Las Américas International Airport undergoes major renovations with $250 Million investment

Santo Domingo.- Las Américas International Airport (AILA) in Santo Domingo is undergoing significant renovations, including the construction of a new passenger terminal, with an investment of $250 million, as announced by Aerodom on Monday.

Project Details

Aerodom’s general manager, Mónika Infante, provided details during a press conference about the modernization efforts. These upgrades are part of the commitments made under the concession contract, allowing Aerodom, a member of the French international group Vinci Airports, to operate six state airports in the Dominican Republic until 2060.

New Passenger Terminal

The design for the new passenger terminal is currently underway. Its construction is set to begin in 2025. The terminal will have a capacity of four million passengers per year, accommodating the country’s growing passenger traffic.

Hotel Development

A new hotel will also be constructed, featuring three blocks with a total area of 8,000 square meters. The hotel will include 150 rooms, around 120 parking spaces, conference rooms, a dining room, a restaurant, a swimming pool, and a terrace with a bar and restaurant area offering sea views. Carlos Núñez, Aerodom’s director of non-aeronautical business, reported that the hotel will be operated by IHG Hotels & Resorts under the Holiday Inn brand. Construction will commence soon and is expected to last 20 to 22 months.

Liverpool businessmen launch Kiskeya Cigars with Dominican partnership

Santo Domingo.- Liverpool businessmen have launched Kiskeya Cigars, a new brand honoring the Dominican Republic, in partnership with Tabacalera Díaz, led by renowned cigar maker Don Eladio Díaz. This strategic alliance, facilitated by the Dominican Embassy in the UK and spearheaded by commercial advisor Antonio Castillo and ambassador Elnio Durán, aims to strengthen bilateral relations and promote investment.

The agreement includes the development of the Kiskeya Cigars brand and the opening of “cigar lounges” in Liverpool, with plans to expand across the UK. The Liverpool team, comprising Martin Bramley, Denis Gallagher, Dave Anastasio, Perry Ng, Paolo Cillo, John Morley, Craig Greenwood, Otto Mellouki, and Luke Braithwaite, aims to honor the Dominican Republic.

“These spaces will also promote other Dominican brands like La Aurora and Arturo Fuente,” said Bramley. The collaboration is expected to enhance commercial and cultural ties, showcasing Dominican tobacco internationally.

Kiskeya Cigars plans to establish a factory in the Dominican Republic to leverage export incentives and expand its offerings. Initially, investors considered Nicaragua and Honduras, but the Dominican Embassy’s effective promotion of the country’s manufacturing quality, security, economic growth, and political stability was decisive.

“This approach convinced investors that the Dominican Republic is ideal for their new tobacco company,” Castillo stated. Tobacco exports from the Dominican Republic exceed US$1,200 million, mainly driven by cigars, with major markets in the US, Germany, Belgium, China, and Puerto Rico.

Dominican Republic and Keysight Technologies partner to develop semiconductor industry

Santa Rosa, California.- Keysight Technologies, represented by David Yee Arellano, General Manager for Latin America, and UNICARIBE, led by Foreign Minister Dr. José Alejandro Aybar M., along with Dominican Vice Minister of Industry and Commerce Johannes Kelner, signed a collaboration agreement to develop the semiconductor industry in the Dominican Republic at SEMICON WEST in California.

This agreement is part of the Ministry of Industry, Commerce, and MSMEs’ efforts at SEMICON WEST 2024, the leading industry event connecting over 1.3 million professionals and featuring more than 2,500 global companies.

The collaboration aims to enhance cooperation between the Dominican government, the business sector, and higher education institutions to train personnel for the semiconductor industry in the Caribbean.

Vice Minister Kelner thanked Keysight Technologies for the opportunity to share experiences and showcase advanced facilities, calling the agreement a crucial step toward a strategic partnership with UNICARIBE and Keysight.

David Yee Arellano emphasized that the agreement includes creating semiconductor training programs, with Keysight providing industry experts, developing courses, workshops, and specialized laboratories.

