New EU grant to help Dominican Republic draw foreign investments

14:12, April 29, 2011      

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The European Union (EU) will give 34 million U.S. dollars to the Dominican Republic as a grant to help the Caribbean island nation to attract more foreign investments.

With the funds, the EU seeks to promote the creation and implementation of reforms and legal framework that facilitate the inflow of foreign investments, according to a statement issued Thursday by Domingo Jimenez, director of the country office for the European Development Fund.

The grant is binded with agreements for the Dominican Republic to increase the efficiency of trade and customs practices and to reduce the transnational costs that companies currently incur, he said.

Source: Xinhua
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