Between 2019 and 2021, the financing of the Dominican bank to the tourism sector had an accumulated growth of 48.9%, registering a balance of RD$85,087 million at the end of that period, reported the Association of Multiple Banks of the Dominican Republic (ABA).
The ABA explained that the banks tourism credits increased in RD$27,934 million, during those three years. He pointed out that, in relation to 2020, bank credit to the tourism sector increased by RD $ 14,644 million during 2021, showing a growth of 20.8%.
In a press document, the union explained that last year they channeled 402 new loans and 10,426 loan operations to hotels and restaurants remained active, through refinancing, restructuring and new loans.
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The ABA pointed out that the resources are used mostly for the construction of new hotel projects, remodeling of existing facilities, working capital and the development of productive activities that supply products and services to tourism.
The banking union pondered that, in these tourism results recorded in the last three years, the government’s actions have been relevant, which has given vital importance to the recovery of this sector.
He valued the scope of the resources channeled through the monetary flexibility measures of the Central Bank of the Dominican Republicwhich, he points out, was a lever for this productive sector to overcome the adverse scenario generated by the pandemic.
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“The efforts of the hotel businessmen and different actors that converge in the tourism market, with the support of the Ministry of Tourism and the main banks of the country, have been elements that favor the favorable performance of the sector and the growth of financing for this activity. said the ABA.
Tourism contributions
The ABA highlighted that the banking sector is aware of the importance of the tourism sector for the country’s economy, due to which it maintains constant support through the financing of various projects.
In that order, he recalled that the hotels, bars and restaurants activity registered a year-on-year expansion of 39.5% at the end of 2021 in terms of real added value, highlighting that in the month of December a historical maximum of 728,334 non-resident visitors was registered due to the arrival of non-resident passengers to the country, for a cumulative figure of 4,994,309 in the year, according to data from the Central Bank of the Dominican Republic.
He stated that, at the labor level, for the fourth quarter of 2021 said sector employed some 348,869 peopleof which 43.2% are men and 56.8% women, according to the Continuous National Survey of the Labor Force (ENCFT).
The union considered that these statistics constitute evidence of an important recovery of one of the main sectors in the generation of foreign currency to the country and of direct and indirect jobs.
