican Republic. EIB vice-president Plutarchos Sakellaris and Dominican Republic Finance Minister

The European Investment Bank (EIB), the long-term lending institution, has agreed to finance high-voltage electricity transmission networks across the central and southern regions of the Dominican Republic.

EIB vice-president Plutarchos Sakellaris and Dominican Republic Finance Minister Vicente Bengoa signed an agreement to provide $37m for the electricity transmission scheme in the country.

"The transmission network that we are financing will enable thousands of households to access electricity for the first time," Sakellaris said.

The project will distribute the power, generated by new wind and hydroelectric power plants, to over 100,000 people and improve the quality of electricity supply.

The European Investment Bank has previously lent €24m ($34m) for three electricity transmission projects in the Dominican Republic.

The challenges associated with climate risk have been incorporated into the project with transmission lines able to withstand hurricane winds up to 230 km/h.