Minister Joel Santos highlights 40% foreign direct investment in energy and mining

Santo Domingo.- The mission of the International Monetary Fund (IMF), which is visiting the country in the context of the annual Article IV review, learned about the progress of the Dominican Republic in the energy and mining sectors, which as of July of this year concentrated 40% of foreign direct investment (FDI), consolidating as axes of the stability of the national economy. The Minister of Energy and Mines, Joel Santos, informed the delegation headed by Ricardo Llaudes, head of mission for the Dominican Republic, that in the next five months 612 megawatts (MW) will enter the National Interconnected Electrical System (SENI), which will come from projects such as the SIBA cycle closure (68 MW), Energas 4, in San Pedro de Macorís (130 MW) and the first phase of Energía 2000, in Manzanillo (414 MW). He indicated that between 2027 and 2028 other gas plants will be added that will add 1,552 MW, to finish the period with a significant increase in electricity generation.

Read more: Minister Joel Santos highlights achievements of the Electric Pact

He added that the goal is to close 2025 with 25% generation from renewable sources and that by 2028 the installed capacity of clean energy will more than double compared to 2024, which will mark the most significant transformation of the electricity matrix in the country’s history. Likewise, he announced that the Government will resume the discussion of the Electric Pact in the Economic and Social Council (CES). In mining matters, Santos emphasized that gold is the main export product of the Dominican Republic, representing 36% of the national exports of goods. He specified that this mineral contributes around 13% of the collections for Income Tax (ISR) and that in 2025 it could generate more than US$500 million to the treasury, depending on the behavior of production. The IMF mission was comprised, in addition to Llaudes, of Geraldo Peraza, Nate Arnold, Pamela Madrid-Angers and Manuel Rosales Torres, who received details about the strategic projects that support the country’s economic growth.