SANTO DOMINGO. - President Luis Abinader created by decree the Public Trust for the Promotion of Dominican Airport Projects (ProAeropuertos Trust), with the "purpose of managing, investing, financing and allocating resources to the proper administration and operation of Dominican airports, airfields and heliports, both domestic and international."
The head of state ordered the measure through decree 374-23, issued on August 15, 2023, but it has not been made public by the government. Víctor Pichardo, head of the Airport Department, was appointed as executive director on an honorary basis.
The ProAirports Trust will be composed of the Dominican State, through the Airport and Trust Reserves Commission and, according to its objectives, its task will be to receive and maintain in fiduciary ownership the trust assets, which will be used to fulfill its purpose.
Furthermore, to subscribe to and manage the necessary agreements to ensure the financing of projects that guarantee the functioning and proper operation of air facilities, in accordance with national and international regulations.
Similarly, another purpose is to issue the fiduciary guarantees required to fulfill the obligations it undertakes in the pursuit of its objective.
Also, to carry out in favor of the Pro-Pedernales Trust the actions that are necessary to contract obligations with the objective of financing totally or partially the development and construction of the Cabo Rojo International Airport.
Article 4 specifies that the assets will be contributed by the State, the investments and profits of the project, debts, the issuance of public offerings of fixed or variable income securities obtained from the trust assets, and donations from third parties.
The technical staff of the Pro-Pedernales Trust will be composed of the Minister of the Presidency, who will preside over it, and the heads of Public Works, the Airport Department, the General Directorate of Public-Private Partnerships and a person designated by the Executive Branch.
The ProAirports Trust will have a duration of 30 years. Once this period has ended, it will be dissolved and the trust assets will be returned to the State, unless it is renewed.
Source: Diario Libre.