Dr. José Alejandro Aybar M., Chancellor of UNICARIBE, announced the launch of the university’s first Higher Technician program in Semiconductor Technology and the formation of a Dominican University Consortium focused on semiconductors. This initiative, supported by universities such as UASD, UNADE, UNAPEC, UNICARIBE, and UTESA, aligns with Decree 324-24 from President Luis Abinader to advance the semiconductor industry in the country.

Tourism Ministry begins reconstruction of streets in Puerto Plata

Puerto Plata, DR.- Tourism Minister David Collado on Wednesday launched the reconstruction of the streets in the historic center of the San Felipe de Puerto Plata municipality with an investment of close to 80 million pesos.

The project consists of the reconstruction of the streets, sidewalks and curbs of the town’s urban center, directly impacting local residents and tourists, mainly cruise passengers who disembark at the Amber Cove and Taino Bay tourist ports.

Collado highlighted the investments and works delivered during his administration to strengthen the tourist destination and those in the pipeline, such as the rehabilitation of Sosúa beach and the remodeling of the iconic Puerto Plata cable car.

“These interventions will mark a before and after in this entire historic center. The time of Puerto Plata has definitely arrived,” said the Minister of Tourism.

This road project in San Felipe was carried out by the Executive Committee for Infrastructure in Tourist Zones (CEIZTUR) at a total cost of RD$79.855.074.95.

The sections to be intervened correspond to the avenues Juan Escaño (Old Railway Line); extension of Restauración Street (connection between Juancho Escaño Avenue and Caamaño Street).

It also includes Antera Mota, Luis Espinosa, 30 de Marzo, Los Jazmines San Felipe and Aserradero streets. In addition, 27 de Febrero Avenue, El Morro and Cardenal Sancha streets will be intervened.

Juan Escaño Avenue (Old Railway Line) will be intervened in a 751-meter extension and 27 de Febrero in an 834-meter section. Meanwhile, El Morro Street will be renovated in a 1,020-meter section and Cardenal Sancha 934 meters long.

The project includes the reconstruction of 9,318 linear meters of curb and 17,256 square meters of sidewalk, including the readjustment of the pavement of three road axes by applying a new 2″ asphalt concrete layer on the road.

Private investment and development in Cabo Rojo tourism

Pedernales, DR.- Private investment is significantly impacting the tourism surge in Cabo Rojo. The ProPedernales tourism development trust has reported a total investment of US$130 million to date, focusing on three hotels and the initial phase of an airport runway.

The airport, situated in Manuel Goya community within Oviedo municipality, is under construction by the Acciona Consortium. Simultaneously, the port development is managed by ITM Group.

The Dominican Government has invested RD$3,000 million in water projects, conditioning, planning, and design for the initiative. According to Andrés Van der Horst, Executive Vice President of Fiduciaria Banreservas, the finalization of partnerships through public offerings is nearing completion.

The ProPedernales development project operates through a Public-Private Partnership (PPP), with the state holding a 52% stake and the private sector holding 48%.

Van der Horst clarified that the state will always maintain the majority share in the contract, ensuring its significant role in the partnership. The government provides the land while investors manage operations and seek financing.

The project, operating under a trust structure, prohibits the sale of land. Financing for this extensive project will be negotiated through stock exchanges, facilitating investment opportunities on the market.

Dominican Republic surpassing Latin America’s giants in Tourism

Santo Domingo.- The Dominican Republic has surged to the forefront of global tourism, according to a recent report by Latinometrics. Despite its relatively small size, the Caribbean country has made significant strides in attracting visitors, outpacing even larger countries like Brazil and Argentina.

With a population of nearly 11 million and a surface area that could fit 175 times into Brazil’s, the Dominican Republic is one of the smallest countries in Latin America. However, it has managed to punch above its weight, boasting a diversified export economy worth $13,000 million in 2023. Key exports include electrical equipment, medical instruments, and tobacco, while services account for 57% of GDP, with tourism being a significant contributor.

