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News from the Dominican Republic as of
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Venezuela's Cisneros to build Dominican Republic resort
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| Published on Thursday, October 1, 2009 | Email To Friend Print Version
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BOGOTA, Colombia (Reuters) -- Venezuelan magnate Gustavo Cisneros will build a $2 billion tourist resort in the Dominican Republic to be called The Tropicalia, a statement issued by Cisneros' business group said on Wednesday.
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Gustavo Cisneros
AFP PHOTO |
The resort, which is expected to take about 20 years to build, will be located next to Samana bay, near the town of Miches, the statement said.
The tourism business has shrunk on the Caribbean island nation due to the world financial crisis, biting into state income.
The Tropicalia project will create 3,000 jobs over the short term, 6,000 over the medium term and 14,000 over the long term, the statement said.
The Dominican Republic decided to abide by a new International Monetary Fund pact after a sharp drop of about $28.7 million in government revenues in the first quarter of 2009.
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