Hospitality sector to have US$ 581.4 million of Federal Government credit line
Folha de S. Paulo
The Minister of Tourism, Luiz Barreto, affirmed yesterday that the BNDES (National Development Bank) will launch a line of nearly R$ 1 billion (US$ 581.4 million) for the financing of the hotel network in January. According to him, the funds will be aimed at the modernization and expansion of the current park with a view to the 2014 FIFA Soccer World Cup and the 2016 Olympics.
According to the Minister, the line will mainly benefit the Southeastern and Southern regions, since the North, the Northeast and the Midwest regions already have financing options from the Banco do Nordeste, Banco do Brasil and Banco da Amazônia banks. These regional funds have also suffered changes to promote the development of the sector. "The terms were 15 years and changed to 20, with a five year grace period", he says. He did not disclose what the terms and the interest rates of the new BNDES line will be.
The Ministry affirmed it intends to increase the flow of tourists by 113% in the next decade, going from the 5.5 million projected for 2010 to 11.1 million in 2020.