As the “Tourism Bank” and a major financier of the tourism sector, Banco Popular Dominicano is committed to supporting local businesses and foreign investors seeking to capitalize on the sector’s growth potential. The bank highlights the importance of tourism as a key driver of the Dominican Republic’s economy.

The country has emerged as a global leader in tourism post-pandemic, welcoming 7.1 million visitors in 2022 and over 10 million last year. Notably, it attracted 60% more tourists than Brazil, the region’s largest country by population and size. This makes the Dominican Republic one of the most visited countries in Latin America, second only to Mexico.

The country’s tourism boom has also had a positive impact on investment, with two consecutive years of record foreign direct investment (FDI). Political stability has played a crucial role in attracting foreign capital in Latin America, and this has undoubtedly been a key factor in the Dominican Republic’s strong economic growth.

Life expectancies in the Dominican Republic and other Caribbean countries

Santo Domingo. – Martinique, Guadeloupe, and Puerto Rico are among the Caribbean territories with the highest life expectancy, between 80 and 83 years, while other countries in the region, such as the Dominican Republic, Bahamas, or Dominica, have ranges that do not exceed 75 years.

The information is contained in the ranking “Life Expectancy by Country,” developed by World Population Review with data from the United Nations (UN), corresponding to 2023.
The platform details that the last places are Jamaica, St. Kitts and Nevis (72 years), and Haiti, with a life expectancy of 65 years.

The Dominican population would grow until 2060

According to current projections, World Population Review notes that “the population of the Dominican Republic is expected to grow until approximately 2060 when it will reach its peak population of 12.89 million.”
“After reaching its peak population, the Dominican Republic will experience a demographic decline that will leave the population at 11.01 million people,” the organization states.

It adds, “The fertility rate in the Dominican Republic is currently 2.36 births per woman, which has declined year after year since the 1950s. This decline in the fertility rate, in combination with negative net migration, has considerably slowed the population growth rate.”

It further highlights that “from 2019 to 2020, the population growth rate was 1.01%, which added about 109,000 people to the population. This overall decline in the population growth rate will eventually bring it to zero and then the decline in the country’s population will begin.”

NSO data

Last week, the National Statistics Office (ONE) presented its latest report on the X National Population and Housing Census conducted in 2022, stating that the Dominican population growth rate has declined to 1.11% since the beginning of the last century.

Montecristi hosts Tourism in Every Corner event

Montecristi, DR.- This weekend, the province of Montecristi will host the Tourism in Every Corner promotion platform, organized by the Ministry of Tourism to showcase the unique attractions and diverse offerings of each destination.

The event will take place on Saturday, July 13th, and Sunday, July 14th, at Parque Duarte (Parque del Reloj). It will feature a large exhibition and sale of Montecristi’s tourist, cultural, gastronomic, and artisanal products, involving key players in the local value chain to promote sustainable management and development.

Attendees can enjoy artistic presentations from the folkloric ballet and typical ensemble of the Ministry of Tourism, performances by the Ángeles Especiales foundation, baton ballet, children’s groups, and cultural events like carnival traditions and “roba la gallina.”

Montecristi is one of the 32 provinces of the Dominican Republic, located in the northwest. Founded by Nicolás de Ovando in 1506, it boasts attractions like El Morro National Park, Cayo Siete Hermanos, Isla Cabra, and the Montecristi mangroves. Visitors can also explore the Montecristi Clock, designed by Gustave Eiffel, and the Máximo Gómez House Museum. Local cuisine features traditional dishes like goat, Dominican flag, and fresh seafood along the Montecristi boardwalk, complemented by artisanal ice cream and a vibrant nightlife scene.

Montecristi is divided into six municipalities: Castañuelas, Guayubín, Las Matas de Santa Cruz, Montecristi, Pepillo Salcedo (Manzanillo), and Villa Vásquez, with five municipal districts: Palo Verde, Hatillo Palma, Villa Elisa, Cana Chapetón, and Santa María.

