November 24, 2022
  • November 24, 2022

IDB approves $106 million loan to support tourism in El Salvador

By on September 28, 2022 0

SAN SALVADOR, Sept 28 (Reuters) – The Inter-American Development Bank (IDB) has approved a $106 million loan to support the recovery and expansion of El Salvador’s tourism sector, the institution said in a statement on Wednesday.

The funds will be directed to projects that focus on environmental sustainability, employment and closing gender gaps.

The bank noted that the Central American country needs proper management of its tourist destinations, as well as an environmental legislative framework regulating aspects such as coastal management and drinking water access solutions. and solid waste management services.

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“The IDB-approved operation will enable strategic investments in resilient public infrastructure, with particular attention to scenarios most exposed to the onslaught of climate change,” the financial organization said in a statement.

The funds will also help create levees for the restoration of critical ecosystems and foster sustainability plans for tourist destinations.

Some 960,000 people will benefit from the various projects, the IDB said.

In 2021, El Salvador welcomed 1.2 million tourists, 122% more than in 2020, a year hampered by border closures and quarantines imposed due to the COVID-19 pandemic.

The country captured $1.5 billion in tourism revenue last year, which accounted for 5.09% of its gross domestic product (GDP), according to official figures.

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Reporting by Nelson Renteria; Editing by Sandra Maler

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