News Releases

Dec 19, 2006

Uruguay will promote strategic tourist destinations with program financed by US$5 million IDB loan

Project will foster tourism competitiveness

The Inter-American Development Bank today announced the approval to Uruguay of a US$5 million loan for a program to enhance the competitiveness of strategic tourist destinations.

The Ministry of Tourism and Sports will execute the project that will create a framework for tourism development in which new tourism products and services will be designed to capture new segments of demand. Emphasis will be placed on the areas of Colonia, Rocha and the Salto-Paysandu hot springs corridor.

“Tourism is an important economic sector in Uruguay,” said IDB Team Leader Adela Moreda. “According to official figures, the sector was contributing nearly 7 percent of the country’s overall gross domestic product and 10 percent in services at the beginning of the decade.”

The program will seek to encourage a growing and sustainable tendency in the generation of tourism income, fostering the diversification of tourism demand and trip motivations and reducing the sector’s vulnerability to context changes.

The loan is for a 25-year term, with a six-year grace period, at a variable interest rate.

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