Tourism Ministry begins reconstruction of streets in Puerto Plata

Puerto Plata, DR.- Tourism Minister David Collado on Wednesday launched the reconstruction of the streets in the historic center of the San Felipe de Puerto Plata municipality with an investment of close to 80 million pesos.

The project consists of the reconstruction of the streets, sidewalks and curbs of the town’s urban center, directly impacting local residents and tourists, mainly cruise passengers who disembark at the Amber Cove and Taino Bay tourist ports.

Collado highlighted the investments and works delivered during his administration to strengthen the tourist destination and those in the pipeline, such as the rehabilitation of Sosúa beach and the remodeling of the iconic Puerto Plata cable car.

“These interventions will mark a before and after in this entire historic center. The time of Puerto Plata has definitely arrived,” said the Minister of Tourism.

This road project in San Felipe was carried out by the Executive Committee for Infrastructure in Tourist Zones (CEIZTUR) at a total cost of RD$79.855.074.95.

The sections to be intervened correspond to the avenues Juan Escaño (Old Railway Line); extension of Restauración Street (connection between Juancho Escaño Avenue and Caamaño Street).

It also includes Antera Mota, Luis Espinosa, 30 de Marzo, Los Jazmines San Felipe and Aserradero streets. In addition, 27 de Febrero Avenue, El Morro and Cardenal Sancha streets will be intervened.

Juan Escaño Avenue (Old Railway Line) will be intervened in a 751-meter extension and 27 de Febrero in an 834-meter section. Meanwhile, El Morro Street will be renovated in a 1,020-meter section and Cardenal Sancha 934 meters long.

The project includes the reconstruction of 9,318 linear meters of curb and 17,256 square meters of sidewalk, including the readjustment of the pavement of three road axes by applying a new 2″ asphalt concrete layer on the road.

Dominican Republic expands airline industry with 281 new connections

Santo Domingo.- José Marte Piantini, president of the Civil Aviation Board (JAC), emphasized the critical role of air connectivity in the Dominican Republic’s economic development. From August 2020 to June 2024, a total of 438,836 air operations were conducted, averaging 1,275 flights per week. These operations, involving passenger and cargo movements, generated an estimated $49,807 million in direct and indirect income for the economy.

Marte Piantini highlighted the significant achievements during President Luis Abinader’s first term. The JAC authorized 46,002 non-regular or charter air operations and approved 18,940 flights under Special Permits, underscoring the sector’s resilience and progress despite challenges.

In his fourth management report, Marte Piantini detailed the administration’s efforts to strengthen civil aviation, resulting in 281 new connections and establishing routes to various global destinations. He stressed the importance of expanding the country’s air connectivity network to enable national air operators to access more markets, reflecting President Abinader’s commitment to enhancing the national airline industry and promoting trade and investment.

Dominican Republic named Best International Destination at 2024 Condé Nast Traveler Awards

Santo Domingo.- The Dominican Republic continues to be one of the world’s most beloved destinations, as evidenced by its latest accolade at the Condé Nast Traveler Awards, where the country was selected as the winner in the “Best International Destination” category.

“It’s easy to mistakenly think that the Dominican Republic is all about its idyllic beaches,” the magazine editorial stated in its awards announcement.

“And while it’s true that the white sand and the mesmerizing blue waters seem to etch themselves permanently in your memory, once you’re there, you’ll discover that your five senses will forever cherish its many other wonders: the mangú for breakfast – or the sancocho, or the habichuelas, or the tostones…–, the good humor and warmth of its people, the merengue as the soundtrack of everyday life…”, they added.

Finally, they assure that “the Dominican Republic doesn’t steal your heart, it kidnaps it so that you never want to leave its dreamlike landscapes and all the people who live in them.”

The Condé Nast Traveler Awards recognize the travel sector, awarding the best destinations, hotels and resorts, both nationally and internationally. Among the numerous award categories, there were awards for “Best City Hotel” to “Best Snow Hotel”, including “Best Design Hotel”.

