President Danilo Medina of the Dominican Republic surprised observers on Thursday when he confirmed that he was not planning to seek reelection for another term as president of the small Caribbean nation.

The announcement came as Medina was presiding over the official groundbreaking of the future dam at Monte Grande, a project that is expected to cost more than $401 million, according to Dominican Today.

"I have no interest in getting reelected," Medina said, according to EFE. "What I'm seeking in the Dominican Republic is for us to have men and women who have purchasing power."

"The only thing I'm looking for as compensation is when I return to my home and become an ordinary citizen, when I walk along the street, for people to say to me, 'Thanks Danilo, because during your administration I raised my living conditions.'"

Medina has been in office in the Dominican Republic since 2012. He was the Dominican Secretary of State to the President from 1996 to 1999 and from 2004 to 2006. A member of the Dominican Liberation Party (PLD), Medina lost a bid to be the party's candidate for the presidential election of 2008. He finished behind President Leonel Fernández by a margin of 28.45 to 71.55 in an election fraught with accusations of voting irregularities.

He was first elected as a member of the Political Committee of the PLD in 1990.

Medina will be hosting U.S. Vice President Joseph Biden during the second week of March when Biden will travel to both Chile and the Dominican Republic. According the White House, the purpose of Biden's trip will be to "meet with President Danilo Medina to discuss a broad range of bilateral issues, as well as regional cooperation." The White House says further details will be released at a later date.