TECHNICAL DOCUMENT THE DEVELOPMENT BANKING AND SUPPORT FOR THE TOURISM INDUSTRY IN LATIN AMERICA AND THE CARIBBEAN
|
|
- Jeffry Warren
- 8 years ago
- Views:
Transcription
1 Latin American Association of Development Financing Institutions TECHNICAL DOCUMENT THE DEVELOPMENT BANKING AND SUPPORT FOR THE TOURISM INDUSTRY IN LATIN AMERICA AND THE CARIBBEAN ALIDE S General Secretariat July, 2009
2 THE DEVELOPMENT BANKING AND SUPPORT FOR THE TOURISM INDUSTRY IN LATIN AMERICA AND THE CARIBBEAN In recent years tourism in Latin America and the Caribbean has been one of economic activities that had more progress and importance in generating added value as well as in currency. In 2007, tourism contributed significantly to the regional economy, with more than $66 billion of revenue from international tourism and passenger transport, which represents about 7,5% of total exports of goods and services. The average international tourist income was US$729. TOURISM: LATIN AMERICA AND THE CARIBBEAN (% del PBI) Source: ECLAC, on the basis of official figures weighted average In the Caribbean, exports of services associated with the sector represent about 20% of GDP, while in Central America, this percentage reaches 5% on average, but it is close to the 10% in Dominican Republic, Panama and Costa Rica. Expressed as a percentage of GDP, the tourism consumption in countries of Englishspeaking Caribbean, with the exception of Guyana, Suriname and Trinidad and Tobago, is between 15% and 41%. In relation to the percentage of exports of goods and services, this consumption is even higher, because tourism is the main source of foreign exchange and the engine of dynamism of the economies. The impact of tourism on the Latin America and the Caribbean economies is found mainly in the recruitment of foreign exchange, its contribution to regional development in countries and the increase of productive employments. Even though touristic attractions represent an opportunity for economic development, a very dynamic private and public sector participation to transform the nature is required, a process that involves a series of chains and that it is beneficial for a number of industries as: construction, trade, services, transportation, handicrafts, among others. 2
3 Throughout the past 30 years this sector has presented sustained growth rates, although in certain periods there is a decreasing trend in the credit in favour of the touristic balance causing, in some cases by internal factors such as the overvaluation of the currency, the increase of national tourism to other countries and because of phenomena of nature, that adversely affects the morale of tourists, recently by external factors such as economic recession in countries with high flow of visitors to the region, etc. Financing Tourism Considering the above, a number of development financial institutions have proposed to strengthen the position and participation of this sector through various lines of financing and creation of funds, which mainly are aimed to: Contribute significantly to its growth, strengthening and creation of productive chains; Develop and consolidate touristic centers that, while seeking international competitiveness, are promoters of sustainable regional development and promotion of private investment; Promote the acquisition of fixed assets, improvement and development of tourism infrastructure: Promote business and territorial development of a touristic space; and, Stimulate the development of the touristic SMEs and the generation of new initiatives, as well as its modernization and reform. Below, a number of programs or lines of valid financing in several countries in Latin America and the Caribbean and that are executed by their development banks. ARGENTINA For the fifth consecutive year the number of tourists who arrived in Argentina increased, reaching 2'329,800 tourists in 2008, 1,4% more than in Yet this increase has been lower than in 2007, when it had 11,6% more visitors, according to the International Tourism Survey prepared by the National Institute of Tourism and Census (INDEC). In revenue terms the industry generated US$3,295 million over the year, a 8,2% more than in Given the importance of the sector, the Banco Ciudad de Buenos Aires offers an array of financial products, to encourage tourism, which include credit lines for various agencies, micro-enterprises and SMEs operating in the area, among others. Purpose Share of support Hotels and Lodgings Purchase, renovation and / or refurbishment of hotels and accommodations. Purchase of equipment and / or furniture. Up to 70% of investment to make, excluding taxes. BANCO CIUDAD DE BUENOS AIRES: PRODUCTS AND SERVICES Travel Agencies of Receptive Tourism Re-equipment and / or promotion activities abroad. a) Up to $ (around US$26.9 k) b) Up to $ (around US$53.8 k) Working Capital Micro, small and medium, according to SEPYME classification. Working Capital $ (US$80.6 k). 3 Redeemable Loans SMEs 10 Purchase of capital goods, construction, renovation and purchase of building infrastructure, working capital and other components of investment projects. $ (US$336 k). Up to 80% of the Project to finance. Capital Assets Acquisition. New or Used Buy new or used goods, including automotive. The maximum amounts to be financed are: new capital goods: up to 70% of its value. Used capital goods: up to 50% depending on the valuation made by the Bank.
4 Term Interest rate Guarantees To buy: Up to 84 months. To repair: Up to 60 months. To equip: Up to 36 months. Variable TNA (to February ,1%) To purchase, renovation and / or remodeling of real estate: mortgage. For purchase of equipment: a guarantee to the satisfaction of the Bank. a1) 12 months; a2) 24 months; b1) 48 months. a1) Fixed TNA: 14,5%. a2) Fixed TNA: 15,5%.; b1) Variable TNA. 15,10 %) (to February 2009) a) To the satisfaction of the Bank. b) Amounts from $ (around US$27 k) fisrt degree mortage guarantee of the property owned by the applicants, up to 75% of the property value. a) Up to 180 days. b) Up to 12 months. c) From 13 to 24 months. a) 10,5 % fixed; b) 10,5 % fixed; c) 12% fixed. (To February 2009) To the satisfaction of the Bank. Up to 120 months. Up to 12 months for the capital. (grace period) Variable rate: 12,1% (To February 2009) Endorsement. SGR. GUARANTEE To assess 13,5% / 14,5% / 16,5% fixed up to 12/ 24/ 36 months. 11,5% variable up to 36 months. (To February 2009) To the satisfaction of the Bank, at least fixed pledge over the good to purchase. Moreover, with the goal of consolidate Buenos Aires as a touristic city, the Bank has a branch exclusively for tourists, where, in addition to normal business operations, this branch has the necessary equipment to accompany the deployment of all of products and services headed to tourism. Tourists may also purchase and sell dollars, euros and traveler checks in extended hours. For its part, Banco de la Nacion Argentina (BNA) finances the construction of hotels in several parts of Argentina, while granting specific credit lines for equipment, expansion and working capital for hotels. In 2008 it disbursed $300 million (US$80.6 million) for the hospitality industry and has special lines for SMEs at rates between 14 and 17%. Banco de la Nación Argentina Investment Financing of Productive Activities for the Micro, Small and Medium Enterprises Addressed to MSMEs under any legal or sole proprietor of all economic sectors whose production is destined for the local market or exportation. In the case of tourism, must provide services to this activity or be related to it. Investment in general construction, expansion, renovation of facilities, Purpose equipment, purchase of new or used goods, working capital. Share of Support Currency / Term Depreciation Regime Interest Rate For purchases of new goods, working capital and installation and / or assembly and accessories up to 100%. For purchase of used goods: Up to 70%. In pesos or dollars: Incremental working capital and recomposition of working capital: up to 5 years. Other purposes: 10 years. Until 6 months after the last disbursement (grace period). German system. Depreciation for capital may be monthly, quarterly or half yearly. In pesos: During the first 5 years: 13% Fixed Rate TNA minus 1ppa of bonus for payment term, from 6th year to the end of term variable rate BADLAR+4app. In dollars: Libor app. To the satisfaction of the Bank. Guarantees Note: a.p.p: Annual percentage point. BADLAR approx. 11.9% (February 2009) 4
