São Paulo – Official Brazilian bank financing for tourism sector grew 500% from 2003 to 2010, according to Tourism minister Pedro Novais. In 2003, the Tourism Ministry was established and since then disbursements have already totalled 25 billion Brazilian reals for turning capital, investment in works, installation and machinery, among other projects turned to the sector.
The values refer to operations through institutions like the Bank of Brazil, the Federal Savings Bank, the Bank of the Northeast, the Bank of the Amazon and the BNDES. Last year there was a record volume of credit offered, at 6.67 billion Brazilian reals, growth of 20% over 2009.
"The expansion of Tourism and the importance of the activity in the Brazilian economy may also be measured by the volume of credit turned to the sector,” he said at a National Tourism Council meeting.
*Translated by Mark Ament
