12/02/2021 | Press release | Distributed by Public on 12/03/2021 17:18
The Inter-American Development Bank (IDB) has approved a $3.37 million (EU2.95 million operation with resources from a European Union grant to revitalize the Colonial City of Santo Domingo in the Dominican Republic. The funds will complement the Integrated Tourism and Urban Development Program for the Colonial City of Santo Domingo, carried out by the Ministry of Tourism in collaboration with the National District Government and the Ministry of Culture.
The grant will help revitalize the city's urban areas, economy, and cultural tourism through the recovery of public spaces and historic monuments, as well as promote measures to improve livability standards for its residents.
The EU contribution will support the implementation of a sustainable urban mobility plan, a housing improvement project, and the launch of an electromobility pilot program. The loan will also help boost the number of homes that will benefit from the initiative by incorporating new improvement criteria, including climate change, gender, and diversity.
This operation is in line with Vision 2025 - Reinvesting in the Americas: A Decade of Opportunities, the IDB Group's plan to promote economic recovery and inclusive growth in Latin America and the Caribbean in the areas of digital economy, gender and inclusion, and climate change.
The Colonial City of Santo Domingo was designated a World Heritage site by the United Nations Educational, Scientific and Cultural Organization (UNESCO) in 1990. It is a strategic site for the tourism industry, featuring a concentration of major heritage and cultural assets. The city has the largest number of museums in Santo Domingo, and offers a creative economy cluster, with art, music, and local cuisine. An estimated 28% of its businesses belong to the creative industries.
The $3.37 million operation has a disbursement and implementation term of 3.5 years.