60% of Petrocaribe savings for development and social projects, programs

The Dominican Republic Senate’s finance commission is to study a bill that proposes that 60% of funds afforded by the Petrocaribe Accord with Venezuela would be applied to development and social projects and programs.

The investment would finance production of agriculture and agro-industrial goods, prioritizing on small and medium-size producers, firms and industries. The produce would be marketed in Venezuela, whereby funds would go to pay the debt with the South American country.

Another project would entail contracting at least 2,000 professionals and technicians in the areas of medicine, agronomy, education, engineering among others, to work in Venezuela.

Also, funds would be utilized in technical training programs mainly directed at the most impoverished communities at the border with Haiti and for construction of small infrastructure projects that would incorporate the benefited communities in their execution.

The initiative was submitted by opposition Reform Party senator Felix Vasquez.