Dominican Republic Receives $30 Million Loan to Promote Tourism

The Dominican Republic received a $30 million loan from the Inter-American Development Bank (IDB) to promote tourism in the historic Colonial Zone of the capital city of Santo Domingo. Established in 1959, IDB is a development bank funded by 48 member countries, including 26 Latin American and Caribbean members.

The program will include restoration of the Colonial City, a UNESCO World Heritage Site; promotion of the “tourism production chain”; and support for tourism activities provided by local residents, “whose culture and lifestyle are one of the area’s attractions,” according to an IDB statement.

“The program will develop tourism in the Colonial City with a comprehensive vision to ensure that growth in the sector is not only quantitative but above all qualitative, and that it takes place in an orderly and sustainable manner that ensures the participation of local people and good experiences for visitors,” said Mercedes Velasco, head of the IDB project team.