Abinader announces 3000 million to automate the workforce Momento.net

SANTO DOMINGO – President Luis Abinader announced on Monday the provision of 3,000 million pesos that the government will loan to the construction and agricultural sectors to assist them in their mechanization plan with the aim of reducing dependence on foreign labor.

While participating at the National Palace in the “La Semanal con la Prensa” meeting, he said that the resources will be available through the Export and Development Bank (Bandex).

“The goal is to reduce the need for cheap labor and foreign labor and to make national production more efficient,” the president said.

He said that this program will help finance machinery for the aforementioned sectors, the majority of whose workforce is Haitian.

Abi Nader recently warned that foreign workers’ “days are numbered” in the Dominican Republic.

Loans at 9.5% interest

“We already have 3,000 million pesos in the institution,” said Bandex General Manager Juan Mustafa Michel, noting that the interest rate on the loans will be around 9.5%, with a grace period of up to six months.

He said this process could be done through the Agricultural Business Council and other relevant organizations.

In another matter, he reported that the entity went from 100 million to nearly 7,000 million in loans and from 7,000 in assets to nearly 20,000 million.

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