5 BRAZIL In the middle of the current international situation, the Brazilian government has discovered a huge opportunity in the tourism sector. According to Central Bank data, 2008 registered a record revenue of international tourism, it attracted US$5,785 million in foreign exchange, 16,8% more than in 2007, establishing itself as the fourth generator of foreign currency in Brazil in 2007, exceeding the income from the exportation of cars. The industry generated more than 2 million of formal jobs in Also, Brazil has a large local consumer market, emphasizing that 85% of the income generated by tourism comes from the national market and 15% of the international market. They are $40 billion that tourism generated in Brazil (34 billion national market, and nearly $ 6 billion for the international market). As a result of its importance in the Brazilian economy, it exists a strong boost to its development through the funding of development financial institutions. For example, Banco Nacional de Desenvolvimento Econômico e Social (BNDES), among its various lines of funding has the FINEM funding line (Financing Venture), the benchmark interest rate is the TJLP (Interest Rate Long Term) published by the Central Bank, following the positive developments in the first half of 2008 that stood at 6.5%. To this interest type we have to add the remuneration of BNDES (1,5% for tourism projects) and a risk rate, which varies by project and region. In the Northeast, the BNDES agree to reduce their pay as part of supporting the Regional Dynamism Program. The Banco do Nordeste (BNB): Besides from acting as the financial agent of BNDES, manages the Constitutional Financing Fund of the Northeast and has a line of dedicated funding for tourism (PROATUR). With interest rates of up to 10% and terms up to 12 years with four of grace. Banco do Nordeste do Brasil Credit Line Purpose Financed amount Term Rate Pay in time Bonus Guarantees Program to Support Regional Tourism (PROATUR) Implementation, expansion, modernization and reform of enterprises in the tourism industry. Finance: New investments in fixed assets and working capital. Aimed to: Private companies in Brazil, located in touristic towns considered by EMBRATUR. According to capacity to pay. Will be determined depending on the borrower's capicity to pay, and can be up to 12 years with a maximum of 4 years of grace. Means of transport: 5 years with a maximum of 6 months of grace. Depending on the type of project: 9.5% per year for medium enterprises and 10% per year for large enterprises. Will be applied on the interest, being 25% for enterprises located in the Semi-Arid region and 15% for enterprises located outside the semi-arid, granted only if the recipient pays the fees until the end of their expiration date. Are cumulative or alternatively consisting of security and trust. Are a function of time, value and score obtained in the risk assessment of the customer and the project. 5
6 The Tourism Development Program (PRODETUR): Between 1995 and 2000 at the National Tourism Policy, the Brazilian government has ventured into the financing and implementation of tourism infrastructure in those locations considered potential inducers of private investment through the "Program of Action for Integrated Development of Tourism" (PRODETUR). While contemplating activities in four areas of action (Southeast, South, Pantanal, Amazon Midwest (PROECOTUR), and Northeast), this program has been developed mainly in the Northeast, where in a first phase investment exceeded $736 million, US$400 million from the Inter-American Development Bank (IDB) and channeled through the Banco do Nordeste (BNB) and the remaining US$336 million from the Government of Brazil and the governments of the Northeast States. This phase of the project was aimed at overcoming the shortage of basic infrastructure. Currently it is running the second phase, known as PRODETUR / NE Phase II, which has as main objective the consolidation of investments made in the first phase to improve the quality of life of residents in the municipalities of the Integrated Development Polos of Tourism, before being transferred to other areas. The program is expected to end in September this year National PRODETUR: since 2008 the program has a national scope. According to the Ministry of Tourism, 80% of the RS$157,7 million (US$70 million) invested by the program in 2007 were in the Northeast region. For its launch, the Government signed an agreement of understanding with the IDB, for which the latter provides a credit line of US$1,000 million which will be available to states and municipalities. Through National Prodetur, the Brazilian states and municipalities interested in developing tourism resources may apply directly to the Bank, within their respective capabilities and indebtedness criteria agreed between the Ministry of Tourism and the IDB. States and municipalities will also have a counterpart with technical assistance from the Federal Ministry for the preparation of proposals aiming to ensure they comply with the National Tourism Plan Moreover, as the tourism sector represents an excellent opportunity for building sustainable business, primarily for regional development, the Banco da Amazonia under its remit and commitment to develop tourism and boost the regional economy made available to the business sector the following credit lines: Amazon Personal Tourism Purpose Target perople Amount (Max) Interest rates / Comissions Guarantees Term Personal loan that encourages national tourism within and into the Amazon region, in special cases can be used for any national or international destination. Natural people with proved incomes who already are clients of the Bank. According to the client s capacity to pay, being directly paid in the current account of the enterprise/travel agency in the Bank. Predetermined interest rate prevailing at the time of credit /tax on the financial transactions (IOF, for its initials in Portuguese) under current regulations. An endorsement may be required. Up to 36 fixed monthly fees being charged directly from customer's current account 6
7 Purpose Target people Amount (Max) Interest rates / Comissions Guarantees Method of payment Term Amazon Business Tourism Rotative line of credit that provides working capital to enterprises / travel agencies, by drawing checks and promissory notes Enterprises or travel agencies duly registered in the the Ministry of Tourism, that have a current account in the bank. According to the client s capacity of pay. Predetermined interest rate prevailing at the time of credit Concession Fee / Renewal, under the table of fares. Tax on financial transactions (IOF, for its initials in Portuguese) under current regulations. Endorsement and pledge of securities (checks and promissory notes). At the due date of the check or the promissory note, being the requirable interests on the first day of each month. Up to 360 days. The Bank also facilitates the integration of the policies of federal and state governments for the Amazon, through the Incentive of Tourism in the Amazon Program. The program aims to encourage all social sectors to explore the potential of the tourist routes of the Amazon. The Plan is aimed at spreading the touristic routes which are part of the Northern Region. In 2008, for investments in the tourism sector, the Bank put almost R$200 million (US$90 million) to institutions related to tourism practices. Notably, the incentive of tourism in the Amazon plan is part of the Sustainable Amazon Program. COLOMBIA In Colombia, the tourism activity in 2007 contributed 1.5% of GDP, which represents US$2,263 million. Regarding employment, it generates 375,000 direct jobs approximately, equivalent to 1.8% of the total employment in the country. For 2018, it is expected that the gross output of the tourism sector in Colombia will be US$4,801 million, which would mean an annual growth of 4%. Additionally, an expected capital investment of US$4,934 million and a generation of 478,000 direct jobs, the equivalent of a 2.6% growth in job creation Var. % Total international arrivals* , Hotel Occupancy (% Occupancy)** 55.2% 54.5% -1.3 National arrivals by plane** 7 980, , *Provisional figures / ** Ene-Nov. period Source: DAS Ministry of Tourism estimates As for the arrival of tourists between 2003 and 2008, the number of tourists received has doubled from 624,990 to 1,2 million visitors. Tourism has become the third sector of export after oil and coal, contributing US$2,263 million in 2007, with an increment of 12,7% in In addition to the air transtort, the number of visitors who enter Colombia via maritime routes are increasing. Only in the first quarter of 2008, cruise passenger arrivals grew from 172%, from 47,000 to 127,000. This impetus to the sector has been based on three pillars: security, promotion and investment. First, to ensure the safety of visitors, Colombia has made various actions regarding the security area. An example of this are the 2,234 "Safe Routes Vive Colombia ', through which travelers can tour the country without any fear. The investment has also played a key role. In 7
