This will promote a Greater Pact for Credit from financial institutions to the tourism sector

by time news

2024-08-24 05:26:56

Forced investments have been a controversial issue since President Gustavo Petro called a few weeks ago to expand them. Faced with this, the banks proposed the Great Credit Policy. In fact, Jonathan Malagón, the president of Asobancaria assured that this agreement is “the best way for economic recovery in Colombia”.

Last Thursday, August, bankers and the government met to discuss the bank’s proposal. Malagón asserts that “It is an effective communication between the banks and the Government and we evaluate the financial processes for economic recovery.” Despite this, the conversation is not over and they will meet again on August 27.

The Bank’s Credit Agreement seeks to activate various sectors such as housing, agriculture, tourism, popular economy and LR takes the task of breaking down each sector. The last of the sectors is travel, in which the proposal intends to allocate $ 5.7 billion in the next 12 months. $1.2 billion more than what was distributed in the previous 12 months.

Image LR

Some analysts think that recovery strategies for the tourism sector should be prioritized. “The economic support system is important, Colombia has the potential for tourism development. The agreement on credit for the tourism sector is a good start”said Diego Palencia, VP of research at Solidus Capital.

In the tourism sector, the instruments proposed by the Credit Pact are flexible payment credits, including payments. for $0.4 billion; assistance to insurance companies from the Fund Guarantee Fund, FNG, with payments of $2.8 billion and Bancoldex lines, with payments of $0.3 billion

The first application refers to flexible payment credits. These are designed to offer greater flexibility in payments, which allows travel agencies to adjust their prices to their payment, even in small periods or unexpected events such as conflicts or natural disasters, this instrument has an allocation of $ 0.4 billion.

Then, with payment $2.8 billion, a subsidy for insurance commissions from the National Guarantee Fund wants the government to subsidize part of the commissions that travel companies must pay to FNG to get guarantees to support their credits.

Finally, the third instrument proposes a disbursement of $ 0.3 billion to Bancoldex lines. These lines from the Colombian Economic Development Bank are designed to finance large tourism projects or those with special characteristics. Its purpose is to support high-impact projects, such as the construction of new hotels, the creation of tourism infrastructure or the development of new tourism products.

Although the payment proposed by the Pact brings many advantages, for Carlos Amaya, President of Turismo Súper, there are also some disadvantages, “First, with such a significant increase in credits, Some travel companies can become very burdened with debt. In turn, the rapid growth in investment could lead to more intense competition among tourism businesses, which could hurt small businesses that are still recovering from the impact. “

According to Henry Amorocho, a professor at the Universidad del Rosario, among the biggest problems is access to credit, as he assures that “In the country there are 38.8 million people who have enough credit, of which 16.5 million have no credit. Another big problem is the cost of money, which is very high and continues to rise. “

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