Promoting tourism sector competitiveness in the SICA region

Tegucigalpa, April 8, 2019.- The Central American Bank for Economic Integration (CABEI) made the first disbursements under the Regional Competitiveness and Sustainability Program for Tourism MSMEs (PROMITUR). The financing, which amounts to a total of US$738,500.00,  has benefitted BANDESAL of El Salvador with an amount of US$500,000.00 and COOCIQUE in Costa Rica with an amount of US$238,500.00 to invest in the tourism sector.

With regard to these operations, the Bank's Financing for Development Coordinator, Sergio Avilés, commented that, "CABEI has credit lines at the service of tourism development with the purpose of supporting the sector's capacity to generate sustainable jobs and boost activity in local economies.”

In El Salvador
A disbursement was made to Banco de Desarrollo de El Salvador (BANDESAL), which involved an advance payment of US$500,000.00. BANDESAL has been an intermediary financial institution of CABEI resources for more than 22 years. It attends financial institutions, MSMEs and the general public, and thereby is an important ally of CABEI for the placement of resources of its different financial intermediation programs, enabling the Bank to reach the target beneficiaries. In particular, this disbursement will facilitate the creation of a special credit line for BANDESAL to attend the Salvadoran tourism sector.

In Costa Rica
The financing for an amount of US$238,500 was made through Cooperativa de Ahorro y Crédito de la Comunidad de Ciudad Quesada (COOCIQUE) R.L.; a financial institution that has intermediated CABEI resources for 15 years and is characterized by supporting small and medium enterprises in productive sectors with a presence throughout the Costa Rican territory.

COOCIQUE's General Manager, Daniel Mora Mora, stated that, "For COOCIQUE supporting the tourism sector has been a pillar for the development of the country's economy. There is great potential, we want to support our members and evolve with them towards a sustainable tourism. In addition, we want to promote the conservation of natural resources, environmental education and the Costa Rican culture. With regard to tourism MSME management, we are excited and committed to obtaining additional specializations in order to guide the MSMEs towards better practices and new linkages. This opportunity is in line with our mission to generate wellbeing through employment sources and activate rural economies, which is where the majority of our tourism entrepreneurs are operating."

The resources are being transferred under the reimbursement modality in order to reimburse to COOCIQUE R.L. the amounts placed to small tourism entrepreneurs, who have made investments in assets, such as equipment and goods for the provision of their services.

PROMITUR is designed to meet the credit needs of micro, small and medium enterprises in the tourism sector with the purpose of streamlining their access to financing with adequate conditions for the tourism sector, develop their business plans and facilitate access to national, regional and international markets.

Tourism entrepreneurs wishing to access these credits must be registered with the National Tourism Authorities of their respective country.

PROMITUR was created by the Secretariat of Central American Tourism Integration, CABEI and the National Tourism Authorities of Central America and the Dominican Republic, including the participation of private sector companies and entities associated with the Federation of Tourism Chambers of Central America.