CABEI offers financing to the Guatemalan tourism sector in order to maintain productivity and employment
The financial sector support facility seeks to help micro, small and medium enterprises (MSMEs) in the region that have been affected by COVID-19.
Guatemala City, June 30, 2020. - The Central American Bank for Economic Integration (CABEI) together with the Guatemalan Chamber of Tourism presented the Financial Sector Support Facility for the Financing of MSMEs affected by COVID-19 to tourism sector enterprises.
With the support of the German Financial Cooperation through KfW and the European Union, CABEI makes credit resources available to MSMEs to finance their working capital and investment needs through the network of financial institutions in the region that operate with CABEI resources with terms of up to 5 years and up to 2 years grace period for payment of capital. The intermediary financial institutions that will have this Facility available in Guatemala are the following: BANRURAL, BI, G&T Continental and FUNDAP.
Eligible MSMEs include those in such production sectors as the agri-food chain, renewable energy, energy efficiency, cleaner production, hospitality and tourism, construction, creative industry, media, trade and service provision.
CABEI Executive President, Dr. Dante Mossi, stated that, “According to the World Travel and Tourism Council, the tourism sector has a high impact on the country. In 2019, the Guatemalan tourism sector contributed 6.2% of the total GDP and also generated approximately 457,100 jobs, which is equivalent to 6.5% of total employment generated that year. In this sense and in view of the current health situation, CABEI seeks to support the recovery and economic reactivation of MSMEs linked to the national tourism sector, among other sectors affected by COVID-19 by means of this Facility."
Attendees at the Facility's presentation ceremony included Guatemalan companies from the hotel sector, tour operators, transportation enterprises, Spanish schools and theme parks, among others.
This Facility is part of the COVID-19 Emergency Support, Preparedness and Economic Reactivation Program for up to US$1.96 billion, which was approved by CABEI on March 31, 2020 in response to the impacts of the pandemic and to support this sector, which is key to the economies of the Central American region.