The awards gala, chosen by popular vote, was hosted by Spanish actress Greta Fernández and featured special performances by Dominican artist Lennis Rodríguez and Spanish singer-songwriter Nil Moliner, who kicked off the party by performing his three most famous songs and brought the whole audience to their feet.

Dominican Republic aims to double tourist arrivals by maintaining tourism incentives

Santo Domingo.- The Dominican Republic has the potential to welcome twice as many tourists as its population, according to the president of the National Association of Hotels and Tourism (Asonahores), David Llibre. However, he emphasized the need to preserve the current tax structure, which includes incentives for the travel and tourism sector, to achieve this goal.

Llibre indirectly referred to the incentive laws that protect the Dominican Republic’s travel and tourism sector, such as those established in the Competitiveness Law (Law 158-01, modified by Law 193-13).

The country reached a milestone last year with 10 million visitors and is on track to reach nearly 12 million by the end of the first half of 2024, according to Llibre. He maintained that the Dominican Republic could even attract twice its population in tourists, a goal that could only be achieved through continued collaboration between the private and public sectors under the current fiscal framework.

“It’s a structure that has been called the ‘Competitiveness Law,’ which allows us to level the playing field with other industries and countries in our international competition. It’s what allows us to build new rooms, keep our offerings up-to-date, and maintain the growth in the number of visitors to the Dominican Republic,” stated the leader of the Dominican hotel sector.

He highlighted the efforts of businesses and authorities to develop new tourist destinations such as Puerto Plata with the Punta Bergantín project, the project to develop the southern region with the launch of the Cabo Rojo Pedernales project, and the boost being given to the Miches or Samaná destination, a destination that he said needs further work to increase both the number of rooms and the number of overnight visitors.

“As I said before, it’s not that we’ve reached the top because we should always aspire to more. That’s why Asonahores proposes to continue working hand in hand, as we have been doing so far with the authorities, to continue improving the experiences of our visitors,” expressed David Llibre.

He explained that when he mentions the word “experience,” he refers to both the tourist facilities that must continue to improve and update to continue offering new services to maintain the same or higher level than that of our competition.

He also spoke about improving experiences outside of tourist facilities that allow visitors to travel on safe, well-lit, and signposted roads so that their experience is more enriching and has a greater impact on nearby communities.

“The truth is that we believe that the Dominican Republic can even reach twice its population in tourists,” he reiterated, emphasizing that it is not a dream but a goal that has them working together under the current structure, a structure that has been called the “Competitiveness Law,” which allows them to level the playing field with other industries and countries at the level of our international competition.

Referring to the incentives in the Law, he said that this is what allows them to build new rooms, keep their offerings up-to-date and maintain the growth in the number of visitors to the Dominican Republic.

Collado highlights establishment of Good Practices Committee in MITUR

Santo Domingo.- Over 6.263 million pesos have been awarded during the monitoring process with the Observatory of Good Practices in the Ministry of Tourism.

“In four years, not a single cent from the Ministry of Tourism has gone missing,” stated Minister David Collado on Monday, highlighting the integrity of the tenders managed under his leadership.

Collado emphasized that to demonstrate the transparency of his administration, he requested the formation of a committee to oversee the institution’s bidding processes.

“We respect public funds, people’s funds. We have a clear conviction that transparency cannot be just a discourse in the media and social networks. We are committed from the heart to doing things completely differently, and that is what we are doing,” said the minister.

During a press conference attended by all committee representatives, Collado announced that future processes would be conducted at universities to provide students with practical knowledge.

Investment funds: catalysts for sustainable development in the Dominican Republic

Santo Domingo.- The Dominican Association of Investment Fund Management Companies (Adosafi) emphasized the crucial role of investment funds in the Dominican Republic’s social and economic development at the UN’s Forum for Sustainability. Luis Madera, Vice Minister of the Ministry of Economy, Planning and Development (MEPYD), called for the Government’s Campaign Program to include employees and investors, ensuring broader societal benefits from these funds.

