"More than a trust, I believe it will be an example of comprehensive planning, not only at the level of territorial development, but also industrial development, housing, transportation, culture, agriculture, and a series of issues that will have a very transparent governance around the trust, allowing it to outlast a government.".
SANTO DOMINGO– “Santo Domingo 2050 is a commitment to robust development that combines industrial, housing, and social services development,” explains Pavel Isa Contreras, Minister of Economy, who also emphasizes that creating job opportunities and well-being for the people is fundamental.
As established by Decree 595-22, which creates the Santo Domingo 2050 Initiative, and in order to strengthen its operational functioning, a Trust Fund for the city will be created.
The proposal was presented to the Minister of Economy, Planning and Development, Pavel Isa Contreras, by the general manager of Fiduciaria Reservas, Andrés Van Der Horst, and the director of Public Trusts, Shyam Fernández.
Article 8 of Decree 592-22 establishes the creation of the Fund for the Promotion of Territorial Planning and Sustainable Development of the Province of Santo Domingo as a public-private co-financing instrument for sustainable development projects.
Its objective is to promote productivity improvement through new or improved economic initiatives and multiple projects for comprehensive socio-economic development, infrastructure and processes.
Isa Contreras, who chairs the Commission for the Promotion of Territorial Planning, stated that the trust fund that will be derived from the Santo Domingo 2050 Initiative "is a vehicle that will allow us to attract private investment, to generate more and better jobs.".
The presentation of the proposal was attended by the executive director of SD2050, Edgar García; the economic advisor of SD2050, Henri Hebrard; the Business Director of Fiduciaria Reservas, Noel Bou; and its Business Manager, Jean Carlos Altuna.
The Minister of Economy explained that Santo Domingo is the country's most populous province and its development is a fundamental component of national development. "We're talking about two to three million inhabitants," Isa Contreras noted.
For his part, the general manager of Fiduciaria Reservas, Andrés Van Der Horst, highlighted the willingness of the Ministry of Economy, Planning and Development, "to trust us to begin this design of this project.".
"More than a trust, I believe it will be an example of comprehensive planning, not only at the level of territorial development, but also industrial development, housing, transportation, culture, agriculture, and a series of issues that will have a very transparent governance around the trust, allowing it to outlast a single government," he said.
Van Der Horst pointed out that, when talking about Santo Domingo 2050 and creating that long-term impact, the trust becomes that guarantor.
Article 8 of Decree 592-22, in its paragraph II, indicates that the Fund for the Promotion of Territorial Planning and Sustainable Development will promote technical assistance and technological transfer in public-private partnerships under the modality of a trust fund.
The SD2050 Trust aims to manage the assets and rights derived from the Fund for the Promotion of Territorial Planning, Development and Sustainable Development of the Province of Santo Domingo.
It will serve as an ideal legal and financial vehicle in the management and guarantee for the promotion of productivity and sustainable development of the province, through initiatives in infrastructure and social and economic integration projects.
More than 20 institutions
Article 3 of Decree 592-22 establishes the Commission for the Promotion of Territorial Planning, which will be composed of representatives from the public and private sectors. It will be chaired by the Minister of Economy or their representative.
It is also made up of more than 20 public and private institutions, including representatives from the Ministries of the Presidency, Environment and Natural Resources, and Culture, as well as representatives from micro, small and medium-sized enterprises (MSMEs) in Santo Domingo, the business sector of the province, social organizations, among others.
In the presentation, they cited the alternatives for the Dominican State, as well as the success stories, among which they mentioned the Juan Bosch City and how, by controlling the expansion of the population gradually, they were able to market the State's land through the trust figure.
Another advantage mentioned for trusts was their temporary nature, because once the project is completed, it is liquidated, unlike a public institution, which cannot be created for a specific project or for a specific duration.
Similarly, it allows for better management of budgetary timelines, since, if a state institution does not execute its budget in the year, the remainder returns to the public treasury, but this does not happen in a public trust.
This way, it is possible to build up treasury with these funds and generate returns.
Similarly, a specialized collection is made to accounts solely intended to fulfill the purpose of the Trust, not mixing with the resources of the Single Account.
Santo Domingo 2050
The Santo Domingo 2050 initiative has as one of its essential purposes the establishment and implementation of a Sustainable Industrial Corridor around the Santo Domingo Ring Road. This project will impact the quality of life, the economy, social development, and the diversification of the productive sector in the province and its municipalities.
It involves the development of a strategic plan that promotes economic initiatives and multiple social and economic development projects, with the participation of all social and economic actors and the Provincial Development Council of the Santo Domingo province.
