Above: the Heroes de la Restauracion Monument in Santiago (Photo: DR Tourism)

By the Caribbean Journal staff

The Dominican Republic has received a $130 million loan to refinance the rehabilitation, construction and operation of the Viadom network of toll roads.

The loan for Dominicana de Vias Concesionadas C por A, is the largest single no-sovereign guaranteed transaction by the IDB in the country.

“The project will help improve the connectivity of the country as Viadom represents the main north-south axis of the Dominican Republic, reducing travel time and facilitating commercial activities,” said Victor Salgado, project team leader at the IDB’s Structured and Corporate Finance Department. “The new ring road will substantially alleviate traffic congestion and, as a result, reduce air pollution in the center of Santiago.”

Estimates say the typical two-hour travel time from Santo Domingo to Santiago will be cut by 24 minutes. The total length of the project is 285km.

The project is expected to contribute 2,500 construction jobs and 1,500 operational jobs.

It’s not the only large-scale road project for the IDB on the island of Hispanola: the IDB is also helping the reconstruction of the RN8 road from Port-au-Prince to Cap Haitien.