Investment funds facilitate financial inclusion by allowing millions of Dominicans to participate in the country’s economic growth, with investment opportunities starting at RD$10,000. Santiago Sicard, CEO of Adosafi, highlighted their role in generating over 30,000 jobs and developing infrastructure such as roads, parks, and libraries. These initiatives also secure future pensions for many Dominicans.

Supporting the UN’s 2030 Agenda for Sustainable Development, investment funds in the Dominican Republic have invested over USD$1,600 million in 93 projects across 24 funds. Notably, in the energy sector, these funds have diversified energy sources and reduced carbon emissions significantly. Additionally, investment funds boost the tourism and real estate sectors, promoting community development, labor inclusion, and sustainable construction standards.

Santiago Sicard reiterated that investment funds create profitability and wealth for Dominicans while contributing to social and environmental development. Their transformative power in promoting and democratizing development and sustainability has increased interest among individuals, businesses, and government officials in these financial instruments. In summary, investment funds are catalysts for sustainable development, driving economic growth, environmental sustainability, and social inclusion in the Dominican Republic.

Dominican Republic to host Africa-Americas tourism summit

Punta Cana.- The Dominican Republic will host the first joint meeting of tourism leaders from Africa and the Americas, a landmark event to discuss the future of tourism in both regions. The meeting aims to enhance cooperation by leveraging shared cultural diversity and tourism products, promoting tourism development across Africa and the Americas.

The event, titled ‘1st Bi-regional Meeting of UN Tourism in Africa-America,’ will take place from October 3 to 4, 2024, in Punta Cana. Deputy Minister of Tourism Carlos Peguero highlighted the regions’ impressive natural attractions, rich cultural legacy, and untapped tourism potential as key elements for economic diversification, job creation, and sustainable development.

Peguero emphasized the goal of strengthening South-South relations and cooperation while recognizing Africa’s historical and cultural impact on the Americas. This meeting is set against a backdrop of global interconnection, with South-South cooperation seen as crucial for promoting sustainable development and achieving the 2030 Agenda.

Number of housing units increased 27.97%, according to the last census

Santo Domingo—According to the preliminary report published last Thursday by the 10th National Population and Housing Census, 3,694,060 dwellings are occupied in the Dominican Republic.
According to the data, this represents 83.7% of the total number of dwellings in the Dominican Republic. The preliminary report shared by the National Statistics Office (ONE) does not specify the number of occupied and unoccupied dwellings in the country.

This figure registers an increase of 27.97% (1,033,198) in dwellings, according to the Ninth National Population and Housing Census of 2010, which registered 2,662,862 households.
The Tenth National Population and Housing Census details the number of households by province.
The demarcations registering the greatest growth in housing are the province of Santo Domingo, with 934,478 homes, up from 661,583 in 2010, an increase of 29.2%.

It is followed by the National District, which, according to the data offered by the National Statistics Office (ONE), has 363,153. For 2010, 288,362 were registered, an increase of 20.59%.
In Santo Domingo and the National District, some 766,044 homes are in urban areas and 168,434 in rural areas.
Meanwhile, the number of homes by province shows that in Santiago, there are 374,098 homes, making it the third province with the highest number.

The provinces with the fewest homes are located in the border area: Pedernales, with 10,298 houses; Independencia, with 18,360; and Elías Piña, with 18,892 dwellings.

