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 85,087 million pesos at the end of that period, reported today the Association of Multiple Banks of the Dominican Republic (ABA).
The ABA explained that the banks increased credits to tourism by 27,934 million pesos, during those three years. He pointed out that, in relation to 2020, the bank credit to the tourism sector increased by 14,644 million pesos during 2021, showing a growth of 20.8%.
In a press document, the union detailed that last year 402 new loans were channeled and 10,426 loan operations to hotels and restaurants remained active, through refinancing, restructuring and new loans.
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 Republic, which, he points out, was a lever for this productive sector to overcome the adverse scenario generated by the pandemic.
“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.
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 hotel, bar and restaurant activity registered a year-on-year expansion of 39.5% at the end of 2021 in terms of real value added, highlighting that in December a historical maximum of 728,334 non-resident visitors was registered due to the arrival of non-resident passengers to the country, for an accumulated 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 this sector employed some 348,869 people, of which 43.2% are men and 56.8% women, according to the Continuous National Survey of the Workforce (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.
