04/19/2021 | Press release | Archived content
San Salvador, April 19th, 2021.- The Central American Bank for Economic Integration (CABEI) advances in the development of financial solutions to support and reactivate micro, small and medium-sized tourism companies in the region.
In a press conference, CABEI Director for El Salvador, Luis Rodríguez, announced the Regional Competitiveness and Sustainability Program for Tourism MIPYMEs (PROMITUR), which seeks to promote the tourism sector's competitiveness and sustainability by providing access to credit through CABEI's allied financial institutions under favorable financial conditions.
He added that the Program will provide working capital to companies with up to 100 employees and has the capacity to adapt to the sector's specific needs in order to promote innovative ventures, new business models and the development of tourism products using appropriate technologies and know-how.
'Tourism plays a fundamental role in our region's economy, which is why reactivating this sector's operations is key. At CABEI, we are committed to providing efficient and timely assistance,' said CABEI Executive President Dr. Dante Mossi.
The event was attended by Tourism Minister Morena Ileana Valdez Vigil, Banco Hipotecario's president, Celina Padilla de O'byrne, and Banco Promerica's Director of Corporate Business, Mauricio Guirola.
The resources made available under the Program are for up to US$30 million, of which the MIPYMEs benefited may access financing of up to US$1 million, under competitive financial conditions of working capital for up to 36 months and a grace period of up to 12 months, fixed assets for up to 10 years and up to 18 months (if the term is longer than 7 years). Intermediary financial institutions must pass on these conditions up to 70% of the term granted by CABEI.
PROMITUR joins the initiatives contemplated and underway to benefit this sector, such as those included in the Financial Sector Support Facility for MIPYMEs affected by COVID-19, both programs designed to support entrepreneurs in the region.
In 2020, intermediary financial institutions disbursed US$338.8 million, in addition to the US$44.4 million disbursed in 2021's first quarter. CABEI's Board of Directors recently approved an additional US$300.0 million for this year for the Financial Sector Support Facility for MIPYMEs affected by COVID-19, which represents an additional US$50.0 million for each country, including El Salvador.