Brazil Gets US$ 1 Billion from Inter-American Bank to Develop Tourism

Brazil beach The Inter-American Development Bank (IDB) is lending Brazilian states and municipalities US$ 1 billion to be used for financing tourism. The credit line is the result of an agreement between the bank and Brazil's federal government through its Tourism ministry.

The accord was signed last week, in the Brazilian capital Brasí­lia, by the minister of Tourism, Marta Suplicy, and the IDB representative in Brazil, José Luis Lupo, and is part of the Tourism Development Program (Prodetur Nacional).

According to information supplied by the ministry, states and municipalities with over 1 million inhabitants will be eligible to apply for funds directly from the IDB, as long as they meet the criteria set in the agreement and do not exceed their debt capabilities.

The credits must be used within a 10-year period, and include investment in refurbishing and recovering public tourist attractions, infrastructure, transport and training of personnel.

The counterpart of the Brazilian government (federal, state and municipal) in the project is US$ 667 million, and the Ministry of Tourism will provide assistance to the states and municipalities interested in obtaining funding.

Proposals must be approved by the Ministry of Planning by means of letters of inquiry, which should list the type of tourism to be developed, the markets, segments and geographical areas to be targeted by investment.

According to the ministry, 20 states displayed interest in the financing, and the states of Santa Catarina (South), Ceará (Northeast), Goiás (Midwest), Rio Grande do Norte (North), Pará (North) and Mato Grosso do Sul (Midwest) have already submitted proposals to the Ministry of Planning. These projects total US$ 325 million in IBD funds and another US$ 216 million in local counterparts, totaling US$ 541 million.

The Ministry of Tourism also informed that the states of Amapá (North), Tocantins (North), Espí­rito Santo (Southeast), Sergipe (Northeast), Piauí­ (Northeast), Paraí­ba (Northeast) and Rio de Janeiro (Southeast) are preparing letters of inquiry with the support of the ministry.

Anba

Tags:

Ads

You May Also Like

Jittery World Market Drags Brazil’s Bovespa 3.5% Down

The Bovespa, São Paulo, Brazil's stock exchange, worried at the worsening situation of the ...

Brazil’s New Stimulus Package Is Old Prescription that Won’t Work, Says Economist

José Márcio Camargo, a professor of economics at the Catholic University of Rio de ...

Brazilian President in Uruguay in Effort to Strengthen Mercosur

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

Latin America’s Largest Dance School Is Brainchild of Brazilian Dreamer

The background noise is the sound of impatient shoes tapping the ground, trying to ...

Brazil Betting Foreigners Will Invest US$ 33 Billion This Year

Brazilian market analysts' projection for the ratio between net public debt and Gross Domestic ...

Brazilians and Arabs Looking for a Common Agenda

The Arab and South American countries, being developing nations, have common interests with regard ...

Damascus Fair Draws Brazil’s Small Businesses Attention

São José do Rio Preto, city in the interior of the Brazilian southeastern state ...

Brazil-Paraguay Dispute over Itaipu Delays Mercosur Summit

The summit among the presidents of Mercosur has been postponed for July 24 and ...

Fast Times in Lula’s Brazil

The sudden resurgence of the real has scared some people, including President Lula. In ...

Brazil: Amazon Countries Join OAS in Defense of Environment

The Amazon Cooperation Treaty Organization (OTCA) and the Andean Development Organization (CAF) intend to ...