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Santo Domingo, DR.- Banco Popular Dominicano provides 50% of the financing to the tourism sector of the Dominican Republic, with credit facilities disbursed and commitments approved for disbursement amounting to US$1.6 billion, according to statistics updated to September, including here the contributions of Popular Bank, the banking subsidiary of the Popular Group operating from Panama with an international license.
This financing force has a direct impact on the construction of hotel and tourism infrastructure in general, on the renovation of more than 30,000 rooms and on the generation of direct and indirect jobs for the benefit of more than 35,000 people.
These figures were announced at a dinner that Banco Popular offered to hoteliers, tour operators and other representatives of the tourism sector, gathered within the framework of the IFTM-Top Resa (International French Travel Market) tourism fair, held this week in Paris, France, an important international platform for the promotion of tourism on a global scale, attended by more than 30,000 professionals from this industry.
The Vice President of the Tourism Business Area, Mr. Juan Manuel Martín de Oliva, said that, in particular, “Banco Popular has a market share of over 37% in this key sector for the country's economy,” thus reaffirming its “historical support for Dominican tourism for more than three decades,” when Popular was a pioneer in financing this activity and later with the creation of the first banking business unit specialized in assisting the demands of national tourism.
Commitment to tourism growth
In this way, he explained that, from its role as a “bank of tourism,” Popular continues to promote the “sustainable development of a key sector for the growth and well-being of Dominican families.”
Currently, he explained that the financial organization is studying additional loans for more than US$570 million. “These loans will be allocated to hotel projects in various stages of development, guaranteeing the short, medium and long-term expansion of the national tourism offer,” said the banking executive.
In turn, Mrs. Rosa Hernández de Grullón, ambassador of the Dominican Republic in France, said that “the support of the Popular Party in promoting the development of national tourism has been key to the country occupying an important position as one of the preferred destinations for tourists from all over the world.”
For his part, Tourism Minister David Collado stressed that, “the success of Dominican tourism lies in the boost offered by public-private partnerships in the economic development of the country's various tourist spots.”
The president of ASONAHORES, Mr. David Llibre, thanked Banco Popular and the Ministry of Tourism for their contributions to the industry, which increase visitor satisfaction and a competitive tourism offer.
Business meetings
During this edition of IFTM-Top Resa, the Popular delegation will maintain an agenda of business meetings with potential investors and tour operators interested in entering into or expanding their relations with the Dominican Republic, accompanied by the financial institution.
This financial support has made it possible to improve the competitiveness of Dominican tourism, which in recent decades has positioned the country's image in the world as a quality destination, which encourages the arrival of more international tourists and attracts new foreign capital, which continues to strengthen the country's tourism infrastructure and generate more sources of employment.
Popular's support for the tourism sector not only reinforces its market leadership, but also underlines its commitment to the country's economic growth. Investments in the sector have enabled the development of large and small projects, boosting both established companies and new ventures in the sector.