LatinNews Daily - 24 July 2020

* Mexico’s government has announced a plan to stimulate activity in the hotel sector - one of those hit hardest by the coronavirus (Covid-19) pandemic and resultant economic crisis - which involves the creation of a M$11.4bn (US$506.7m) credit line from private banks. The ‘plan to boost the hotel sector’ was communicated in a joint statement by Tourism Minister Miguel Torruco Márques, the president of the association of Mexican banks (ABM) Luis Niño de Rivera Lajous, and the director general of Mexico’s state-owned export credit agency (Bancomext) and national development bank (Nacional Financiera), Carlos Noriega. Credit primarily intended for micro, small and medium-sized businesses in the accommodations sector will be available at a maximum interest rate of 13.5%. Niño de Rivera said it is hoped that the initiative will rally not only the hotel sector, which in 2019 accounted for 28.7% of tourism GDP and 9% of tourism jobs, but also many regions in the country in need of an economic boost. Noriega, meanwhile, expressed the hope that further private banks will join the initiative and expand the fund.

End of preview - This article contains approximately 184 words.

Subscribers: Log in now to read the full article

Not a Subscriber?

Choose from one of the following options

• Subscribe
• Sign up for a one-time, 14-day trial