Ecuador

Ecuadorian Government Reactivates Tourism Industry

The Ecuadorian Government is strengthening the country’s tourism industry with the launch of the “Reactiva Turismo” for a credit of $20 million dollars.

On February 2, 2023, President Guillermo Lasso handed out the first credits to micro and small entrepreneurs in the sector, providing them with an economic solution to boost their businesses. The event was held at Parque Itchimbía, in Quito, and was jointly implemented by the Ministry of Tourism and BanEcuador.

The “Reactiva Turismo” microcredit ranges from $5,001 to $20,000 with a 5% interest rate and a ten-year term, including a one-year grace period. To qualify for this credit, applicants must have a tourism registration and demonstrate sales of more than $20,000 but less than $100,000 in the past year. Furthermore, they must provide their identification card and voting certificate at BanEcuador’s windows.

President Lasso highlighted Ecuador’s impressive natural, architectural, and cultural attractions, as well as the country’s diverse range of 52 productive activities, which are closely intertwined with the thriving tourism industry. With over 600,000 individuals employed in the sector, tourism serves as a vital pillar of Ecuador’s economy, enabling the nation to showcase its unique offerings to the world.

Lasso reinforces the government’s unwavering dedication to bolstering Ecuador’s vibrant tourism sector, “We remain steadfast in our commitment to supporting the industry, and we are confident that the recent credit injection will serve as a catalyst for the reactivation of small tourism businesses.” He went on to express that the government remains receptive to increasing investment in response to the growing demand for this financial product, which demonstrates its willingness to proactively foster the growth and success of the tourism industry in Ecuador.

The tourism industry was affected worldwide by the pandemic. However, the Ecuadorian Government prioritized this sector as part of its Vaccination Plan to revitalize the country’s economy. “We are working on air connectivity, tourism promotion,” Lasso stated.

Minister of Tourism, Niels Olsen, highlighted that President Lasso approved a budget of $47.5 million for Ecuador’s tourism promotion until 2025. This investment has allowed Ecuador to position itself in major tourism fairs worldwide. As a result, Ecuador will be the strategic partner of the FITUR that will take place in Spain in 2024.

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