The financing directly impacts the construction of hotel and tourism infrastructure in general and the renovation of more than 30,000 rooms.
SANTO DOMINGO.-Banco Popular Dominicano provides 50% of the financing to the Dominican Republic's tourism sector, with credit facilities disbursed and commitments approved for disbursement amounting to US$1.6 billion, according to statistics updated to September, including contributions from Popular Bank, the banking subsidiary of Grupo Popular that operates from Panama with an international license.
This financial muscle directly impacts the construction of hotel and tourism infrastructure in general, the renovation of more than 30,000 rooms, and the generation of direct and indirect jobs benefiting more than 35,000 people.
These figures were released at a dinner hosted by Banco Popular for hotel owners, tour operators, and other representatives of the tourism sector, gathered at 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.
Jose Manuel Martín, Vice President of the Tourism Business Area of Banco Popular; David Collado, Minister of Tourism; Rosa Hernández, Dominican Ambassador to France; and David Libre, President of ASONAHORES. (External source).
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 sector that is key to the growth and well-being of Dominican families”.
Currently, he explained that the financial institution is reviewing additional loans totaling 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 offerings,” the bank executive stated.
Business meetings
During this edition of IFTM-Top Resa, the Popular delegation will maintain a schedule of business meetings with potential investors and tour operators interested in entering or expanding their relationships with the Dominican Republic, accompanied by the financial entity.
This financial support has allowed for improved competitiveness in Dominican tourism, which in recent decades has positioned the country's image worldwide as a quality destination, boosting the arrival of more international tourists and attracting new foreign capital, which continues to strengthen the country's tourism infrastructure and generate more jobs.
Banco Popular's support for the tourism sector not only reinforces its market leadership but also underscores its commitment to the country's economic growth. Investments in the sector have enabled the development of projects both large and small, boosting established companies as well as new ventures.