While in La Vega province, there are 152,436 homes; in Puerto Plata, 124,053; in Spaillat, they register 81,602; in La Altagracia 170,732; Sanchez Ramirez, in 57,067; in Monseñor Nouel, 67,597; in Duarte, 109,774; in María Trinidad Sánchez, 56,920; in Hermanas Mirabal province, 33,887; in Samaná, 41,550; in Dajabón, 25,165; in Monte Cristi, 44,979; in Santiago Rodríguez 22,754; in Valverde there are 64,896 domiciles; in Peravia 69,233; in San Cristóbal, 221,397; in San José de Ocoa 25,777; in Bahoruco, 32,987; in Barahona 61,481; in Azua, 75,109; in San Juan 81,574; in El Seibo 34,784; in La Altagracia, 170,732; in La Romana 95,496; in San Pedro de Macorís 115,907; in Monte Plata 71,929 and Hato Mayor with 35,695 homes.
47% are zinc roofs

Of this amount, 47.5% of the homes, according to the 2022 Census, have zinc roofs, while 50.9% have concrete roofs.
According to ONE, 50.9% of homes have cement floors. Another 34.1% are ceramic tiles, and 10.4% are mosaics, which are architectural and handmade finishes.

As for the type of walls, the X National Census indicated that 82% of the homes have walls built of block or concrete, and 13% of the walls are made of wood.
Other Data

The Census showed that as of 2022, there were 10,773,983 inhabitants in the country. Of this total, children under five years of age represent 8.2% of the population.
Those under 15 years of age represented 25%. The population aged 65 and over is over 9%, and the 75 and over population is around 3.7%.

It also specifies that the population growth rate has declined to 1.11% since the beginning of the last century.

Hotel, bar and restaurant sector records growth of 9.2 %

Santo Domingo—The Central Bank, in the interest of keeping economic agents and the public opinion in general duly informed and as part of its institutional commitment to transparency and timely disclosure of data under its responsibility, informs the preliminary results of economic activity as of May 2024.

Hotels, bars, and restaurants exhibited an accumulated inter-annual variation of 9.2 % from January to May 2024. This remarkable dynamism was largely supported by the arrival of 3,716,262 tourists by air during the first five months of the year and 1,284,635 excursionists, for a total of 5,000,897 visitors from January to May 2024. Likewise, the consolidated credit portfolio directed to the sector increased by 27.6% compared to May 2023.

Construction, which has a significant multiplying and dragging effect on other economic sectors, showed a year-on-year growth of 4.4% in January-May 2024. This activity is expected to perform better in the coming months as the impact on the expectations of the content of the reforms that could be implemented this year clears.

On the other hand, local manufacturing recorded an average year-on-year increase of 2.7% during the first five months of 2024, mainly supported by the performance of different food products and base metals manufacturing. Likewise, the 5.8 % year-on-year expansion in the real value added of free trade zone manufacturing is primarily explained by exports amounting to US$3,469.0 million in January-May 2024.

Agricultural activity showed an inter-annual growth of 4.0 % in January-May of this year, with increases in the production of rice, banana, avocado, chicken, and eggs, among others. The technical and financial support to agricultural producers at the national level provided by the Government through the Ministry of Agriculture has had an important impact.

Finally, all economic activities recorded a positive performance in January-May 2024, with the exception of Mining, whose 16.5% drop is mainly explained by the temporary cessation of operations of the ferronickel extraction company since December 2023 and the slowdown in the gold extraction process due to the readjustment plan of facilities required for the continuity of the mining activity in the country’s main deposit.

Civil Defense activates protocols ahead of Hurricane Beryl’s possible impact

Santo Domingo.- The executive director of Civil Defense, Juan Salas, convened with the provincial directors of the protection institution after meeting with President Luis Abinader at the National Palace. This meeting aimed to activate necessary protocols and preventive measures in anticipation of Hurricane Beryl potentially impacting the Dominican Republic.

In a press release, the president of the National Emergency Commission (CNE) emphasized that the “orange heroes” are preparing for the worst-case scenario, prioritizing the protection of lives and property should the hurricane affect the nation. “As directed by President Abinader, we are committed to acting early to safeguard lives. Beryl is a powerful hurricane, and its effects could be felt across much of the national territory; this is why we must act in a coordinated manner with local governments and other emergency response institutions,” stated Juan Salas.

