DomRep, Vene Get IDB Loans

The IDB has approved a $100m loan for the Dominican Republic to help build 34 schools, refurbish more than 200 schools and stock classroom libraries. The loan is for a 25-year term, including a 5-year grace period, at a Libor-based interest rate. The government of the Dominican Republic will provide $10m in local counterpart funds. Separately, the IDB has approved a $50m loan for Venezuela to improve drinking water service quality. The government will provide $25m in local counterpart funds, taking total funding for the program to $75m. The IDB facility will have a 25-year term, with a 5-year grace period, at a variable interest rate based on Libor.