8 recent years have boosted the tourism infrastructure projects such as convention centers or lift, as well as hotels, by adding 15,484 new rooms by Finally, the strengthening of international promotion has contributed to the tourism boom, with actions aimed to its main markets, including Spain. To finance this sector, the Banco de Comercio Exterior de Colombia (BANCOLDEX), has traditional forms of credit and special quotas. Traditional forms can be used for any size of enterprise with unlimited amount and ample funding terms. Considering the flexibility of these, their cost is higher compared to special quotas, which apply for a specific segment of enterprises. The values they finance have a maximum limit, as well as the terms, and in some cases the margin of intermediation. At the end of 2004 BANCOLDEX put into operation the program "aprogresar" and the special quota of credit Support to the productivity and competitiveness. The special quota allow to finance, in national currency and in US dollars, under the rediscount and leasing operations mechanism, investment projects that are require by enterprises to carry out its improvement plan, resulting in increased productivity and competitiveness. Furthermore, with the aim of encouraging more the business modernization and exploit the free trades of the MSMEs, the Bank divides in two the special quota of "Support to the Productivity and Competitiveness" and improves their financial conditions establishing a structure of interest rates in line with the needs of entrepreneurs and promotes the debt in medium and long term. For operations under the first quota, called "aprogresar" Capitalization, on the rates that it apply in other arrangements, the Bank makes a reduction in the rediscount rate of 2% E.A. (two effective percentage points per year), which must be fully applied in the interest rate of the recipient. For operation under the quota aprogresar "- Modernization, Innovation and Technological Development, applys a reduction in the rediscount rate of 1.5% E.A. (actual year), which must be fully applied in the beneficiary's interest rate. The reduction in rates becomes effective one year after having been paid the credit, when the enterprise implementing the improvement plan or project of innovation and technological development has improved at least two of the impact indicators: increment of the operational margin, new products development and / or generation of added value, increment in total net sales, and start or diversify of export destinations. Initially there is an available quota of 1.15 billion pesos (US$475 million), under which approximately $215,000 million (US$89 million) are for "aprogresar" Capitalization. The maximum credit per applicant or capitalized enterprise, covers up to 100% of the total eligible investment if the requested amount does not exceed $3,000 million (US$1.2 million). The special credit quota aprogresar",represents an excellent and unique alternative of funding for the tourism sector, since it promotes, under special conditions, business modernization to MSMEs. In 2008, BANCOLDEX disbursed to MSMEs through the Support of the productivity and competitiveness quota of the program aprogresar $ million (US$402 million) for 6,304 projects. 8
9 COSTA RICA Since the 90s, the tourism industry is the largest contributor to economic development of the country. For reasons ranging from jobs creation, foreign exchange incomes and contribution to the balance of payments, to distribution of spending among many social strata, among others. The hotels supply is characterized mainly by small and medium enterprises, which represent between 75% and 80%. In this perspective, the Banco Nacional de Costa Rica has had the vision to create a directorate that specializes in tourism, an innovative and historic step in the Bank of Costa Rica, as well as in the development of tourism in Costa Rica. BN-Turismo, begins a very important job that involves a direct relationship between the national and international tourism sector and the Banco Nacional de Costa Rica. This job focuses primarily on developing specialized services in a sector that involves many actors with whom it is going to maintain a language in common. BN- Turismo promotes a direct relationship between tourism enterprises, regional development, community development associations, chambers and tourism institutions, SMEs with the impulse to create and improve infrastructure. Credit Line Tourism banking Description Fundable activities: recreation and leisure (spas, gazebos, trails stops), lodging (cabins, hotels, lodges, camps, etc.) Food (restaurants, sodas, etc.). Equipment (vehicles, machinery, accessories), and the ones that qualify in tourism. Financed Amount According capacity pay. to of Term 15 years Rate According to the type of Project. Touristic microenterprises Fundable activities: recreation and leisure (spas, gazebos, trails stops), lodging (cabins, hotels, lodges, camps, etc.) Food (restaurants, sodas, etc.). Equipment (vehicles, machinery, accessories) and investment, working capital and payment of liabilities financing. 80% of the project According to the type of Project. 22% CUBA The tourism sector in Cuba is one of the main engines of the economy, with a share of 4.6% of GDP. In 2008 despite the international financial crisis and the passage of three hurricanes, Cuba received 2,3 million tourists, who left income of 2,500 million pesos convertibles (about US$2.700 million), according to data from the Bureau National of Statistical. This represents an increase of 9.7% in the arrival of visitors with respect to 2007, also the tourism sector grew 1.3% in this period. The tourism industry directly employs about 110,000 workers, of whom 41% are women and over one third under 35 years, and 57,14% have at least 12 grade and 20% have university level. FINTUR House Financial (Bank for Financing Tourism) is the entity that administers the income of the entities in the tourism sector, their installations and units. In addition, it manages the development fund in the sector, gives loans to finance their investments, has external financial sources with several prestigious banks and international institutions and it is empowered to participate in joint ventures, companies and other forms of economic partnership within and outside the country. FINTUR does, among others, the following operations: Finances operations of export, import and investment, that have toursim entities involved. 9
10 Receives in its current accounts, in the banks, the income from the Cuban tourism entibies. Gives payment tools in favour of third people and process payments from Tourism entities that have funds in FINTUR. Finances and manages funds for Tourism investment. Participates in debt refinancing operations between enterprises and discount of business documents. Provides coverage and financial guarantee to support international business operations from Cuban tourism entities. Provides financial engineering services, Specific problems management and consulting in economic and financial matters. Delivers, accepts, endorses and discount negotiable letters and other documents in accordance with existing rules. Develops and implements specific systems of credit arrangements as: leasing, factoring and forfeiting. FINTUR clients are Cuban or mixed capital enterprises. Foreign enterprises come in contact with them as suppliers of Cuban enterprises by discounting letters for example, although they often reserve their resources to finance the activities of Cuban enterprises. CURAÇAO Tourism represents 15% of the national production and is the largest source of employment. According to official figures, in 2007 nearly 300 thousand international tourists arrived in the island, that is 28% more than the previous year, which total more than 341,000 visitors via cruise ships. As for the hotel industry, it recorded a strong growth due to the increasing tourism to stay, and the hotel occupancy rate was above 80%. It is estimated that tourists stay on average between 6 to 8 days in Curacao, which gives more than 2.5 million overnight stays (average fee $95 per night). See Appendix Nº1 at the end of the document. The Corporación para el Desarrollo de Curaçao (KORPODEKO) contributes to economic and social development of Curacao by funding promising projects, those that have a higher risk than the average on a commercial basis, but especially considering its evaluation to projects that generate employment and foreign exchange for the island. Also emphasizes its support for small and medium entrepreneurs, who are associated or support their families independently. In addition they are eligible, projects that do not easily qualify for funding from commercial banks. Also, KORPODEKO annually reserves a special budget for donations, which is allocated to projects of organizations that promote culture and education, and others that are linked to youth and the social. All projects funded by the entity must not damage the environment. Regarding the conditions for funding: KORPODEKO covers only part of total project costs. The entrepreneur always has to meet the capital-risk relation (risk-bearing capital). As a guideline for determining the capital itself, it is offered from 20% to 50% of the total project investment. The loan size is determined according to the project, based on a thorough assessment of the business plan. 10
