São Paulo – Loans from Brazilian state-owned banks to tourism companies were up 23% in the first half this year from the same period in 2012, according to information released this Friday (6th) by the investment coordination department of the Ministry of Tourism. In the first half this year, R$ 6.1 billion (US$ 2.6 billion) were loaned to companies in the industry. In the same period of 2012, loans amounted to R$ 5 billion (US$ 2.1 billion).
The national secretary of Tourism Development Programs, Fábio Mota, ascribed the increase in loans to the closer ties between the public and private tourism sectors. He also said financial institutions are realizing that the industry has potential for growth. He also said, according to the Ministry of Tourism, that industry businessmen are organizing themselves better when it comes to raising funds.
The Bank of Brazil, the Brazilian Development Bank (BNDES), the Federal Savings Bank, the Bank of the Northeast and Bank of the Amazon are the state-owned institutions which supply financing to the tourism industry. The latter include car rental companies, airlines, parks, hotels, bars, restaurants and travel agencies.
In 2011 the industry loaned R$ 8.6 billion (US$ 3.6 billion). In 2012, R$ 11.2 billion (US$ 4.75 billion) were loaned, according to information from the Ministry of Tourism.
*Translated by Gabriel Pomerancblum