Salas urged provincial directors to coordinate with governors and mayors to activate provincial and municipal Disaster Prevention, Mitigation, and Response Committees (PMR). He explained that Civil Defense, in collaboration with other National System for Prevention, Mitigation, and Response to Disasters organizations, is implementing preventive measures such as rural area alerting, tree pruning, ravine and culvert cleaning, and power line verification with electricity distribution companies.

The Civil Defense has georeferenced potential shelters nationwide, accessible by scanning the QR code on their website, www.defensacivil.gob.do, and social media. For guidance, the public can also call 809-472-8617.

Hurricane Beryl intensifies

Santo Domingo.- Hurricane Beryl has intensified as it nears the Windward Islands, posing a significant threat with dangerous winds and storm surges, according to the National Hurricane Center (NHC). The cyclone’s approach has led to the cancellation of the annual Caribbean Community (Caricom) summit, which was scheduled from Wednesday to Friday in Grenada.

Beryl is currently classified as an “extremely dangerous” Category 4 hurricane on the Saffir-Simpson scale, with maximum sustained winds of 215 kilometers per hour (130 miles per hour). The latest NHC bulletin places the hurricane 125 kilometers (70 miles) east of Grenada and 165 kilometers (90 miles) southeast of Saint Vincent.

The NHC, based in Miami, Florida, has issued hurricane warnings for Barbados, Saint Vincent and the Grenadines, Grenada, and Tobago. There are also tropical storm warnings for Martinique, Trinidad, and Saint Lucia. Beryl, the first hurricane of the Atlantic season, is moving west at 31 kilometers per hour (20 miles per hour).

So far, the Atlantic hurricane season, which began on June 1, has seen three tropical storms: Alberto, Beryl, and Chris. Chris formed in the Gulf of Mexico on Sunday and made landfall in Lechuguillas, a town in the southern Mexican state of Veracruz. The U.S. National Oceanic and Atmospheric Administration (NOAA) predicts a highly active hurricane season this year, with up to 13 hurricanes, including seven major ones, and a total of 17 to 25 storms with winds exceeding 62 kilometers per hour.

Source: EFE

Dominican Republic issues $750 Million green bonds

Santo Domingo.- The Dominican Government, through the Ministry of Finance, has issued green bonds for the first time in its history, totaling US$750 million. These bonds achieved a rate of 6.70%, approximately 15 basis points lower than what would have been achieved with other non-thematic financing instruments of a similar term.

Jochi Vicente, the head of the Treasury, explained that the funds obtained from this issuance will be used for green expenditures, as outlined in the country’s first Reference Framework for Green, Social, and Sustainable Bonds, published last week. This initiative not only implies savings for public finances due to the lower financing cost but also supports projects aimed at mitigating the effects of climate change, to which the Dominican Republic is highly vulnerable. These projects will help protect public infrastructure and the population from climate-related impacts.

The green bonds received demand from foreign investors in global capital markets that was six times higher than the amount issued. This significant interest demonstrates confidence in the Dominican Government’s commitment to environmental protection, social needs, and sustainable development, as well as the robust performance of the Dominican economy.

“Each time we access international capital markets, we receive notable support, which is partly due to our effective public debt management,” highlighted Vicente.

María José Martínez, the Vice Minister of Public Credit, noted that these green bonds are part of a sustainable emissions program included in the 2024-2028 debt strategy. This program aligns with the goals set in the National Development Strategy 2030.

“The inclusion of thematic bonds in our financing plan not only promotes environmental and social benefits but also exemplifies our commitment to transparency in public debt management and diversifies our investor base,” emphasized Martínez.

Additionally, this operation was complemented by the repurchase of US$1,009 million of an external bond maturing in 2025. To facilitate this repurchase and to cover part of the 2024 General State Budget financing needs, RD$105,000 million of an external bond in local currency maturing in 2036 and US$500 million of a reopening maturing in 2031 were issued.

These operations have significantly impacted the debt portfolio of the non-financial public sector by decreasing the percentage of foreign currency financing and increasing the average maturity time of the global bond portfolio.