11 Programs related to the tourism industry are the Facilidad para Creación de Emprendimientos (FASTON), an initiative that aims to consolidate the assets of a business that is starting, so that any financial institution could grant it a loan. Entrepreneur means someone who starts a new activity on his/her own risk. If an entrepreneur who is starting did not have the resources needed to access for a credit, he could apply for FASTON. Under this mechanism, and under certain conditions, he may obtain a donation to enhance his assets, so as to obtain the funding required. Donations to consolidate the assets of the new ventures have a maximum limit of NAƒ15,000 (about US$8,242). However, the entrepreneur must first contribute with at least 10% of the total project investment (which is equal to the loan amount + capital), whose minimum is NAƒ2,000 (US$1,099). In case the entrepreneur does not have additional capital, a maximum of 25% of the total investment will be donated up to NAƒ15,000 (US$8,242) for initiative. For further references, see Appendix Nº2 at the end of the document. Another program is the Incentive Fund for the remodeling de Willemstad (WRIF), which aims to help shops and buildings operators, located in the center of the city, to renovate and beautify their premises, and therefore to improve the overall appearance of the city historic center. After experts have reviewed their plans for renewal, operators can get financial support from WRIF in exchange for favorable terms on loans. Terms and Conditions Amount Terms Interest rates A maximum of US$ for each building. In the case of more than a building belonging to the same applicant, a maximum of US$165 thousand, per applicant. 7 years maximum If the period is 5 years, an interest of 5% per year will be charged. If the period is 5 to 7 years, an interest of 6.5% per year will be charged. In Curacao there is also WEBSTART, a foundation that gives employers a subsidy of up to 60% of the designing cost of a web page (A maximum of US$1,100 per enterprise). The enterprise must have no more than six employees and / or a turnover not exceeding NAƒ200,000 (US$110 thousand per year). To access the subsidy, the enterprise must be registered in the Chamber of Commerce of Curacao and comply with legal obligations. Also, one member of the enterprise must have attended the course "20 steps to a successful website." EL SALVADOR The tourism sector as well as the agriculture have been the main growth engines of the Salvadoran economy in the last three years. In 2008, according to preliminary estimates the industry grew 5%, and its involvement with respect to GDP was close to 4.5%. In terms of foreign exchange income, tourism in 2008 left US$741 million, US$120 million less than those achieved last year, product from the global economic downturn. On the side of SMEs it is noteworthy that these are 90% of the touristic supply of the country. 11
12 El Salvador: International arrivals Income Source: Statistical of Tourism, MITUR -CORSATUR The support to the tourism sector, the Banco Multisectorial de Inversiones (BMI), as part of a national policy of support impulsed by the Government, which aims to increase the generation of foreign exchange (for tourism) on the GDP to 10% in 2020, among other objectives, the Bank has made available to tourism enterprises in the country several programs based on financial assistance and technical training. Including the Investment Credit Line that provides funds for working capital needs and purchase of fixed assets for the implementation of tourism projects. The benefits are summarized in a differential interest rate according to the term of the loan agreement, 100% financing of the amount awarded by the financial institution and the period of grace according to the type of investment or project. Purpose Maximum term (years) Maximum period of Grace (years) Working Capital 4 1 Acquisition of machinery, 12 4 equipment, installation costs or other movable assets Acquisition or development 20 5 of constructions, facilities, buildings and physical infrastructure Acquisition of lanas related to productive projects 20 5 Small businesses that choose to engage in tourism have the option of applying to PROGAPE, a guarantee program for those who need to get a production credit. 12
13 Purpose Support to obtain credits destinated to: Conversion of enterprises, machinery and equipment, facilities and buildings improvement, working capital and purchase of national raw materials, and debt consolidation. Up to 70% of the credit amount to entrepreneurs of the industry sector, mines Coverage and quarries, and up to 25% for collective transports. Amount US$57,143 for entrepreneurs in the industrial sector and $80 thousand for new (Maximum) collective transports. Commission 1.5% to 2% over the guaranteed balance payable annually in advance form Term One year, renewable for equal periods, upon payment of the commission due. The BMI in addition to promoting investment in tourism, mainly in hotels infrastructure, restaurants and alikes, is giving a strong support to the business tourism boom or tourism meetings, with the aim of improving the provision of specialized services in this important sector. MEXICO The Mexican tourism contributes to economic and social growth of their country, because it raises the quality and standard of life of the population by generating jobs, attracting foreign and regional development. Furthermore, the increase private, national and foreign investment, have enabled that the tourism industry contributes with 8% of Gross Domestic Product (GDP) and 5.3% of employed people in the country (2.4 million workers related to tourism activities). This way, tourism is the third largest source of revenue for Mexico, only behind petroleum and remittances sent by Mexicans abroad. According to official figures, from January to October million of international tourists visited Mexico, a 5% more than the same period last year. The country attracted foreign exchange from January to October, therefore, about US$11,113 million, a 5.6% more than in the same period of Development banks, aware of the need to boost employment sectors propellants and country development, has developed two programs to support the tourism sector. Financing Program Competitive to the Touristic Micro, Small and Medium Businesses, designed by the Ministry of Tourism in coordination with the Ministry of National Economy and Finance (NAFIN). MSMEs in this program may have resources that will help them overcome difficult times due to lack of liquidity or access to financing. In a quick and easy way they will be able to obtain resources for working capital and equipment, and access to training and technical assistance. Objetive Purpose MSMEs Suppliers Financed Amount The professionalization and modernization of small hotels, travel agencies, restaurants and touristic services: finances working capital. Up to 900 thousand UDI (about US$281 thousand) or the equivalent. SMEs providing tourism businesses will be able to deduct their receivable accounts immediately and at a very low cost. Factoring lines up to $30 million revolving (about US$2.2 million). Tasa competitive Preferential interest rate 13 Small hotels and Tourism projects Finance the construction, expansion, remodeling, equipment and purchase of city and beach hotels, resorts and condominium development and special tourism projects. Credits up to $15 million (about US$1.1 million).
14 Guarantees Observations Without collaterals. Opening factoring lines to medium enterprises form the sector, through the electronic factoring system of NAFIN. Up to 15 years. The Financing Program to the Tourism Sector, which seeks to promote increased funding to the sector in partnership with commercial banks, thereby promoting regional development, employment generation, development of suppliers and other sectors of the momentum associated with this activity. For this, the Banco Nacional de Comercio Exterior SNC (BANCOMEXT) has a strategy that focus on two segments that can be seen in the following tables: Objetive Financing to MSMEs related with the Tourism Activity Purpose Touristic MSMEs To Suppliers Financed amount Credit to modernize enterprises that are located in Touristic locations, magic towns or that have the M distinctive from SECTUR. Up to 900 thousand UDIs. (about US$981 thousand) or the equivalent. Electronic discount of receivable accounts from suppliers, immediately and inexpensively, using the productive chains tool. Up to $30 million revolving pesos, (about US$2.2 million) Small hotels and Tourism projects Tourism projects such as hostels, guest house, up 3 stars hotels (construction, expansion, remodeling, and equipment purchase). Up to $15 million (about US$1.1 million). Terms Up to 12 years, 2 Grace years. Guarantees Observations Purpose Objetive Without collaterals. Request endorsement or bound in solidarity. Credits in dollars and/or national currency. Minimum requirements to provider to operate, does not require financial information. Support for the Development of Tourism Projects Tourism investment projects and tourism real estate Aimed to support the financial needs of companies developing tourism projects in beach destinations and tourism city and / or business. Financed amount Terms Currency Observations 50% to 70% of the project, and for expansion, remodeling and equipment up to 85% of the cost. Maximum funding per project: 500 MDP (about US$36.6 million) Up to 15 years. Credits in dollars and/or national currency. Methods: hotel, time share, fractional time and full-time in beach destinations. 14
