Brownsville Business Corporation - Dominican Republic

MIGA issued $24.5 million in coverage to Scotiabank (Cayman Islands) for its loan towards the construction and development of the Acropolis/Citibank Tower, a mixed-use office and retail complex in downtown Santo Domingo. MIGA covers Scotiabank against the risks of transfer restriction, expropriation, and war and civil disturbance.

The tower consists of four stories of retail and shopping stores, and fifteen stories of offices. The shopping area will feature two to three anchor stores, 30 to 40 boutiques, two dining restaurants, an eight-screen movie theatre, and an entertainment area. The project will have significant impact on the development of private businesses by meeting the demand for office and retail space. The project is expected to create more than 500 jobs during construction and operation.