SANTO DOMINGO.-The Dominican Republic's Association of Multiple Banks (ABA) stated that multiple banks have been an important strategic ally in the development and dynamism of tourism, as evidenced by the financing provided to the sector, amounting to RD$103,431 million as of December 2023, representing a year-on-year increase of 6.5% compared to 2022, when it stood at RD$97,131 million.
The ABA detailed that the portfolio accumulated a growth of RD$18,395 million in the last three years, which is equivalent to 21.6% in relative terms and, currently, the total of these credits represents 98% of the loans that financial intermediation entities grant to the sector.
He highlighted that the recent Banking and Tourism report from the Superintendency of Banks reflects the dynamism of the tourism industry, fostered by macroeconomic stability, investment facilities, and the forward-thinking vision of the Dominican banking sector, which has committed to the development of this strategic sector for the national economy.
These credit facilities are intended for the construction of new hotel projects, expansion and remodeling of existing ones, and working capital, according to a report from the Technical Directorate of the association.
The Association of Banks valued the importance of tourism for the development of the Dominican economy, "since it continues to be an important generator of foreign exchange, foreign direct investment and producer of direct and indirect jobs in the country, producing activity and benefits in a diversity of companies that supply products or services to tourism.".
He highlighted that the hotel, bar, and restaurant sector, as reflected in the Central Bank's Monthly Indicator of Economic Activity (IMAE), showed a year-on-year growth of 10.7% as of November 2023. He also emphasized how tourism in the Dominican Republic broke records last year, with 8,058,671 passengers arriving by air and 2,259,292 by sea, for a total of 10.3 million visitors.
Finally, the ABA acknowledged that the Dominican government's actions have been relevant to these tourism results over the past three years, as it has given vital importance to the recovery of this sector after the COVID-19 pandemic, including the efforts of the Ministry of Tourism in promoting the country in international forums such as the International Tourism Fair (FITUR) held in Madrid, Spain.