15 VENEZUELA In Venezuela, the tourism activity in 2008 contributed 4.61% of GDP, in terms of foreign exchange income, tourism in 2007 left US$817 million, US$49 million more than those achieved the previous year. In 2007 arrived in Venezuela 747 thousand international tourists, 5.9% more than in According to estimates by the Ministry of Tourism, during 2008, the sector would mobilized around 42 million national and international tourists. These movements include transfers made by Venezuelans, about three times a year, this figure represents a 6.22% growth compared to the year The Banco de Desarrollo Económico y Social de Venezuela (BANDES), in its role of funding programs and projects of strategic interest for the development of the country has available to the tourism sector the following financial mechanisms: Interest rates Terms BANDES Direct Credits Concept Conditions TOURISM Periods of Grace Deferral of Interest Between 5% and 9% According to the ownership of the means of production. Implementation of Incentive of rate gradual reduction for payments made on time, up to 2%. Up to 10 years (may be up to 15 years in special cases) Up to 3 years (may be up to 5 years in special cases) Up to 2 years (may be up to 5 years in special cases) Physical equipment of the Touristic axis and nucleus, according to MINTUR lineament. Inns, hotels, tourist camps, farms, ranches or tourist farms and other tourism services infrastructures. Tourist transport enterprises Resorts, hostels, information modules, gastronomic activities enterprises. Touristic Nuclei of Endogenous Development (NUDETUR). Artisans Centers in develop in the tourist routes promoted by MINTUR. Guarantees/ relationship loans 1,3 to 1 Own contribution Between 10% and 20% According to the methods of productions Social Commitment According to the requirements demanded by Bandes Amount Tourism: From Bs.F (US$116,500) The MINTUR-BANDES-BANFOANDES-SOGAMPI Convention, to finance tourism projects, aims to promote the realization of investment projects in the area of tourism, ensuring financing for the installation, construction, expansion, remodeling, acquisition of fixed assets, acquisition of new transport units, manning, equipment and working capital. 15
16 Purpose 1. Inns, hotels, tourist camps, farms, ranches or tourist farms and other tourism services infrastructures. 2. Tourist Transport enterprises. 3. Service enterprises, whose business is directly related to Tourism care, recreation and entertainment such as resorts, hostels, theme parks, information modules, culinary activities enterprises, among others. 4. For the Touristic Nuclei of Endogenous Development (NUDETUR). 5. For tourism facilities to be used in sporting events and any other event that highlight the national identity. 6. For Artisans Centers in develope in the tourist routes promoted by MINTUR. 7. For tourist facilities in national parks and other areas under special administration, only if they are promoted or endorsed by the National Parks Institute (INPARQUES) and the Ministry of Environment and Natural Resources, and the developer has collateral supporting the loan transaction. Modalities BANFOANDES BANDES For amounts that do not For amounts equal to or exceed the amount of larger than the amount Bs.F.$2'000,000 (US$930 of Bs.F$2'000,000 thousand) for each beneficiary. (US$930 thousand) for each beneficiary. (Less than $2 million Bs.F requests may be responded, when it became clear that the funding requirements within the project, exceed the time limit set by law for BANFOANDES, that is for periods exceeding 5 years). For its part, Sociedad Nacional de Garantías Recíprocas para la Mediana y Pequeña Industria (SOGAMPI), gives guarantees or bonds that give access to financing activities related to construction, remodeling, improvement, equipping and furnishing of hotels, lodges and camps. It also secures the land and sea transport as it is linked to tourism. For this sector is required to submit within the required precautions, approval by the Ministry of People's Power for Tourism, of the corresponding permits. 16
Customer financing in Brazil Guide for a Finnish SME exporter
Customer financing in Brazil Guide for a Finnish SME exporter Contents Financial markets 2 Know your customer 3 Prepayments received from the buyer 4 Granting payment terms with invoice 5 Bills of exchange
More informationDealer. Línea Integral Autos Car Line Program. Autos (LIA): Línea Integral. The Wholesale Plan: The Retail Plan: Inventory 0 % Inventory Sales
Automotive Sector Introduction Grupo Bancolombia is the financial partner for the Automotive Sector in Colombia and has a comprehensive portfolio designed according to your needs and those of agents that
More informationThe Healthcare and Health Tourism. Sector
The Healthcare and Health Tourism Sector Introduction For Bancolombia being an ally of healthcare institutions means to accompany, advise, and offer alternatives to make your projects become a reality.
More informationAgribusiness. Sector
Agribusiness Sector Introduction Specialized interest and knowledge of your business is the best guarantee of a broad array of financial solutions that Grupo Bancolombia* places at your disposal. The backing
More informationLatin America s s Foreign Debt
Latin America s s Foreign Debt Causes and Effects Internal Causes of the Debt Overvalued currency associated with ISI Returns on projects in future, but payments now: Debt trap Populist economic policies:
More informationIpx!up!hfu!uif Dsfeju!zpv!Eftfswf
Ipx!up!hfu!uif Dsfeju!zpv!Eftfswf Credit is the lifeblood of South Louisiana business, especially for the smaller firm. It helps the small business owner get started, obtain equipment, build inventory,
More informationManufacturing. Sector
Manufacturing Sector Introduction Taking into account its interest in and knowledge of your business, Grupo Bancolombia*, through its subsidiaries, offers different financial solutions to industry. We
More informationECON 4311: The Economy of Latin America. Debt Relief. Part 1: Early Initiatives
ECON 4311: The Economy of Latin America Debt Relief Part 1: Early Initiatives The Debt Crisis of 1982 severely hit the Latin American economies for many years to come. Balance of payments deficits and
More informationX. INTERNATIONAL ECONOMIC DEVELOPMENT 1/
1/ X. INTERNATIONAL ECONOMIC DEVELOPMENT 1/ 10.1 Overview of World Economy Latest indicators are increasingly suggesting that the significant contraction in economic activity has come to an end, notably
More informationCOMPANY PRODUCTS AND SERVICES
COMPANY PRODUCTS AND SERVICES THE WORLD IS WAITING. 1 1 Santander Group. With more than 150 years in the business, Santander has become one of the world's largest financial groups. This has been based
More informationCUBAN FOREIGN INVESTMENT LEGISLATION
CUBAN FOREIGN INVESTMENT LEGISLATION Decree Law 50 of 1982 ( Decree Law 50 ) was Cuba s first foreign investment act authorizing the formation of international joint-ventures with foreign investors. In
More informationThe Economic Impact of a U.S. Slowdown on the Americas
Issue Brief March 2008 Center for Economic and Policy Research 1611 Connecticut Ave, NW Suite 400 Washington, DC 20009 tel: 202-293-5380 fax:: 202-588-1356 www.cepr.net The Economic Impact of a U.S. Slowdown
More informationBALANCE SHEET AND INCOME STATEMENT
BANCOLOMBIA S.A. (NYSE: CIB; BVC: BCOLOMBIA, PFBCOLOM) REPORTS CONSOLIDATED NET INCOME OF COP 1,879 BILLION FOR 2014, AN INCREASE OF 24% COMPARED TO 2013. Operating income increased 23.8% during 2014 and
More informationThe Healthcare market in Brazil
www.pwc.com.br The Healthcare market in Brazil Brazilian Healthcare market: one of the most promising and attractive in the world Context Fifth largest country in area and population, with 8.51 million
More informationREPUBLIC ACT NO. 8556
REPUBLIC ACT NO. 8556 AN ACT AMENDING REPUBLIC ACT NO. 5980, AS AMENDED, OTHERWISE KNOWN AS THE FINANCING COMPANY ACT Section 1. This Act shall be known as the "Financing Company Act of 1998." Sec. 2.
