Tourism in the Dominican Republic may soon get a bump, thanks in part to the munificent pockets of the World Bank. The International Finance Corporation (IFC), the private sector arm of the World Bank Group, is providing a long-term financing package to Sans Soucí Ports, S.A. to expand, renovate and operate the Sans Soucí and Don Diego cruise ship terminals in Santo Domingo on the Ozama River. The $21 million sum being allocated by the IFC is intended to reintroduce cruising to the city, thereby spurring local tourism and the local economy.
This isn't the first time the IFC has appropriated funds for
the express intent of building up cruise facilities. Prior to
The IFC, although an arm of the World Bank, is different in
that it provides financing for private sector projects in emerging economies.
It also ensures that high environmental standards are maintained. In the case
Lisandro Macarrulla, president of the board of directors of
Sans Soucí Ports, says the IFC's financing will further enhance
That the ship is set to homeport in
Cruise Lines Working With IFC
Financing cruise terminal projects has been vital to the
growth and sustainability of the cruise industry. In tandem with organizations
like the IFC, the cruise lines have also used their money to finance projects.
In March, Carnival Corp. signed an agreement to build and operate a cruise
terminal on the
While the Don Diego terminal has already gone through remodeling via an initial capital investment by Sans Soucí Ports, the Sans Soucí terminal was razed and is currently under construction. It is scheduled for completion in November just prior to the arrival of Royal Caribbean's Legend of the Seas.