CABEI promotes the creation of a financial program for MSMEs in the tourism sector

Guatemala, June 1, 2016 – With support from the Central American Bank for Economic Integration (CABEI), the Central American countries held the "First Workshop for the Creation of a Financial Program in support of Tourism MSMEs.”

The workshop was given by the CABEI Coordinator of the Financing for the Majority Unit, specialist Sergio Avilés, who stated that the Bank has extensive experience managing and channeling resources for the development of the micro, small and medium enterprise (MSME) sector, to which it has allocated more than US$2.0 billion.

At the workshop, the first steps were taken towards the creation of a financial program in support of Tourism MSMEs, taking into account the different needs of the tourism sector (terms, grace periods, guarantees, support, etc.). The goal of this action is to promote new financial products and business models that incorporate innovation and sustainability so that tourism MSMEs can improve their competitiveness.

The workshop resulted in the definition of the financial product’s beneficiaries, the components to be implemented and the establishment of a roadmap and working team responsible for the Program’s formulation and monitoring. The Program is expected to have a positive impact on the growth of regional tourism, one of the region’s main economic sectors. Only in 2015, the seven Central American countries received 10.3 million tourists, which is 661 thousand more than in 2014, equivalent to a 6.9% increase. When including the Dominican Republic, the figure rises to 15.9 million tourists.