Dominican govt finances women's body for textile mill

02 Aug '13

2 min read

The Government of the Dominican Republic has announced establishment of a textile industry for a women entrepreneur’s group in the community of The Port of San Pedro de Marcoris.

Luisa Isabel Sanchez, president of the Association of Women in Development of the Port of San Pedro de Macoris, received the first disbursement of over 3 million pesos, a loan through the Special Fund for Agricultural Development (FEDA) by the government.

The textile factory to be installed would require a total investment of 9 million pesos which would be disbursed by the FEDA.

In addition to handing over resources for the establishment of the textile factory, the Government has also financed 15.882 million pesos to the women entrepreneurs in Sabana Grande de Palenque as well as the farmers and agribusiness entrepreneurs in San Cristobal.

These credits are financed by FEDA, and correspond to the earlier commitments made by the President of Dominican Republic, Danilo Medina, during his visits to these places.

Ms. Sanchez said she acknowledged the aid by the Government to the women entrepreneurs, and the installation of the textile factory would create dozens of jobs for the women in the community.

The beneficiaries receiving the resources include textiles and agricultural associations, on the interest of President Medina to improve the conditions of these sectors.

The loans would have to be repaid at only 5 percent rate of interest, and as per periods mentioned in individual contracts.

The directors of the group that received the credits have pledged to put it to the best use and make payments on schedule as laid in the contracts made between the associations and FEDA.

Fibre2fashion News Desk - India