Brazil Doubles Spending on Tourism. Most of Money Goes into Hotels

The sum of federal funds allotted to tourism by Brazil nearly doubled in the first four months of this year, in comparison with the same period in 2004.

In the first four months of 2004, federal bank transfers totaled US$ 135.85 million (314.1 million reais), whereas this year they amounted to US$ 266.43 million (616.1 million reais), a 96.2% increase.


In the 12 months between May, 2004, and April, 2005, the end of the period covered by the Brazlian Ministry of Tourism’s report, the sector received an overall financial injection of US$ 648.8 million (1.5 billion reais).


The Bank of Brazil contributed 65.8% of these investments: US$ 429.28 million (992.5 million reais). The Federal Savings Bank (Caixa Econômica Federal) invested 24.3%: US$ 158.52 million (366.5 million reais).


And, together, the National Economic and Social Development Bank (BNDES), the Bank of the Amazon (BASA), and the Bank of the Northeast (BNB) were responsible for US$ 64.2 million (148.6 million reais).


According to the National Secretary of Tourism Programs and Development, Maria Luisa Leal, in executing the country’s tourism development policy, the Ministry, in partnership with the Ministry of Labor and Employment and the Ministry of National Integration, seeks to make resources available to tourism projects run by private enterprise.


The major sources of financing are the Workers’ Assistance Fund (FAT) and the Constitutional Funds for the North (FNO), the Northeast (FNE), and the Center-West (FCO).


Most of the resources are being invested in hotels, in projects for their implantation, expansion, or modernization.


The Pestana group from Portugal, for example, is carrying out a project to restore and adapt the Carmelite Convent, in the Pelourinho district of Salvador, capital of the state of Bahia.


The enterprise is being financed with resources from the FNE and is intended to prepare the historical building to receive overnight guests, in the context of a cultural tourism project similar to the inns of Portugal.


ABr

Tags:

Ads

You May Also Like

Brazil Releasing Extra Credit for Popular Houses

According to Brazilian President Luiz Inácio Lula da Silva, the building industry has never ...

Brazilian Congress Wants Access to Corruption-Linked Adman’s Account in the US

Senator DelcÀ­dio Amaral, from the Workers Party of Mato Grosso do Sul state, president ...

Brazil Sugar Sales Make Up in Part for Fall of Ethanol Exports to US

Figures disclosed by the São Paulo Sugarcane Agroindustry Union (Unica) show that Russia, India, ...

LETTERS

Brazil is the 6th largest film market in the world. Still, to be a ...

Hopes of Lower Interest Help Brazilian Stocks

Latin American stocks advanced, with Brazilian shares gaining on hopes that weaker-than-expected economic growth ...

Lack of Hygiene in Hospitals in Brasília Kills 22 People

After the death of four more people victims of the KPC superbacteria in Brazil’s ...

Brazil: Talking to Dom Tomás, the Bishop of the Landless

They call occupations by the landless "violent," but what about the violence of hunger, ...

Does Brasília Matter? A Close Look at Rhetoric and Reality in Washington

The revelation that the U.S. National Security Agency has been reading the text messages ...

Brazilian President in Uruguay in Effort to Strengthen Mercosur

Brazilian president Dilma Rousseff went this Monday, May 30, to Montevideo, capital of Uruguay, ...

Arab – South America Union Is Just Starting, Says Kirchner in Brazil

The President of Argentina, Néstor Kirchner, said yesterday that the markets of both South ...