More informationBalance of Payments Methodology. I. General
Balance of Payments Methodology I. General The DNCI (Dirección Nacional de Cuentas Internacionales) is responsible for compiling Argentina s balance of payments statistics. These data are published quarterly
More informationNICARAGUA. 1. General trends
Economic Survey of Latin America and the Caribbean 2014 1 NICARAGUA 1. General trends In 2013 the Nicaraguan economy expanded by 4.6% after growth of 5.0% in 2012 driven by external demand, private investment
More informationResults of Tourism Activity
Reporting Date: May 15, 2015 Results of Tourism Activity Mexico, March 2015 Costa, Oaxaca. San Blas, Nayarit. Centro de Convenciones Acapulco, Guerrero Loreto, Baja California Sur. Undersecretariat of
More informationSECTOR ASSESSMENT (SUMMARY): MICRO, SMALL, AND MEDIUM-SIZED ENTERPRISE DEVELOPMENT
Women s Entrepreneurship Support Sector Development Program (RRP ARM 45230) SECTOR ASSESSMENT (SUMMARY): MICRO, SMALL, AND MEDIUM-SIZED ENTERPRISE DEVELOPMENT A. Overview 1. Significance of micro, small,
More informationINVEST IN COLOMBIA. 1. Colombia. Great destination for business and investment. 2. World recognizesour work. 3. Reasons to invest
TOURISM SECTOR Colombia is becoming one of the most important destinations for tourism in Latin America. According to the World Travel & Tourism Council (WTTC), real demand for trips and tourism in Colombia
More informationREPORT TO MINISTERS Fifth Ministerial Meeting of the Pathways to Prosperity in the Americas Initiative Cali, Colombia
REPORT TO MINISTERS Fifth Ministerial Meeting of the Pathways to Prosperity in the Americas Initiative Cali, Colombia As the fifth Pathways to Prosperity Ministerial in Cali, Colombia, approaches, the
More informationB312 Hospitality and Tourism Management. Module Synopsis
B312 Hospitality and Tourism Management Module Synopsis According to United Nation World Tourism Organization (UNWTO) report, Tourism Highlights (2008), tourism has been experiencing positive growth over
More informationTrinidad and Tobago. Table 1: GDP Value Added by Industry (Million Dollars, Constant Prices) & % Share in Total Value Added
TRINIDAD AND TOBAGO 600 Fig. 1: Employment by Major Economic Activity ('000s), 2000-2008 Agriculture, Hunting, Forestry and Fishing Community, Social & Personal 500 400 300 200 100 100,000 90,000 80,000
More informationFIRST ANNUAL REPORT ON THE LATIN AMERICA SMALL BUSINESS LENDING INITIATIVE AUGUST 2008
FIRST ANNUAL REPORT ON THE LATIN AMERICA SMALL BUSINESS LENDING INITIATIVE AUGUST 2008 I. OVERVIEW This report summarizes the first year of implementation of the Latin America Small Business Lending Initiative
More informationBAHAMAS. 1. General trends
Economic Survey of Latin America and the Caribbean 2014 1 BAHAMAS 1. General trends Growth in the Bahamian economy slowed in 2013 to 0.7%, down from 1.0% in 2012, dampened by a decline in stopover tourism,
More informationSchemes for Financing Micro, Small and Medium Enterprises
Schemes for Financing Micro, Small and Medium Enterprises Background The Small Scale Industries Sector, redefined since 2006 as the Micro Small and Medium Enterprises Sector has played a seminal role in
More informationRural Entrepreneur Assistance (REA)
Rural Entrepreneur Assistance (REA) Eligibility Criteria A. APPLICANT 1. Must be aged 18 or over, eligible to work in Canada, and a Manitoba resident. 2. Must develop and submit a sound business plan which
More informationEsteban Pérez Caldentey Development Studies Section Economic Commission for Latin America and the Caribbean (ECLAC)
The Challenge of Financing Business in Latin America and the Caribbean The Future of the Financial Services Industry after the Crisis 14th Caribbean Business Executive Seminar Port-of of-spain, Trinidad
More informationSetting up your Business in SINGAPORE Issues to consider
SINGAPORE is commerce, industry, heritage, culture and entertainment all rolled into a little island of slightly over 700 square kilometres with a population of 5.4 million. Here at the crossroads of Asia,
More informationEurope: Growth of +7.8% in Recurring Operating Income France: New half of improved profitability
2014 FIRST HALF RESULTS: CONTINUED GROWTH Organic sales growth of 4.3% Increase in Recurring Operating Income of +13.8% Strong increase in adjusted net income, Group share of +16.7% Strong profit growth
More informationEvolution of EU exports and imports of goods with CELAC, 2004-2014 (in billion)
100/2015-9 June 2015 EU Community of Latin American and Caribbean States (CELAC) summit CELAC represents the fifth most important trading partner of the EU More than 200 bn total trade The 28 Member States
More informationInformation obtained from Cuban Government, CEPEC Department Internet site on Cuba s Department of Foreign Commerce
Institute for Cuban & Cuban-American Studies No reproduction in any format without express written permission from the copyright holder. 2003 All Rights Reserved, University of Miami Information obtained
More informationColombia in the world
Colombia in the world Proexport around the world Process of attracting Foreign Direct Investment Proexport offers detailed and professional assistance for investors that find interesting business opportunities
More informationTrends, News and Events that are Shaping the AML Arena in Latin America
Trends, News and Events that are Shaping the AML Arena in Latin America Presented by: Octavio Betancourt- Managing Director 1 MoneyLaundering.com 15 th Annual International Anti-MoneyLaundering Conference
More informationURUGUAY. 1. General trends
Economic Survey of Latin America and the Caribbean 2014 1 URUGUAY 1. General trends In 2013, Uruguay s level of economic activity increased by 4.4% compared with 2012, according to the country s physical
More informationCosta Rica. Key messages Extended business travelers are likely to be taxed on employment income relating to their Costa Rican work days.
Costa Rica Introduction A person s liability to Costa Rican income tax is determined by the territoriality principle, in opposition to the method of taxation based on residence status. However, residents
More informationThe UK Tourism Satellite Account (UK- TSA) for 2012. Tourism Direct Gross Value Added (GVA) was 57.3 billion in 2012.
Statistical Bulletin The UK Tourism Satellite Account (UK- TSA) for 2012 Coverage: UK Date: 26 June 2015 Geographical Area: UK Theme: People and Places Theme: Economy Main Figures Tourism Direct Gross
More informationGrandVision reports 2.8 billion Revenue and 449 million EBITDA for 2014
GrandVision reports 2.8 billion Revenue and 449 million EBITDA for 2014 Schiphol, the Netherlands 18 March 2015. GrandVision N.V. publishes Full Year and Quarter 2014 results. 2014 Highlights Revenue grew
More informationTernium Announces First Quarter 2015 Results
Sebastián Martí Ternium - Investor Relations +1 (866) 890 0443 +54 (11) 4018 2389 www.ternium.com Ternium Announces First Quarter 2015 Results Luxembourg, April 29, 2015 Ternium S.A. (NYSE: TX) today announced
More information10. Nicaragua: Study of Past Investments
10. Nicaragua: Study of Past Investments I. Background The Nicaraguan industrial sector is considered the least competitive in Central America. Employment in this sector decreased from 170,000 in 1992
More informationBALANCE OF PAYMENTS AND FOREIGN DEBT
BALANCE OF PAYMENTS AND FOREIGN DEBT V 1. BALANCE OF PAYMENTS In 1997, the external current account deficit was 8.1 billion krónur, corresponding to 1. percent of GDP. It declined from 8.9 b.kr., or 1.8
More informationPANAMA. 1. General trends
Economic Survey of Latin America and the Caribbean 2014 1 PANAMA 1. General trends The Panamanian economy continued on its growth path of recent years, posting an 8.4% expansion in 2013, thanks in large
More informationObtaining Finance in Latin America and the Caribbean 1
Obtaining Finance in Latin America and the Caribbean 1 World Bank Group latin America and the Caribbean Series Note No. REV. 8/14 Basic Definitions Countries surveyed in and how they are grouped for analysis:
More informationSAGICOR FINANCIAL CORPORATION
Interim Financial Statements Nine-months ended September 30, 2015 FINANCIAL RESULTS FOR THE CHAIRMAN S REVIEW The Sagicor Group recorded net income from continuing operations of US $60.4 million for the
More informationDOMINICAN REPUBLIC. Cruise Passengers 3,965,055 62.4% 37.6% Cruise ship calls VISITOR PROFILE 8.9 76.9% 23.1%
DOMINICAN REPUBLIC TOURISM HIGHLIGHTS FOR 2006 VISITOR ARRIVALS Tourist Air Arrivals I ( Summer ( Winter 3,965,055 62.4% 37.6% Cruise Passengers Cruise ship calls 303,489 n.a VISITOR PROFILE Average Length
More informationGlossary of Hospitality/Tourism Terms
Glossary of Hospitality/Tourism Terms ABA - American Bus Association; comprised of bus companies, operators and owners Attendance Building - Marketing and promotional programs designed to increase attendance
More informationINDIAN HOTEL INDUSTRY
INDIAN HOTEL INDUSTRY Introduction: The Indian Hospitality Sector is witnessing one of its rare sustained growth trends. Hotel industry is inextricable linked to the tourism industry and the growth in
More informationEconomic Development Element
The Strawberry Ladies by Tara Stood Economic Development Element Economic development enhances San Clemente s quality of life by providing local goods and services and expanding employment and business
More informationSmall and Medium Enterprises
Small and Medium Enterprises YOUR LOANS Small and Medium Enterprises Financing Products for Your Business A consumer education programme by: contents 1 Introduction 2 The right product for the right purpose
More informationQuarterly Credit Conditions Survey Report
Quarterly Credit Conditions Survey Report Contents List of Charts 2 List of Tables 3 Background 4 Overview 5 Credit Market Conditions 8 Personal Lending 10 Micro Business Lending 13 Small Business Lending
More informationSimplification Measures in the Foreign Exchange Area Exchange control
Simplification Measures in the Foreign Exchange Area Updated in January, 2013 Simplification Measures in the Foreign Exchange Area The sensible improvement of the Brazilian economic fundaments and the
More informationCrediFaCtor CrediFaCtor CrediFaCtor IDB Group
CASE STUDY CrediFactor The factor that multiplies earnings 1 IntroducTIOn CrediFactor commenced operations on March 17, 2000, taking on a major challenge, as factoring in Nicaragua was not yet developed.
