The Reserve Bank announced last Friday that it had raised investments for the Dominican Republic at the FITUR 2024 International Tourism Fair for more than USD$2.6 billion, which includes the construction of some 25 new hotels.
The Deputy Business Administrator, Ysidro García, reported that the financial institution will be structuring financing for projects for about USD$1.5 billion, which will contribute to the creation of jobs and benefit the country's economy, with activities linked to tourism.
He cited the formalization of the firm for the construction of two hotels in the Punta Bergantín Project, Puerto Plata; and for the tourist development of Miches, an area where the expansion or construction of some 2,500 rooms will be financed, which will include beach areas located in the east of that municipality.
During 2023, the Reserve Bank increased its participation in the tourism loan portfolio, from 29% to 37%, to end the year with a balance of loans to the sector for RD$44.5 billion, he stressed.
“We emphasize that this participation in bank loans does not include tourist ports or theme parks, such as the cases of the Taíno Bay tourist ports, in Puerto Plata; Cabo Rojo, in Pedernales; and the Dorado Park in Cap Cana, for which Banreservas has provided financing for more than USD$100 million,” García explained.
He also considered the financial institution's entry into the World Travel and Tourism Council (WTTC) in the Industry Partner category as a great achievement to further support tourism.
When speaking on behalf of the general administrator of Banreservas, Samuel Pereyra, the deputy business administrator said that in the more than 54 meetings that the Bank delegation held with investors from different areas, the growing interest of international brands in investing in the Dominican Republic was observed.
He explained that the increase in investments captured this year in Fitur and the financing negotiated will not only benefit tourism, but also the various sectors of the economy, such as transportation, agriculture and industry.
García spoke at the breakfast organized by the Ministry of Tourism to inform the media of the results of the country's participation in FITUR 2024, where both Minister David Collado and the Bank's Senior Executive Vice President of National and International Business Popular, René Grullón, highlighted the support of the three main banks for tourism and the success achieved at FITUR 2024.