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LatinNews Daily - 03 February 2023
In brief: Gov’t loans aim to boost Ecuador’s tourism industry
* Ecuador’s tourism ministry has announced that the government will provide US$20m in loans for the tourism sector as of its ‘Reactivate Tourism’ initiative. Loans of between US$5,000 and US$20,000 will be available for businesses which earned between US$20,000 and US$100,000 in the past year. The loans will have an interest rate of 5% and fall due in ten years, with a one year grace period. The government funds form part of a wider scheme funded by the state development bank Banecuador, which plans to issue a total of US$100m in loans for businesses in various sectors.
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