More informationQuarterly Credit Conditions Survey Report
Quarterly Credit Conditions Report Contents List of Figures & Tables... 2 Background... 3 Overview... 4 Personal Lending... 7 Micro Business Lending... 10 Small Business Lending... 12 Medium-Sized Business
More informationSUSTAINABLE DEVELOPMENT AND RURAL POVERTY: A MEXICAN PERSPECTIVE
SUSTAINABLE DEVELOPMENT AND RURAL POVERTY: A MEXICAN PERSPECTIVE Woodrow Wilson Center Washington, D.C. Thursday, May 24, 2001 ING. ANTONIO RUIZ GARCÍA, RURAL DEVELOPMENT UNDERSECRETARY 1 INTRODUCTION
More informationTAXATION AND FOREIGN EXCHANGE
This appendix contains a summary of laws and regulations in respect of taxation and foreign exchange in Hong Kong and the PRC. I. TAXATION IN THE PRC 1. Taxes Applicable to Joint-Stock Limited Companies
More informationEvolution of informal employment in the Dominican Republic
NOTES O N FORMALIZATION Evolution of informal employment in the Dominican Republic According to official estimates, between 2005 and 2010, informal employment fell from 58,6% to 47,9% as a proportion of
More informationFinancial Overview INCOME STATEMENT ANALYSIS
In the first half of 2006, China s economy experienced steady and swift growth as evidenced by a 10.9% surge in GDP. In order to prevent the economy from getting overheated and to curb excess credit extension,
More informationINFRASTRUCTURE: Examples from Brazil
INTERNATIONAL APPLICATIONS OF GREEN INFRASTRUCTURE: Examples from Brazil October 12, 2011 Webinar Conservation Leadership Network The Conservation Fund Denise Levy Denise Levy Environmental Safeguards
More informationI N S T R U C T I O N On Application of the Rules for Providing Loans Under Credit Lines and Loans to Unemployed Demobilized Soldiers
I N S T R U C T I O N On Application of the Rules for Providing Loans Under Credit Lines and Loans to Unemployed Demobilized Soldiers I. GENERAL PROVISION Article 1 The Instruction on Application of the
More informationInternational Investment Position Methodology
International Investment Position Methodology I. Analytical Framework, Concepts, Definitions, and Classifications The International Investment Position (IIP) is a statistical statement that presents external
More informationPreventing through education
Ministerial Declaration Preventing through education The Ministerial Declaration Preventing through Education, was approved in Mexico City in the framework of the 1st Meeting of Ministers of Health and
More information23 L.P.R.A. 6861. This Session is current through December 2012
23 L.P.R.A. 6861 > TITLE TWENTY-THREE Public Planning and Development 6861. Ports Authority Fund Creation A special fund to be denominated as the Ports Authority Cruise Ship Industry Incentive Fund (the
More informationFINANCE for the POOR Equipment Leasing and Lending: A Guide for Microfinance 1
FINANCE for the POOR Equipment Leasing and Lending: A Guide for Microfinance 1 GLENN D. WESTLEY Senior Advisor, Micro, Small and Medium Enterprise Division Inter-American Development Bank As microfinance
More informationQuarterly Credit Conditions Survey Report Contents
Quarterly Credit Conditions Report Contents List of Figures & Tables... 2 Background... 3 Overview... 4 Personal Lending... 7 Micro Business Lending... 9 Small Business Lending... 12 Medium-Sized Business
More informationMinisterie van Toerisme, Economische Zaken, Verkeer en Telecommunicatie Ministry of Tourism, Economic Affairs, Transport and Telecommunication
SME Policy Framework for St. Maarten May, 2014 Department of Economic Affairs, Transportation & P. 1 of 16 TABLE OF CONTENTS 1. Introduction 2. SME Developments in St. Maarten 2.1 Definition 2.2 Government
More informationTHE ECONOMIC IMPACT OF BICYCLING IN COLORADO. Summary of Findings
THE ECONOMIC IMPACT OF BICYCLING IN COLORADO Summary of Findings Total economic benefit from bicycling in Colorado is over $1 billion annually Manufacturing Total annual revenue $763 million 513 FTEs -
More informationMinistry Of Finance VAT Department. VAT Guidance for Land and Property Version 4: November 1, 2015
Ministry Of Finance VAT Department VAT Guidance for Land and Property Version 4: November 1, 2015 Introduction This guide is intended to provide businesses supplying land and property within The Bahamas
More informationBrookfield financial Review q2 2010
Brookfield financial Review q2 2010 Overview Operating cash flow and gains totalled $327 million in the second quarter or $0.53 per share compared to $294 million in the prior year. This brings operating
More informationROYAL MALAYSIAN CUSTOMS GOODS AND SERVICES TAX GUIDE ON TRAVEL INDUSTRY
ROYAL MALAYSIAN CUSTOMS GOODS AND SERVICES TAX GUIDE ON TRAVEL INDUSTRY CONTENTS INTRODUCTION... 1 Overview of Goods and Services Tax (GST)... 1 OVERVIEW OF THE TRAVEL INDUSTRY... 1 Supply of Goods and
More informationModule 6 Understanding Lending Decisions Module Outline
Module 6 Understanding Lending Decisions Module Outline Introduction The Five C s of Credit Roadside Chat #1 1. Character Adapting to Change Management Ability Commitment to Loan Repayment Sound Production
More informationREPORT OF THE KNOWLEDGE TRANSFER NETWORK*
Distr. LIMITED LC/L.3379(CEA.6/7) 19 October 2011 ENGLISH ORIGINAL: SPANISH Sixth meeting of the Statistical Conference of the Americas of the Economic Commission for Latin America and the Caribbean Bávaro,
More informationBUSINESS PLAN. for. Name: Address: Date:
BUSINESS PLAN for Name: Address: Date: Executive Summary Last part to write! Brief / Concise / Relevant Tailor to audience Key messages / paragraphs Introduction / Description Benefits Market Research
More information5. Provisions for decrease in value of marketable securities (-)
Balance sheet ASSETS I. CURRENT ASSETS A. Liquid Assets: 1. Cash. 2. Cheques received. 3. Banks. 4. Cheques given and payment orders (-). 5. Other liquid assets. B. Marketable Securities: 1. Share certificates.
