Chinese firm to build power plant in Dominican Republic
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| Published on Thursday, July 5, 2007 |
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By Beata Lockwood
Caribbean Net News Dominican Republic Correspondent
Email: beata@caribbeannetnews.com
SANTO DOMINGO, Dominican Republic: President Leonel Fernandez and the Dominican Republic government have announced that, as a result of seeking international trade and business investments, a Chinese company will build a coal-fired power plant in the northwest part of the country and will not be seeking any financial aid from the Dominican Republic in its construction.
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| Dominican Republic president, Leonel Fernandez. AFP PHOTO |
However, there is some controversy over a request from the Chinese construction firm for a letter of credit of over US$30 million from the Dominican Government to guarantee the purchase of the power when it comes online.
It is expected that the power plant will produce 600 megawatts and help solve the power shortage in the northwestern part of the country.
The Dominican Republic is one of a handful of mainly small Caribbean, Central American and Pacific nations that give diplomatic recognition to Taiwan rather than China.
However, China has had a trade mission in Santo Domingo since the late 1980s and government figures show that bilateral trade with China amounted to $500 million in 2006, compared with $80 million in trade with Taiwan.
Fernandez has said the commercial interests of his country of 8.5 million people, who share the Caribbean island of Hispaniola with impoverished Haiti, continue to lie with Taiwan. |
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