More informationFinancing Energy Efficiency and Renewable Energy through the India Renewable Energy Development Agency
RENEWABLE ENERGY INDUSTRIAL ENERGY EFFICIENCY BUILDING ENERGY EFFICIENCY Financing Energy Efficiency and Renewable Energy through the India Renewable Energy Development Agency A RANGE OF FINANCIAL SUPPORT
More informationIII. INTERIM MANAGEMENT REPORT OPERATING REVENUES AND FUNDS UNDER MANAGEMENT
III. INTERIM MANAGEMENT REPORT OPERATING REVENUES AND FUNDS UNDER MANAGEMENT Direct insurance and accepted reinsurance premiums written by the Group s subsidiaries amounted to 6,476.2 million in the first
More informationLBBW Mexico. March, 2013
LBBW Mexico March, 2013 00. Monat 20XX, Titel der Präsentation, Referent, Seite 1 Presentation LBBW International Business,Page 1 Landesbank Baden-Württemberg Mexico 00. Monat 20XX, Titel der Präsentation,
More informationENERGY REFORM. Strengthen the stewardship of the State as the owner of the oil and gas, and as regulator of the oil industry.
I. The Objectives of the Reform. The bill being submitted by the Federal Executive for the consideration of the Congress of the Union, proposes that Constitutional Article 27 return to state what President
More informationNATIONAL PEOPLE S POWER ASSEMBLY. JUAN ESTEBAN LAZO HERNÁNDEZ, President of the National People's Power Assembly of the Republic of Cuba.
NATIONAL PEOPLE S POWER ASSEMBLY JUAN ESTEBAN LAZO HERNÁNDEZ, President of the National People's Power Assembly of the Republic of Cuba. HEREBY STATES THAT: The National People's Power Assembly of the
More informationVENTURE CAPITAL: DRIVING DEVELOPMENT IN LATIN AMERICA
VENTURE CAPITAL: DRIVING DEVELOPMENT IN LATIN AMERICA Multilateral Investment Fund Member of the IDB Group SUMMARY Venture Capital (VC) in Latin America is still in its inception but has enormous potential.
More informationILLINOIS BUSINESS FINANCING MATRIX
A Guide of Federal, State and Regional Loan Incentive and Grant s for Business and Economic TERM RATE FEES 7(a) Loan Guaranty The s primary loan program Business start ups or expansion; construction of
More informationDialogues for creating a collective platform of business cooperation between Brazil and Nigeria.
Photo by Alexandre Lopes 13-15 AUGUST, 2013 Everest Rio Hotel Ipanema. Brazil Dialogues for creating a collective platform of business cooperation between Brazil and Nigeria. Organized by Partners PRESENTATION
More informationRED BANK REGIONAL HIGH SCHOOL CURRICULUM MAP Course Title: Hospitality & Entertainment Marketing Grade Levels: 11, 12
What is Hospitality Marketing Marketing Basics Hotel Marketing: A competitive Industry The Importance of Hospitality Marketing Types of Hospitality Markets Key Players in Hospitality Operations Selling
More informationWorld Tourism Organization RECOMMENDATIONS TO GOVERNMENTS FOR SUPPORTING AND/OR ESTABLISHING NATIONAL CERTIFICATION SYSTEMS FOR SUSTAINABLE TOURISM
World Tourism Organization RECOMMENDATIONS TO GOVERNMENTS FOR SUPPORTING AND/OR ESTABLISHING NATIONAL CERTIFICATION SYSTEMS FOR SUSTAINABLE TOURISM Introduction Certification systems for sustainable tourism
More informationFifty years of Australia s trade
Fifty years of Australia s trade Introduction This edition of Australia s Composition of Trade marks the publication s 50th anniversary. In recognition of this milestone, this article analyses changes
More informationCapacity and Turnover in Public Accommodation Establishments in Hungary
Capacity and Turnover in Public Accommodation Establishments in Hungary According to Act I of 1978 on domestic trade, in Hungary all establishments operated as a business for overnight accommodation and
More informationNOTA DE PRENSA PRESS RELEASE
NOTA DE PRENSA PRESS RELEASE Madrid, November 6, 2015 Consolidated revenues grow +12% between January and September and for the first time in seven years Spain returns to year-on-year revenue growth in
More informationInstitutional Presentation 1Q13
Institutional Presentation BB Seguridade Largest Insurance, Pension and Premium Bonds Company in Latin America Fast Growing with High Profitability Largest Insurance Broker in Latin America Largest Life
More informationREPORT OF THE SUPERVISORY BOARD ON OPERATION IN 2013 AND ORIENTATION FOR 2014
JSC BANK FOR FOREIGN TRADE OF VIET NAM Address: 198 Tran Quang Khai St, Ha No Business Registration No. 0100112437 (8 th revision dated 1 st August, 2013) SOCIALIST REPUBLIC OF VIETNAM Independence - Freedom
More informationMEXICAN TAX BILL FOR 2016
MEXICAN TAX BILL FOR 2016 On September 8, 2015, the President sent to Congress the Tax Bill where some proposals are made to change current Mexican tax legislation. The main proposals are the following:
More informationPaper P6 (HKG) Advanced Taxation (Hong Kong) Friday 5 December 2014. Professional Level Options Module
Professional Level Options Module Advanced Taxation (Hong Kong) Friday 5 December 2014 Time allowed Reading and planning: Writing: 15 minutes 3 hours This paper is divided into two sections: Section A
More informationLiberia Leasing Investment Forum
Liberia Leasing Investment Forum Finance Leasing in Liberia: June 13-14, 2012 Monrovia, Liberia Leasing is both a source of affordable capital for small and medium-sized businesses and a catalyst for socio-economic
More informationU.S. Producer Price Index for Travel Agencies NAICS 561510
U.S. Producer Price Index for Travel Agencies NAICS 561510 Andrew Baer Chief, Services Section Division of Industrial Prices & Price Indexes U.S. Bureau of Labor Statistics 29 th Voorburg Group Meeting
More informationResults of the First Annual SBLF Lending Survey
Results of the First Annual SBLF Lending Survey June 2013 (Updated 11/1/2013) OVERVIEW Small businesses are a vital part of the American economy and their success is a critical component of the economic
More informationBusiness Financing. An Article by Michael L. Messer and Thomas L. Hofstetter SCHENCK, PRICE, SMITH & KING, LLP
Business Financing An Article by Michael L. Messer and Thomas L. Hofstetter SCHENCK, PRICE, SMITH & KING, LLP Even in these challenging economic times, businesses still have a need to grow and to obtain
More informationEmpresas Publicas de Medellin ESP August 11, 2015
Empresas Publicas de Medellin ESP August 11, 2015 Corporate Speakers Jorge Andres Tabares; EPM Group; Executive Vice President of Corporate Finance and Investment Management PRESENTATION Operator: Welcome
More information2Q15 Consolidated Earnings Results
2Q15 Consolidated Earnings Results IFRS September 2015 Disclaimer Grupo Aval Acciones y Valores S.A. ( Grupo Aval ) is an issuer of securities in Colombia and in the United States, registered with Colombia
More informationU.S. Trading Companies, 2012
U.S. Trading Companies, 2012 Natalie Soroka Trade and Economic Analysis Industry and Analysis Department of Commerce International Trade Administration November 2014 U.S. Trading Companies: 2012 Highlights
More informationMonetary and Financial Trends First Quarter 2011. Table of Contents
Financial Stability Directorate Monetary and Financial Trends First Quarter 2011 Table of Contents Highlights... 1 1. Monetary Aggregates... 3 2. Credit Developments... 4 3. Interest Rates... 7 4. Domestic
More informationAntonio R. Zamora, Esq.
CHANGES IN U.S. AND CUBA: THE IMPACT ON FLORIDA GRAY ROBINSON AND CUBANEWS OCTOBER 13, 2011 INVESTMENT OPPORTUNITIES UNDER U.S. FEDERAL REGULATIONS IN CUBAN REAL ESTATE Antonio R. Zamora, Esq. Before looking
More informationTourism survey for Spanish residents (ETR/FAMILITUR) Q2 2015
28 September 2015 Tourism survey for Spanish residents (ETR/FAMILITUR) Q2 2015 In the second quarter of 2015 Spanish residents made 46.8 million trips. 50.8% were for leisure, 34.6% to visit family or
More information